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Electric Boat & Ship Market Analysis

The Electric Boat and Ship Market size is estimated at USD 7.07 billion in 2024, and is expected to reach USD 12.84 billion by 2029, growing at a CAGR of 12.65% during the forecast period (2024-2029).

The COVID-19 pandemic hampered the growth of the electric boat and ship market due to the shutdown of manufacturing facilities and trade restrictions imposed worldwide. Maritime transport registered a massive decline since the ships were stranded on the sea and were prohibited from entering the ports resulting in significantly higher operating costs for the shipping companies.

According to some estimates, the container ship traffic dropped by 13.77% and passenger ship traffic dropped by 42.77% due to the traveling restrictions. However, with relaxations allowed by governments to improve economic conditions, the market is expected to revive during the forecast period. many electric marine propulsion ship companies invested in digitalization to help their clients remotely monitor their fleets on a real-time basis to generate new revenue streams for these OEMs. For instance

• In June 2020, Kongberg Digital , the digital software subsidiary of Kongsberg Gruppen launched a new benchmarking application which provides real time insights on the location and performance of the fleets remotely to the fleet owners.

Over the long term factors such as the increasing boat and ship fleet and governments' focus on encouraging the adoption of eco-friendly boats and ships to reduce emissions are anticipated to propel the demand in the market. For instance

• In 2018 the Government of Norway set a target to have atleast 60 electric ships operating in the country by 2021 and ban all the fossil fuel powered ships operating in UNESCO Heritage listed tourist sites like fjords in the country by 2026.

Norway being a significant contributor to the market growth, Europe is expected to hold the largest share in the market due to the highest demand for new electric ships and boats in the region. In addition, the United Kingdom became the first country among the major G7 countries to target net-zero greenhouse gas emissions by 2050, which includes the adoption of electric boats and ships.

Thus the aforementioned factors are projected to produce significant growth in the elctric boat and ship market over the next five years.

Electric Boat & Ship Industry Segmentation

An electric boat is a form of electric vehicle designed to carry off marine operations by propelling the boat through batteries rather than by fuel. The batteries used in electric boats are similar to the batteries used in electric vehicles. Electric ships are mainly ferries and small passenger ships on inland waterways that sail completely with electricity. They sail only short distances and dock often.

The scope of the report covers segmentation based on propulsion type, battery type, carriage type, and geography. By propulsion type, the market is segmented into hybrid and pure electric. By battery type, the market is segmented into lead-acid, lithium-ion, and nickel-based batteries. By carriage type, the market is segmented into passenger and cargo, and by geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The report also provides market sizing and forecast for all the above-mentioned segments.