Global Electric Boat and Ship Market - Growth, Trends, and Forecast (Outlook to 2028)

Global Electric Boat and Ship Market - Growth, Trends, and Forecast (Outlook to 2028)

Updated on 26th May 2023 | Market Research Reports | Q2 2023 | Report ID: BR0329

About the Report

The environmental regulations emphasizing a reduction in harmful emissions and the advantages of high performance, noiselessness, smaller batteries with longer ranges, less vibration, and minimal engine maintenance and operation cost are considered the significant drivers of the electric ship and boat market. 

 

Diesel and gasoline engines power most contemporary boats and ships, but boats powered by electric propulsion systems were used until the ICE engines became dominant in the 1920s.

 

Other Key Drivers of Electric Boat and Ship Market are

  • Advancements in battery technologies, bringing the cost down.
  • Growing pressure for sustainable shipping and boating. 
  • Soaring fossil fuel prices
  • Continued strength in boat leasing and the move towards using electric boats as a means of municipal and vacation-related transportation.

 

International Maritime Organization (IMO) states that maritime transport is responsible for almost 2.5% of the global greenhouse gas emissions. The population living in seaports such as Hamburg and Rotterdam are significantly affected. Ships with electric or hybrid drive systems could be the solution to this problem.

 

North America held over 40% of the outboard motor market share in 2020 due to strong economic growth and increasing disposable incomes. In February 2021, the retail sales of new powerboats jumped 34% compared with the same period last year. In 2020, despite the COVID pandemic, growth continued and, in fact, accelerated due to increased consumer demand for the safety of families associated with "Staycations."

 

Some inland vessels already sail using nothing but electricity (fully electric), mainly ferries and pleasure boats. That's because they sail shorter distances and can therefore use smaller batteries. Several boat builders are also planning hybrid cruise ships.

 

Scandinavia is leading the way in battery-powered solutions for the shipping industry. FinFerries' Elektra, Finland's first electric hybrid ferry operating on a 1.6 km stretch 25 trips a day, has proved the viability of electric ferries by reducing the operation cost by 80% and annual CO2 emissions by 6.3% relative to its ICE counterpart. 

 

Portlier, a Netherland-based shipbuilder, aims to launch an inland waters cargo ship using flow battery technology. But for large cargo ships that sail the world's oceans, electric drives are still a long way away. The batteries are still not efficient enough and are too heavy for marine vessels that sail long distances on the high seas.

 

Restraints to Electric Boat and Ship Market Growth

  • Lack of Charging infrastructure at commercial ports.
  • Batteries are expensive and currently not designed to cater to the shipping industry's needs, especially heavy ships.
  • Disruptions in battery systems supply chain

 

However, the development of autonomous ships is being thought of to compensate for the excess expenditure shelled out on the battery systems.

 

Recent Developments in Electric Boat and Ship Market

  • Technology group ABB and fuel cell producer Ballard are also backing fuel cells with an alternative, clean drive. They convert chemical energy into electrical energy. This energy then drives an electric engine. There is no combustion and no exhaust gases. ABB and Ballard want to make the existing technology also possible for larger ships.
  • South Korea to invest USD 870 million in developing eco-friendly shipping and addressing marine pollution. Named 2030 Green Ship-k strategy, it targets the advancement of LNG, electric, and hybrid core technologies to promote low carbon ship technology.

 

Blackridge Research's Global Electric Boat and Ship Market report provide insights into the current global and regional market demand scenario and its outlook.

 

The study offers a detailed analysis of various factors instrumental in affecting the Global Electric Boat and Ship Market growth opportunities. The study also comprehensively analyses the market by segmenting it based on geography (North America, Europe, Asia Pacific, Rest of the World), propulsion type (Fully electric and Hybrid), battery type (Lithium-ion, Fuel cell, and Flow batteries) and by type of vessel (Passenger and Cargo).

 

The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the global electric boats and ships market, critical commercial developments, trends, regions, and segments poised for the fastest-growth competitive landscape.

 

Further, global electric boat and ship market size, demand forecast, growth rates, and trade (imports and exports) will also be provided in the report.

