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

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

Publisher'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.


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