Electric Boats & Ships Market - Global Electric Boats & Ships Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Propulsion Type, By Battery Type, By Carriage Type, By Geographic Coverage and By Company)

Description

Global Electric Boats & Ships Market to Surge with an 11% CAGR, Reaching $10.87 Billion by 2030.

Electric boats and ships are revolutionizing water transportation by employing electric motors as their primary propulsion source, powered by batteries. This eco-friendly mode of marine transport is gaining significant momentum, with a projected compound annual growth rate (CAGR) of approximately 11% between 2023 and 2030. By the end of 2030, the market is expected to reach a valuation of around US$10.87 billion. Electric vessels come in various forms, including pure electric, hydrogen fuel cell electric, and hybrid electric, all of which contribute to a cleaner and more sustainable maritime environment.

Key Report Findings

1. Robust Market Growth: The electric boats and ships market is set to experience over fourfold revenue growth over the decade, from 2023 to 2030.

2. Hybrid Propulsion Dominance: Hybrid propulsion systems are leading the market due to their ability to reduce fuel consumption by over 20% and ship CO2 emissions by up to 15%.

3. Lithium-Ion Battery Demand: Lithium-ion batteries remain the preferred choice for electric boats and ships, providing high energy density and reliability.

4. Passenger Segment Leadership: Passenger vessels are poised to dominate the market, driven by recreational and tourism applications. Passenger ferries are experiencing the fastest growth.

Growth Drivers

1. Maritime Tourism Expansion: The global growth of maritime tourism, encompassing activities like boating, cruising, and yachting, is propelling the adoption of electric boats and ships. Governments worldwide are actively promoting maritime travel, encouraging eco-friendly transportation options.

2. Rise in Maritime Trade: The shipping industry's contribution to greenhouse gas emissions is driving the adoption of electric ships for transporting goods via maritime routes. Increased seaborne trade activities, boosted by consumer spending and e-commerce, are supporting market growth.

Market Challenges

1. High Initial Investment: Retrofitting ships with electric or hybrid propulsion systems requires significant time and capital investment. Ship owners must weigh the benefits of reduced emissions against the high upfront costs and potential revenue loss during retrofitting.

Overview of Key Segments

1. Hybrid Propulsion Technology Leads: Hybrid propulsion, combining electric and conventional systems, dominates the market due to its ability to lower emissions, reduce fuel consumption, and handle heavier loads.

2. Passenger Boats Rule: Passenger vessels, offering comfort and appeal for recreational purposes, are the primary segment, with passenger ferries experiencing rapid growth. Commercial passenger vessels are also adopting electric propulsion.

Growth Opportunities Across Regions

1. Europe Takes the Lead: Europe is expected to lead the electric boats and ships market, driven by the presence of major players, OEMs, and component manufacturers. Stringent emissions regulations and growing awareness of environmental conservation support market growth.

2. Asia Pacific Emerges Strong: The Asia Pacific region will witness significant growth, driven by technological advancements, rising environmental regulations, and increased seaborne trade and marine tourism in countries like India, China, and Japan.

Electric Boats & Ships Market: Competitive Landscape

Key players shaping the electric boats and ships market include: Vision Marine Technologies Inc., Wartsila, Grove Boats SA, Leclanche S.A., Siemens AG, Navalt, Inc., Ruban Bleu, ElectraCraft Boats, Greenline Yachts, Domani Yachts, Ganz Boats GmbH, Quadrofoil, Duffy Electric Boats, Groupe Beneteau, Hyundai Heavy Industries (Hyundai Electric Limited), Daewoo Shipbuilding and Marine Engineering (DSME), ABB Ltd, and Corvus Energy. These companies are at the forefront of innovation in the pursuit of cleaner and more sustainable marine transportation solutions.

