Electric Boat And Ship Market - Forecast(2024 - 2030)
Electric Boat and Ship Market Overview
The global Electric Boat and Ship Market is estimated to surpass $10.4 billion mark by 2026 growing at an estimated CAGR of more than 11.1% during the forecast period 2021 to 2026. The market growth is mainly driven by the factors such as increased maritime transport and commercial ships demand, increased seaborne trades, and increased disposable income. Increased investments in hybrid and electric boat and ship building coupled with advanced technology are expected drive the global market.
The factors such as less pollution and less damage to aquatic animals, as the electric marine vessels does not emit harmful gases are also set to drive the market growth. These factors are set to boosts the market growth for Electric Boat and Ship during the forecast period 2021-2026.
Report Coverage
Key Takeaways
- Development of new technologies like propulsion technology and increase in the seaborne trade across the globe and growing maritime tourism industry are the major factors influencing the growth of electric boats and ship market.
- Europe has the highest share in the market. Government regulation has been imposed on shipping industry for the increased fuel emission. European commission published compliance with the sulphur standards for marine fuels. Such regulation has made the increased investments on electric ships and boats.
Electric Boat and Ship Market Segment Analysis- By Type
Electric Boat and Ship Market Segment Analysis- By Mode of Operation
Electric Boat and Ship Market Segment Analysis- By Geography
Europe region dominates the market with a share of 34.9% in 2020 due to the highest demand for new electric ships & boats. Germany is a significant contributor to market growth in the region. UK became the first country in major G7 countries to set a target to reach net-zero greenhouse gas emissions by 2050 which includes adoption of electric boats. UK announced clean maritime by equipping water with zero-emission technology.
Next to Europe, North America dominates the market where technology adoption continues to drive the market. New technologies such as improved battery storage system are driving the market in this region.
Electric Boat and Ship Market Drivers
Increased adoption of electric boat due to pollution
The driving factors of Electric Boat and Ship Market include factors like increased maritime tourism, increased seaborne trade as most of world’s goods are carried by ships. As the global economy is dependent on the shipping market, the electric boat market will play a bigger role in this sector as environmental causes have increasingly come to the forefront in this sector. Electric and hybrid types ships cause less emission and save the environment from getting polluted more.
These are the driving factors that improve the market during the forecast period. The International Maritime Organization deployed the global sulphur cap in January 2020. Under this regulation, ships, mainly commercial ships and marine vessels would require low sulphur fuels to operate outside the emission control areas which will propel electric ship adoption.
Rise in the growth seaborne business
The rise in business through seaborne routes is one of the major factor driving the growth of the market. Owing to the efficient delivery of delicate manufacturing materials and other materials along with lower cost is driving the market growth. The seaborne routes are chosen for import and export purposes by many countries at a global level as the cargo and commercial ships can carry huge materials through just at one single voyage saving the cost of transportation.
Furthermore, the small companies are extensively using cargo shipping for trade purposes as they generally opt for tramp shipping as they do not have enough fleet to run linear voyages and also to save the transportation costs that require several transportations. These factors are driving the growth of the market.
Electric Boat and Ship Market Challenges
Higher Manufacturing Cost
Electric Boat and Ship Market Landscape
Acquisitions/Technology Launches/Partnerships
- In November, 2020, Hyundai Motors partnered with Vinssen, a start-up based in Korea to develop a new vessel powered by hydrogen fuel cells.
- In February, 2019, Energy storage systems supplier Corvus Energy Holding acquired all shares in Grenland Energy, a maker of lightweight lithium-ion batteries for the maritime, offshore and subsea industry.
