the global market for electric boats and ships Cut been $4.9 billion in 2021 and should reach $12.6 billion by 2030, growing at a CAGR of 12.6% over the forecast period (2022-2030). Electric boats and ships perform marine operations using batteries rather than fuel. They use batteries similar to electric vehicles; they need larger batteries that last for long periods of time to function properly.
With increasing emission standards and regulations, batteries have become important. As new technologies proliferate in battery design, control, and optimization, the market for electric boats and ships will witness healthy growth during the forecast period. Additionally, some shipowners are turning to batteries as a greener and more efficient source of energy and are working on various projects incorporating these technologies on boats and ships. For example, in April 2021, Japanese shipping company Asahi Tanker unveiled its new all-electric vessel, the first of its kind, powered solely by lithium-ion batteries supplied by Corvus Energy, and e5 Lab is designing these batteries.
Global Electric Boats and Ships Market Definition
An electric boat is a type of electric vehicle designed to perform maritime operations by propelling the boat by batteries rather than fuel. Electric boats and electric vehicle batteries are the same. Electric ships are mainly ferries and small passenger ships on inland waterways that sail entirely on electricity.
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Global Electric Boats and Ships Market Dynamics
Drivers: Increasingly strict rules and regulations
Maritime trade is one of the largest contributors to the economy, with the industry transporting over 80% of the world’s traded goods from port to port around the world. But ships produce a large amount of exhaust gases, including nitrogen oxide, sulfur oxide and CO2. As cargo ships are one of the main sources of pollution in seaports, there is an increasing focus on reducing emissions from boats and ships.
However, organizations such as the International Maritime Organization (IMO) have many regulations and targets in place to curb and reduce emissions. These cases, in turn, drive the demand for electric ships and boats during the forecast period. For example, the Green Ship-K 2030 promotion strategy, a core element of South Korea, plans to achieve carbon neutrality by 2050, specifically targeting the advancement and wider use of ship technology. low-carbon vessels, including hydrogen fuel cells and propulsion systems. .
Constraints: Few Features of Electric Boats and Ships to Slow Market Growth
Limited range anxiety, high purchase cost, lack of proper charging facilities are some of the few features of electric boats and ships that are restraining the market growth. Additionally, the threats of improper disposal of batteries as ship and boat owners need to optimize the recharging process while ensuring batteries are powered only by green energy and for recycling as batteries are usually withdrawn once they reach 80% of their original capacity and then returned for use ashore or for scrap to slow adoption of the electric propulsion system.
With the dominant share of alternative propulsion systems and the overall high efficiency of gasoline-powered boats and ships compared to electricity, coupled with battery recall is expected to restrain the market growth. For example, in July 2019, Torqeedo detected a fault in some of its batteries and recalled the lithium-ion batteries used in two Torqeedo Travel and Ultralight outboard motors used to power pleasure or sport boats.
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Scope of the global electric boats and ships market
The study categorizes the electric boat and ship market based on propulsion, battery, transportation, power, range, tonnage, mode of operation, and region..
By type of propulsion (Sales/Revenue, billion USD, 2017–2030)
By battery type (Sales/Revenue, billion USD, 2017–2030)
- Nickel base batteries
By Outlook transport type (Sales/Revenue, billion USD, 2017–2030)
By Power Outlook (Sales/Revenue, billion USD, 2017–2030)
Perspectives by range (Sales/Revenue, billion USD, 2017–2030)
By Tonnage Outlook (Sales/Revenue, billion USD, 2017–2030)
- >15,000 DWT
By Outlook operating mode (Sales/Revenue, billion USD, 2017–2030)
Outlook by region (Sales/Revenue, billion USD, 2017–2030)
- North America (United States, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, United Kingdom, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, Philippines, Singapore, Australia and New Zealand, Rest of Asia Pacific)
- The Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, North Africa, Rest of MEA)
The hybrid segment is expected to account for the largest market share
The global electric boats and ships market is split into hybrid and pure electric on the basis of propulsion type. In 2021, the hybrid segment accounted for the largest market share of 78.7% in the global market for electric boats and ships. Benefits, such as energy storage, longer battery life, increased energy efficiency, and consequent reduction in operating costs, are driving the growth of the segment. Strict regulations on the shipping sector, coupled with the production of lighter and more powerful batteries, should encourage the shipping industry to develop these products.
In addition, current boat and ship users are converting their fleet to hybrid vessels (to run a combination of battery and diesel engines). In April 2019, as part of the HybridShip project, ABB and SINTEF collaborated with Fiskerstrand, a Norwegian shipyard, to convert an existing ferry to be equipped with fuel cells. Additionally, Electric Boats of New Zealand is one of many companies offering conversion solutions for owners of existing diesel-powered boats. The company also offers purely electric and hybrid sailboats, using solar energy to recharge the battery.
Asia Pacific represents the highest CAGR over the forecast period
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Based on region, the global electric boat and ship market has been segmented into North America, Asia–Pacific, Europe, South America, Middle East and Africa. Globally, Asia-Pacific is estimated to hold the highest CAGR of 13.4% in the global electric boat and ship market during the forecast period. In the Asia-Pacific region, China holds the largest market share of 40.4%, while India is the fastest growing country with a CAGR of 14.0% over the projected period . China is a renowned name when it comes to boating and the country also hosts various international boat exhibitions. China will hold its 26th International Boat and Technical Equipment Expo (CIBS) in China (Shanghai) in 2022. This event is one of the oldest yacht events in Asia. The exhibition welcomes visitors from different parts of the world and includes various events covering boats, accessories, nautical services, equipment and water sports, etc.
India is very famous for sightseeing and sightseeing, and most people in India only visit the boating places for vacations. However, the trend of electric boats is not so high compared to other developing countries. India launched its first electric ferry in 2017 in Kerala to be used as a paid passenger service. The demand for electric boats is gradually increasing and is expected to show significant growth in the Indian electric boats and ships market over the forecast period.
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Main market players
Each company follows its own business strategy to achieve the maximum market share. Vision Marine Technologies Inc., Grove Boats SA, Ruban Bleu, ElectraCraft Boats, Greenline Yachts, Domani Yachts, Ganz Boats GmbH, Quadrofoil, Duffy Electric Boats, Groupe Beneteau, Hyundai Heavy Industries Co. Ltd, Daewoo Shipbuilding & Marine Engineering Co. Ltd , and ABB. are some of the major players operating in the global electric boats and ships market.