1. Executive Summary

1.1. Global Electric Boats & Ships Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2022
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. Covid-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Electric Boats & Ships Market Outlook, 2018 - 2030

3.1. Global Electric Boats & Ships Market Outlook, by Propulsion Type, Value (US$ Bn), 2018 - 2030
- 3.1.1. Key Highlights
  - 3.1.1.1. Hybrid
  - 3.1.1.2. Pure Electric
3.2. Global Electric Boats & Ships Market Outlook, by Battery Type, Value (US$ Bn), 2018 - 2030
- 3.2.1. Key Highlights
  - 3.2.1.1. Lead-acid
  - 3.2.1.2. Lithium-ion
  - 3.2.1.3. Nickel-based Batteries
3.3. Global Electric Boats & Ships Market Outlook, by Carriage Type, Value (US$ Bn), 2018 - 2030
- 3.3.1. Key Highlights
  - 3.3.1.1. Passenger
  - 3.3.1.2. Cargo
3.4. Global Electric Boats & Ships Market Outlook, by Region, Value (US$ Bn), 2018 - 2030
- 3.4.1. Key Highlights
  - 3.4.1.1. North America
  - 3.4.1.2. Europe
  - 3.4.1.3. Asia Pacific
  - 3.4.1.4. Latin America
  - 3.4.1.5. Middle East & Africa

4. North America Electric Boats & Ships Market Outlook, 2018 - 2030

4.1. North America Electric Boats & Ships Market Outlook, by Propulsion Type, Value (US$ Bn), 2018 - 2030
- 4.1.1. Key Highlights
  - 4.1.1.1. Hybrid
  - 4.1.1.2. Pure Electric
4.2. North America Electric Boats & Ships Market Outlook, by Battery Type, Value (US$ Bn), 2018 - 2030
- 4.2.1. Key Highlights
  - 4.2.1.1. Lead-acid
  - 4.2.1.2. Lithium-ion
  - 4.2.1.3. Nickel-based Batteries
4.3. North America Electric Boats & Ships Market Outlook, by Carriage Type, Value (US$ Bn), 2018 - 2030
- 4.3.1. Key Highlights
  - 4.3.1.1. Passenger
  - 4.3.1.2. Cargo
- 4.3.2. Market Attractiveness Analysis
4.4. North America Electric Boats & Ships Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 4.4.1. Key Highlights
  - 4.4.1.1. U.S. Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 4.4.1.2. U.S. Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 4.4.1.3. U.S. Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
  - 4.4.1.4. Canada Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 4.4.1.5. Canada Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 4.4.1.6. Canada Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
- 4.4.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Electric Boats & Ships Market Outlook, 2018 - 2030

5.1. Europe Electric Boats & Ships Market Outlook, by Propulsion Type, Value (US$ Bn), 2018 - 2030
- 5.1.1. Key Highlights
  - 5.1.1.1. Hybrid
  - 5.1.1.2. Pure Electric
5.2. Europe Electric Boats & Ships Market Outlook, by Battery Type, Value (US$ Bn), 2018 - 2030
- 5.2.1. Key Highlights
  - 5.2.1.1. Lead-acid
  - 5.2.1.2. Lithium-ion
  - 5.2.1.3. Nickel-based Batteries
5.3. Europe Electric Boats & Ships Market Outlook, by Carriage Type, Value (US$ Bn), 2018 - 2030
- 5.3.1. Key Highlights
  - 5.3.1.1. Passenger
  - 5.3.1.2. Cargo
- 5.3.2. BPS Analysis/Market Attractiveness Analysis
5.4. Europe Electric Boats & Ships Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 5.4.1. Key Highlights
  - 5.4.1.1. Germany Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.2. Germany Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.3. Germany Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.4. U.K. Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.5. U.K. Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.6. U.K. Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.7. France Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.8. France Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.9. France Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.10. Italy Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.11. Italy Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.12. Italy Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.13. Norway Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.14. Norway Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.15. Norway Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.16. Russia Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.17. Russia Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.18. Russia Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.19. Rest of Europe Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.20. Rest of Europe Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 5.4.1.21. Rest of Europe Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
- 5.4.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Electric Boats & Ships Market Outlook, 2018 - 2030