Related Reports
LIST OF TABLES
1.Global MARKET SEGMENTATION AND ANALYSIS Market 2023-2030 ($M)1.1 By Product Type Market 2023-2030 ($M) - Global Industry Research
1.1.1 Hybrid Market 2023-2030 ($M)
1.1.2 Pure Electric Market 2023-2030 ($M)
1.2 By Battery Type Market 2023-2030 ($M) - Global Industry Research
1.2.1 Lead Acid Market 2023-2030 ($M)
1.2.2 Lithium Ion Market 2023-2030 ($M)
1.2.3 Nickel Based Batteries Market 2023-2030 ($M)
1.3 By Boat Type Market 2023-2030 ($M) - Global Industry Research
1.3.1 Small Market 2023-2030 ($M)
1.3.2 Medium Market 2023-2030 ($M)
1.3.3 Large Market 2023-2030 ($M)
1.4 By Ship Type Market 2023-2030 ($M) - Global Industry Research
1.4.1 Ocean Cruise Market 2023-2030 ($M)
1.4.2 Luxury Cruise Market 2023-2030 ($M)
1.4.3 Adventure Crusie Market 2023-2030 ($M)
2.Global MARKET SEGMENTATION AND ANALYSIS Market 2023-2030 (Volume/Units)
2.1 By Product Type Market 2023-2030 (Volume/Units) - Global Industry Research
2.1.1 Hybrid Market 2023-2030 (Volume/Units)
2.1.2 Pure Electric Market 2023-2030 (Volume/Units)
2.2 By Battery Type Market 2023-2030 (Volume/Units) - Global Industry Research
2.2.1 Lead Acid Market 2023-2030 (Volume/Units)
2.2.2 Lithium Ion Market 2023-2030 (Volume/Units)
2.2.3 Nickel Based Batteries Market 2023-2030 (Volume/Units)
2.3 By Boat Type Market 2023-2030 (Volume/Units) - Global Industry Research
2.3.1 Small Market 2023-2030 (Volume/Units)
2.3.2 Medium Market 2023-2030 (Volume/Units)
2.3.3 Large Market 2023-2030 (Volume/Units)
2.4 By Ship Type Market 2023-2030 (Volume/Units) - Global Industry Research
2.4.1 Ocean Cruise Market 2023-2030 (Volume/Units)
2.4.2 Luxury Cruise Market 2023-2030 (Volume/Units)
2.4.3 Adventure Crusie Market 2023-2030 (Volume/Units)
3.North America MARKET SEGMENTATION AND ANALYSIS Market 2023-2030 ($M)
3.1 By Product Type Market 2023-2030 ($M) - Regional Industry Research
3.1.1 Hybrid Market 2023-2030 ($M)
3.1.2 Pure Electric Market 2023-2030 ($M)
3.2 By Battery Type Market 2023-2030 ($M) - Regional Industry Research
3.2.1 Lead Acid Market 2023-2030 ($M)
3.2.2 Lithium Ion Market 2023-2030 ($M)
3.2.3 Nickel Based Batteries Market 2023-2030 ($M)
3.3 By Boat Type Market 2023-2030 ($M) - Regional Industry Research
3.3.1 Small Market 2023-2030 ($M)
3.3.2 Medium Market 2023-2030 ($M)
3.3.3 Large Market 2023-2030 ($M)
3.4 By Ship Type Market 2023-2030 ($M) - Regional Industry Research
3.4.1 Ocean Cruise Market 2023-2030 ($M)
3.4.2 Luxury Cruise Market 2023-2030 ($M)
3.4.3 Adventure Crusie Market 2023-2030 ($M)
4.South America MARKET SEGMENTATION AND ANALYSIS Market 2023-2030 ($M)
4.1 By Product Type Market 2023-2030 ($M) - Regional Industry Research
4.1.1 Hybrid Market 2023-2030 ($M)
4.1.2 Pure Electric Market 2023-2030 ($M)
4.2 By Battery Type Market 2023-2030 ($M) - Regional Industry Research
4.2.1 Lead Acid Market 2023-2030 ($M)
4.2.2 Lithium Ion Market 2023-2030 ($M)
4.2.3 Nickel Based Batteries Market 2023-2030 ($M)
4.3 By Boat Type Market 2023-2030 ($M) - Regional Industry Research
4.3.1 Small Market 2023-2030 ($M)
4.3.2 Medium Market 2023-2030 ($M)
4.3.3 Large Market 2023-2030 ($M)
4.4 By Ship Type Market 2023-2030 ($M) - Regional Industry Research
4.4.1 Ocean Cruise Market 2023-2030 ($M)
4.4.2 Luxury Cruise Market 2023-2030 ($M)
4.4.3 Adventure Crusie Market 2023-2030 ($M)
5.Europe MARKET SEGMENTATION AND ANALYSIS Market 2023-2030 ($M)
5.1 By Product Type Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Hybrid Market 2023-2030 ($M)
5.1.2 Pure Electric Market 2023-2030 ($M)
5.2 By Battery Type Market 2023-2030 ($M) - Regional Industry Research
5.2.1 Lead Acid Market 2023-2030 ($M)
5.2.2 Lithium Ion Market 2023-2030 ($M)
5.2.3 Nickel Based Batteries Market 2023-2030 ($M)
5.3 By Boat Type Market 2023-2030 ($M) - Regional Industry Research
5.3.1 Small Market 2023-2030 ($M)
5.3.2 Medium Market 2023-2030 ($M)
5.3.3 Large Market 2023-2030 ($M)
5.4 By Ship Type Market 2023-2030 ($M) - Regional Industry Research