  Table of Contents

1. Executive Summary

2. Research Scope and Methodology

3. Market Analysis

  • 3.1 Introduction
  • 3.2 Market Dynamics
    • 3.2.1. Drivers
    • 3.2.2 Restraints
  • 3.3 Market Trends & Developments
  • 3.4 Analysis of Covid-19 Impact
  • 3.5 Market Opportunities
  • 3.6 Market Size and Forecast

4. Industry Analysis

  • 4.1 Supply Chain Analysis
  • 4.2 Porter’s Five Forces Analysis

5. Market Segmentation & Forecast

  • 5.1 By Propulsion Type
    • 5.1.1 Hybrid
    • 5.1.2 Fully Electric
  • 5.2 By Vessel Type
    • 5.2.1 Passenger
    • 5.2.2 Cargo
  • 5.3 By Battery Type
    • 5.3.1 Lithium-ion Battery
    • 5.3.2 Lead Acid Battery
    • 5.3.3 Flow Battery

6. Regional Market Analysis

  • 6.1 North America
  • 6.2 Europe
  • 6.3 Asia-Pacific
  • 6.4 Rest of the World

7. Key Company Profiles

  • 7.1 PortLiner
  • 7.2 Hertigruten
  • 7.3 Siemens and Fjellstrand
  • 7.4 Kongsberg and Yara
  • 7.5 X Shore
  • 7.6 Duffy Boats
  • 7.7 Vision Marine Technologies
  • 7.8 Watercraft
  • 7.9 ElectraCraft
  • 7.10 Nimbus

8. Competitive Landscape

  • 8.1 List of Notable Players in the Market
  • 8.2 M&A, JV, and Agreements
  • 8.3 Market Share Analysis
  • 8.4 Strategies of Key Players

9. Conclusions and Recommendations

List of Tables & Figures

Abbreviations

Additional Notes

Disclaimer

  This report helps to:-

  • Gain a deeper understanding of the impact of COVID 19 on the global electric boat and ship market. 
  • Equip yourself with rigorous analysis and forward-looking insight into the electric boat and ship market across various regions
  • Gain an understanding of uncertainty and discover how the most influential growth drivers and restraints in the regions will impact market development
  • Assess market data and forecasts to understand how the demand for different segments evolve over the next five years
  • Gain a comprehensive view of the emerging market trends and developments to assess market opportunities
  • Be better informed of your competition by gaining access to detailed information and analysis of key industry players.
  • Keep on top of M&A developments, JV’s and other agreements to assess the evolving competitive landscape and enhance your competitive position.

  Who need this report?

  • OEMs, Contract Manufacturers & Suppliers
  • Boat Sharing and Rental Service Providers 
  • Utilities & IPPs
  • Raw Materials & Component Suppliers
  • Investor Community
  • Government Bodies & Industry Organizations
  • Others 

  What's included

Report - Global Electric Boat and Ship Market Outlook to 2028.pdf
Market Data - Global Electric Boat and Ship Market Outlook to 2028.xls

  Common Questions

You can purchase the report directly by selecting the licence type above and paying with a credit or debit card. Please contact sales@blackridgeresearch.com for other payment options.
We can provide quarterly and half yearly report updates. Please contact sales@blackridgeresearch.com for more information.
Single User License
The Single User License will provide access to only one user.

Team User License
The Team License will provide access only up to 7 users. This is great for a team.

Corporate License
This Premium package is ideal for large companies. By having Corporate license, any employee of your organization or its subsidiaries can access the report. You will also receive free industry update after six months and also a white label powerpoint presentation.
Yes, if you'd like to select certain sections of the report, please contact sales@blackridgeresearch.com
The report publication process involves several steps: Secondary Research, Discussion Guide Preparation, Primary Research (interviews, surveys, among others), Data Triangulation, Market Engineering, Data Validation, and Report Writing. One of the research specialists will explain the research process in detail. For more details about the report methodology, contact us at research@blackridgeresearch.com.
If for any reason you're not satisfied with the report, just email us at support@blackridgeresearch.com. We will make sure it's resolved!
We're here to help from day one, with 24/6 outstanding support. For report purchases, we will provide post-purchase analyst support for any queries that you may have related to report up to one year.
Sujith

Got a Question?

Sujith will help you find what you are looking for.

Call: +1 (917) 993 7467
+91 8500 460 460

Some of our clients

Haven’t found what you’re looking for?

More than 70% of our clients seek customized reports. Reach us out to get yours today!

Please Enter Business Email Address

By clicking "Submit" you are indicating that you have read and agree to be bound by the Blackridge Terms of Service and Privacy Policy.