6.1. Asia Pacific Electric Boats & Ships Market Outlook, by Propulsion Type, Value (US$ Bn), 2018 - 2030
- 6.1.1. Key Highlights
  - 6.1.1.1. Hybrid
  - 6.1.1.2. Pure Electric
6.2. Asia Pacific Electric Boats & Ships Market Outlook, by Battery Type, Value (US$ Bn), 2018 - 2030
- 6.2.1. Key Highlights
  - 6.2.1.1. Lead-acid
  - 6.2.1.2. Lithium-ion
  - 6.2.1.3. Nickel-based Batteries
6.3. Asia Pacific Electric Boats & Ships Market Outlook, by Carriage Type, Value (US$ Bn), 2018 - 2030
- 6.3.1. Key Highlights
  - 6.3.1.1. Passenger
  - 6.3.1.2. Cargo
- 6.3.2. BPS Analysis/Market Attractiveness Analysis
6.4. Asia Pacific Electric Boats & Ships Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 6.4.1. Key Highlights
  - 6.4.1.1. China Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.2. China Electric Boats & Ships Market Battery Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.3. China Electric Boats & Ships Market Carriage Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.4. Japan Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.5. Japan Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.6. Japan Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.7. South Korea Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.8. South Korea Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.9. South Korea Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.10. India Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.11. India Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.12. India Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.13. Southeast Asia Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.14. Southeast Asia Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.15. Southeast Asia Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.16. Rest of Asia Pacific Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.17. Rest of Asia Pacific Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 6.4.1.18. Rest of Asia Pacific Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
- 6.4.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Electric Boats & Ships Market Outlook, 2018 - 2030

7.1. Latin America Electric Boats & Ships Market Outlook, by Propulsion Type, Value (US$ Bn), 2018 - 2030
- 7.1.1. Key Highlights
  - 7.1.1.1. Hybrid
  - 7.1.1.2. Pure Electric
7.2. Latin America Electric Boats & Ships Market Outlook, by Battery Type, Value (US$ Bn), 2018 - 2030
- 7.1.2. Key Highlights
  - 7.2.1.1. Lead-acid
  - 7.2.1.2. Lithium-ion
  - 7.2.1.3. Nickel-based Batteries
7.3. Latin America Electric Boats & Ships Market Outlook, by Carriage Type, Value (US$ Bn), 2018 - 2030
- 7.1.3. Key Highlights
  - 7.3.1.1. Passenger
  - 7.3.1.2. Cargo
- 7.3.2. BPS Analysis/Market Attractiveness Analysis
7.4. Latin America Electric Boats & Ships Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 7.4.1. Key Highlights
  - 7.4.1.1. Brazil Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 7.4.1.2. Brazil Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 7.4.1.3. Brazil Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
  - 7.4.1.4. Mexico Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 7.4.1.5. Mexico Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 7.4.1.6. Mexico Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
  - 7.4.1.7. Rest of Latin America Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 7.4.1.8. Rest of Latin America Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 7.4.1.9. Rest of Latin America Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
- 7.4.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Electric Boats & Ships Market Outlook, 2018 - 2030

