According to the latest report by IMARC Group “Electric Boat and Ship Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global electric boat and ship market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.6 Billion by 2028, exhibiting a growth rate (CAGR) of 10.5% during 2023-2028.
Electric boat and ship refer to small-sized passenger ships that are generally propelled using batteries. They mainly comprise a controller, an electric motor and a battery pack that offers improved operational efficiency. Their batteries are commonly manufactured using lithium-iron-phosphate, nickel and lead-acid materials that provide electric propulsion to electric boats and ships. In comparison to traditional marine vessels, they are environmentally friendly, create lesser noise, have minimal fuel requirements and are cost-efficient to operate. Along with this, they are produced using durable and lightweight materials that generate minimal dragging and optimal propulsion for the vehicle.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
The global market is primarily driven by the rising preference for efficient marine transportation systems. Coupled with an enhanced focus on sustainable development, this has encouraged individuals to adopt eco-friendly boats and ships. Moreover, continual technological advancements and the deployment of remote monitoring and warning systems in these vehicles are providing a boost to market growth. Furthermore, considerable growth in the travel and tourism industry, along with the increasing popularity of water sports and recreational activities among the masses, has positively influenced the market growth. Additionally, the rising utilization of electric boats and ships for surveillance and monitoring operations across the defense sector is favorably impacting the market growth. The market is further driven by the widespread adoption of electric boats and ships for disaster relief and humanitarian aid operations. Other factors, including the increasing seaborne trade activities, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth.
Breakup by Propulsion Type:
- Hybrid
- Pure Electric
Breakup by Battery Type:
- Lead-acid
- Lithium-ion
- Nickel-based Batteries
Breakup by Carriage Type:
- Passenger
- Cargo
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- ABB Ltd.
- Corvus Energy Ltd.
- Domani Yachts
- Duffy Electric Boat Company
- ElectraCraft Boats
- General Dynamics Corporation
- Hyundai Heavy Industries Co. Ltd.
- Kongsberg Gruppen ASA
- Siemens AG
- Vard Group AS (Fincantieri S.p.A.)
- Vision Marine Technologies Inc.
- Yamaha Motor Co. Ltd.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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