5.4.1 Ocean Cruise Market 2023-2030 ($M)
5.4.2 Luxury Cruise Market 2023-2030 ($M)
5.4.3 Adventure Crusie Market 2023-2030 ($M)
6.APAC MARKET SEGMENTATION AND ANALYSIS Market 2023-2030 ($M)
6.1 By Product Type Market 2023-2030 ($M) - Regional Industry Research
6.1.1 Hybrid Market 2023-2030 ($M)
6.1.2 Pure Electric Market 2023-2030 ($M)
6.2 By Battery Type Market 2023-2030 ($M) - Regional Industry Research
6.2.1 Lead Acid Market 2023-2030 ($M)
6.2.2 Lithium Ion Market 2023-2030 ($M)
6.2.3 Nickel Based Batteries Market 2023-2030 ($M)
6.3 By Boat Type Market 2023-2030 ($M) - Regional Industry Research
6.3.1 Small Market 2023-2030 ($M)
6.3.2 Medium Market 2023-2030 ($M)
6.3.3 Large Market 2023-2030 ($M)
6.4 By Ship Type Market 2023-2030 ($M) - Regional Industry Research
6.4.1 Ocean Cruise Market 2023-2030 ($M)
6.4.2 Luxury Cruise Market 2023-2030 ($M)
6.4.3 Adventure Crusie Market 2023-2030 ($M)
7.MENA MARKET SEGMENTATION AND ANALYSIS Market 2023-2030 ($M)
7.1 By Product Type Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Hybrid Market 2023-2030 ($M)
7.1.2 Pure Electric Market 2023-2030 ($M)
7.2 By Battery Type Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Lead Acid Market 2023-2030 ($M)
7.2.2 Lithium Ion Market 2023-2030 ($M)
7.2.3 Nickel Based Batteries Market 2023-2030 ($M)
7.3 By Boat Type Market 2023-2030 ($M) - Regional Industry Research
7.3.1 Small Market 2023-2030 ($M)
7.3.2 Medium Market 2023-2030 ($M)
7.3.3 Large Market 2023-2030 ($M)
7.4 By Ship Type Market 2023-2030 ($M) - Regional Industry Research
7.4.1 Ocean Cruise Market 2023-2030 ($M)
7.4.2 Luxury Cruise Market 2023-2030 ($M)
7.4.3 Adventure Crusie Market 2023-2030 ($M)
LIST OF FIGURES
1.US Electric Boat And Ship Market Revenue, 2023-2030 ($M)2.Canada Electric Boat And Ship Market Revenue, 2023-2030 ($M)
3.Mexico Electric Boat And Ship Market Revenue, 2023-2030 ($M)
4.Brazil Electric Boat And Ship Market Revenue, 2023-2030 ($M)
5.Argentina Electric Boat And Ship Market Revenue, 2023-2030 ($M)
6.Peru Electric Boat And Ship Market Revenue, 2023-2030 ($M)
7.Colombia Electric Boat And Ship Market Revenue, 2023-2030 ($M)
8.Chile Electric Boat And Ship Market Revenue, 2023-2030 ($M)
9.Rest of South America Electric Boat And Ship Market Revenue, 2023-2030 ($M)
10.UK Electric Boat And Ship Market Revenue, 2023-2030 ($M)
11.Germany Electric Boat And Ship Market Revenue, 2023-2030 ($M)
12.France Electric Boat And Ship Market Revenue, 2023-2030 ($M)
13.Italy Electric Boat And Ship Market Revenue, 2023-2030 ($M)
14.Spain Electric Boat And Ship Market Revenue, 2023-2030 ($M)
15.Rest of Europe Electric Boat And Ship Market Revenue, 2023-2030 ($M)
16.China Electric Boat And Ship Market Revenue, 2023-2030 ($M)
17.India Electric Boat And Ship Market Revenue, 2023-2030 ($M)
18.Japan Electric Boat And Ship Market Revenue, 2023-2030 ($M)
19.South Korea Electric Boat And Ship Market Revenue, 2023-2030 ($M)
20.South Africa Electric Boat And Ship Market Revenue, 2023-2030 ($M)
21.North America Electric Boat And Ship By Application
22.South America Electric Boat And Ship By Application
23.Europe Electric Boat And Ship By Application
24.APAC Electric Boat And Ship By Application
25.MENA Electric Boat And Ship By Application
26.ABSL, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Akasol, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Canadian Electric Boat Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Grove Boats SA, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Ruban Bleu, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.ElectraCraft Boats, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Greenline yachts, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Hyundai Mobis Co.Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Echo Voyagers, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.XALT Energy, Sales /Revenue, 2015-2018 ($Mn/$Bn)