8.1. Middle East & Africa Electric Boats & Ships Market Outlook, by Propulsion Type, Value (US$ Bn), 2018 - 2030
- 8.1.1. Key Highlights
  - 8.1.1.1. Hybrid
  - 8.1.1.2. Pure Electric
8.2. Middle East & Africa Electric Boats & Ships Market Outlook, by Battery Type, Value (US$ Bn), 2018 - 2030
- 8.2.1. Key Highlights
  - 8.2.1.1. Lead-acid
  - 8.2.1.2. Lithium-ion
  - 8.2.1.3. Nickel-based Batteries
8.3. Middle East & Africa Electric Boats & Ships Market Outlook, by Carriage Type, Value (US$ Bn), 2018 - 2030
- 8.3.1. Key Highlights
  - 8.3.1.1. Passenger
  - 8.3.1.2. Cargo
- 8.3.2. BPS Analysis/Market Attractiveness Analysis
8.4. Middle East & Africa Electric Boats & Ships Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 8.4.1. Key Highlights
  - 8.4.1.1. GCC Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 8.4.1.2. GCC Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 8.4.1.3. GCC Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
  - 8.4.1.4. South Africa Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 8.4.1.5. South Africa Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 8.4.1.6. South Africa Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
  - 8.4.1.7. Rest of Middle East & Africa Electric Boats & Ships Market by Propulsion Type, Value (US$ Bn), 2018 - 2030
  - 8.4.1.8. Rest of Middle East & Africa Electric Boats & Ships Market by Battery Type, Value (US$ Bn), 2018 - 2030
  - 8.4.1.9. Rest of Middle East & Africa Electric Boats & Ships Market by Carriage Type, Value (US$ Bn), 2018 - 2030
- 8.4.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Product vs Carriage Type Heatmap
9.2. Manufacturer vs Carriage Type Heatmap
9.3. Company Market Share Analysis, 2022
9.4. Competitive Dashboard
9.5. Company Profiles
- 9.5.1. Vision Marine Technologies Inc.
  - 9.5.1.1. Company Overview
  - 9.5.1.2. Product Portfolio
  - 9.5.1.3. Financial Overview
  - 9.5.1.4. Business Strategies and Development
- 9.5.2. Kongsberg
  - 9.5.2.1. Company Overview
  - 9.5.2.2. Product Portfolio
  - 9.5.2.3. Financial Overview
  - 9.5.2.4. Business Strategies and Development
- 9.5.3. Siemens AG
  - 9.5.3.1. Company Overview
  - 9.5.3.2. Product Portfolio
  - 9.5.3.3. Financial Overview
  - 9.5.3.4. Business Strategies and Development
- 9.5.4. Leclanche S.A.
  - 9.5.4.1. Company Overview
  - 9.5.4.2. Product Portfolio
  - 9.5.4.3. Financial Overview
  - 9.5.4.4. Business Strategies and Development
- 9.5.5. Wartsila
  - 9.5.5.1. Company Overview
  - 9.5.5.2. Product Portfolio
  - 9.5.5.3. Financial Overview
  - 9.5.5.4. Business Strategies and Development
- 9.5.6. Navalt, Inc.
  - 9.5.6.1. Company Overview
  - 9.5.6.2. Product Portfolio
  - 9.5.6.3. Financial Overview
  - 9.5.6.4. Business Strategies and Development
- 9.5.7. ABB Ltd
  - 9.5.7.1. Company Overview
  - 9.5.7.2. Product Portfolio
  - 9.5.7.3. Financial Overview
  - 9.5.7.4. Business Strategies and Development
- 9.5.8. Grove Boats SA
  - 9.5.8.1. Company Overview
  - 9.5.8.2. Product Portfolio
  - 9.5.8.3. Financial Overview
  - 9.5.8.4. Business Strategies and Development
- 9.5.9. Yara International ASA
  - 9.5.9.1. Company Overview
  - 9.5.9.2. Product Portfolio
  - 9.5.9.3. Financial Overview
  - 9.5.9.4. Business Strategies and Development
- 9.5.10. Hyundai Heavy Industries (Hyundai Electric Limited)
  - 9.5.10.1. Company Overview
  - 9.5.10.2. Product Portfolio
  - 9.5.10.3. Financial Overview
  - 9.5.10.4. Business Strategies and Development
- 9.5.11. GE Power Conversion, part of GE Vernova
  - 9.5.11.1. Company Overview
  - 9.5.11.2. Product Portfolio
  - 9.5.11.3. Financial Overview
  - 9.5.11.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations