Global Electric Boat and Ship Market to Reach US$ 14.5 Billion by 2032, Impelled by Enhanced Focus on Sustainable Development

March 09, 2022 | Automotive Industry

According to the latest report by IMARC Group, titled "Electric Boat and Ship Market Report by Propulsion Type (Hybrid, Pure Electric), Battery Type (Lead-acid, Lithium-ion, Nickel-based Batteries), Carriage Type (Passenger, Cargo), and Region 2024-2032," the global electric boat and ship market reached a value of US$ 6.4 Billion in 2023. Electric boat and ship refer to small-sized passenger ships that are generally propelled using batteries. They mainly comprise a controller, an electric motor and a battery pack that offers improved operational efficiency. Their batteries are commonly manufactured using lithium-iron-phosphate, nickel and lead-acid materials that provide electric propulsion to electric boats and ships. In comparison to traditional marine vessels, they are environmentally friendly, create lesser noise, have minimal fuel requirements and are cost-efficient to operate. Along with this, they are produced using durable and lightweight materials that generate minimal dragging and optimal propulsion for the vehicle.

Global Electric Boat and Ship Market Trends:

The global market is primarily driven by the rising preference for efficient marine transportation systems. Coupled with an enhanced focus on sustainable development, this has encouraged individuals to adopt eco-friendly boats and ships. Moreover, continual technological advancements and the deployment of remote monitoring and warning systems in these vehicles are providing a boost to market growth. Furthermore, considerable growth in the travel and tourism industry, along with the increasing popularity of water sports and recreational activities among the masses, has positively influenced the market growth. Additionally, the rising utilization of electric boats and ships for surveillance and monitoring operations across the defense sector is favorably impacting the market growth. The market is further driven by the widespread adoption of electric boats and ships for disaster relief and humanitarian aid operations. Other factors, including the increasing seaborne trade activities, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 14.5 Billion by 2032, growing at a CAGR of 9.17% during 2024-2032.

Market Summary:

  • On the basis of the propulsion type, the market has been bifurcated into hybrid and pure electric.
  • Based on the battery type, the market has been segmented into lead-acid, lithium-ion and nickel-based batteries.
  • On the basis of the carriage type, the market has been classified into passenger and cargo.
  • Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are ABB Ltd., Corvus Energy Ltd., Domani Yachts, Duffy Electric Boat Company, ElectraCraft Boats, General Dynamics Corporation, Hyundai Heavy Industries Co. Ltd., Kongsberg Gruppen ASA, Siemens AG, Vard Group AS (Fincantieri S.p.A.), Vision Marine Technologies Inc. and Yamaha Motor Co. Ltd.

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Global Electric Boat and Ship Market to Reach US$ 14.5 Billion by 2032, Impelled by Enhanced Focus on Sustainable Development
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