Electric Boat and Ship Market is Expected to Reach ~US$ 12.6 Bn by year 2030
Theglobal electric boat and ship market size was USD 4.9 billion in 2021 and is estimated to reach USD 12.6 billion by 2030, growing at a CAGR of 12.6% during the forecast period (2022-2030). Electric boats and ships carry off marine operations through batteries rather than the fuel. They utilize batteries similar to electric vehicles; they need larger batteries that last for long periods for operating smoothly.
With growing emission norms and regulations, batteries have become significant. As new technologies have been increasing in the design, control, and optimization of batteries, the electric boat and ship market will witness healthy growth during the forecast period. Moreover, Some shipowners are looking towards batteries as a greener, more efficient power source and are working on various projects embedding these technologies onto boats and ships. For instance, In April 2021, Japanese shipping company Asahi Tanker unveiled its new first-of-its-kind fully electric vessel powered by only lithium-ion batteries supplied by Corvus Energy, and e5 Lab designs these batteries.
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Global Electric Boat and Ship Market Definition
An electric boat is a type of electric vehicle designed to carry off marine operations by propelling the boat through batteries rather than by fuel. Electric boats and electric vehicles batteries are same. Electric ships are mostly ferries and small passenger ships on inland waterways that sail completely with electricity.
Maritime trade is one of the most important contributors to the economy, with the industry carrying more than 80% of the world’s traded goods from one port to the other worldwide. But Ships produce a large amount of exhaust gases, including nitrogen oxide, sulfur oxide, and CO2. With cargo ships being one of the highest sources of pollution in seaports, increasing emphasis on reducing emissions from the boats and ships has been rising.
However, organizations such as the International Maritime Organization (IMO) have implemented numerous regulations and targets to reduce and cut down emissions. These instances, in turn, boost demand for electric ships and boats during the forecast period. For instance, The 2030 Green Ship-K Promotion Strategy, a central part of the South Korea’s, plans to complete carbon-neutrality by 2050, specifically targeting the advancement and wider use of low-carbon ship technology, including hydrogen fuel cells and propulsion systems.
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Limited range anxiety, high purchase cost, lack of proper charging facility are some of the few characteristics of electric boats and ships restraining the market's growth. Moreover, improper batteries disposal threats as Ship and boat Owners need to optimize the recharging process while ensuring that batteries are powered solely by green energy and for recycling, as batteries are typically removed once they reach 80% of their initial capacity, then turned over for use onshore or for scrap to slow down the adoption of electric propulsion system.
With the dominant share of alternative propulsion systems and high overall efficiency of gasoline boats and ships when compared to electric, coupled with the recall of batteries anticipated to act as a restraint for the growth of the market. For instance, In July 2019, Torqeedo detected a defect on some of its batteries and recalled lithium-ion batteries used in two Torqeedo Travel and Ultralight outboard engines used to power recreational or sports boats.
The study categorizes the electric boat and ship market based on propulsion, battery, carriage, power, range, tonnage, mode of operation, and region.
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The global electric boat and ship market is divided into hybrid and pure electric based on propulsion type. In 2021, the hybrid segment accounted for the largest market share of 78.7% in the global electric boat and ship market. Advantages, such as energy storage, longer range, increased fuel efficiency, and the consequent reduction of operational costs, drive the segment’s growth. Stringent regulations on the maritime transportation sector, coupled with the production of lighter and more powerful batteries, are expected to encourage the shipping industry to develop these products.
Also, the existing boat and ship users are converting their fleet into hybrid ships (to run a combination of battery and diesel engines). In April 2019, under the HybridShip project, ABB and SINTEF were collaborating with Fiskerstrand, a Norwegian shipyard, to convert an existing ferry to be retrofitted with fuel cells. Moreover, Electric Boats of New Zealand is one of many companies that provides conversion solutions for existing diesel engine boat owners. The company also provides pure electric and hybrid sailing boats, utilizing solar energy to recharge the battery.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global electric boat and ship market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & 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, China is accounted for the largest market share of 40.4%, wheras India is the fastest-growing country with a CAGR of 14.0% during the projected period. China is a renowned name when it comes to boating, and the country is also organizing various international boat exhibitions. China will organize its 26th China (Shanghai) International Boat and Technical Equipment Exhibition (CIBS) in 2022. This event is one of the oldest yacht events in Asia. The exhibition has visitors from various parts of the world and comprises various events covering boats, accessories, boat services, equipment and water sports, etc.
India is very famous for tour and tourism, and most people within India only visit boating locations for vacations. However, the trend of electric boats is not that high compared to other developing countries. India started its first electric ferry in 2017 in Kerala for use as paid passenger service. The demand for electric boats is growing gradually and is expected to show significant growth in India's electric boat and ship market over the forecast period.
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Every company follows its own business strategy to attain 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 leading players operating in the global market of electric boat and ship.