Electric Boat and Ship Market worth USD 12.6 billion by 2030

The Market Statsville Group (MSG) publishes the new report on the "Electric Boat and Ship Market by Propulsion Type (Hybrid and Pure Electric), by Battery Type (Lead-acid, Lithium-ion, and Nickel-based Batteries), by Carriage Type (Passenger and Cargo), by Power (<75KW, 75-150KW, 151-745KW, 746-7,560KW, and >7,560KW), by Range (<50Km, 50-100Km, 101-1000Km, and >1,000Km), by Tonnage (<500DWT, 500-5,000DWT, 5,001-15,000DWT, and >15,000DWT), by Mode of Operation (Manned, Remotely Operated, and Autonomous), by Region – Global Share and Forecast to 2030". The global electric boat and ship market size is expected to grow from USD 4.9 billion in 2021 to USD 12.6 billion by 2030, at a CAGR of 12.6% during the forecast period. Factors, such as the increasing boat and ship fleet, governments focus on encouraging the adoption of eco-friendly boats and ships to reduce emissions anticipated to propel demand in the market. High installation cost of the electric propulsion system and limited battery capacity act as a restraint for the market's growth. 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.

Global Electric Boat and Ship Market Segmentation

The overall electric boat and ship market has been segmented into the propulsion, battery, carriage, power, range, tonnage, mode of operation, and region.

• By Propulsion Type (Hybrid and Pure Electric)
• By Battery Type (Lead-acid, Lithium-ion, and Nickel-based Batteries)
• By Carriage Type (Passenger and Cargo)
• By Power (<75KW, 75-150KW, 151-745KW, 746-7,560KW, and >7,560KW), by Range (<50Km, 50-100Km, 101-1000Km, and >1,000Km)
• By Tonnage (<500DWT, 500-5,000DWT, 5,001-15,000DWT, and >15,000DWT)
• By Mode of Operation (Manned, Remotely Operated, and Autonomous)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Lead-acid, by battery type, hold the largest market

Based on battery type, the global electric boat and ship market is segmented into lead-acid, lithium-ion, and nickel-based batteries. The lead-acid segment generated the highest revenue of 41.2% of the total global electric boat and ship market in 2021. Most marine batteries onboard boats today are of the lead-acid type. This type of battery has been used for many decades. The major reason the popularity of this type of battery has continued is the relatively low cost to purchase and maintain. The disadvantages of lead-acid batteries are the weight, the short useful life (2-5 years), the poisonous lead ingredient, and the fact that it creates a potentially explosive mixture of hydrogen gas.

Lead-acid batteries have been most cost-effective technology. However, with rise in alternative battery storage technologies, especially lithium-ion technology, lead-acid batteries are losing cost-effectiveness. Lithium-Ion batteries are witnessing a price drop which is expected to continue during the forecasted period leading to the hindrance of the segment’s growth in the market.

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Europe accounts for the largest market share in the electric boat and ship market

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. In 2021, Europe accounted for the largest market share of 49.8%. Europe is a very popular and prominent market for boat and ships, and the United Kingdom is a major contributor to the sales of boats and ships. People in the United Kingdom, especially adults, young men, and women, are very excited and passionate about boating. Moreover, people from various parts of the world travel to the United Kingdom for vacations. They are curious about spending their holidays on water, and the country offers great boat trips full of fun and leisure, which further increases the demand for boats in the United Kingdom.

Moreover, Germany is oriented toward foreign trade. A strong and internationally competitive maritime sector is of great importance for the entire economy, as it drives Germany’s competitiveness and helps safeguard growth and employment. In 2019, transport service exports in the country did not witness growth, as they traded equal volumes compared to 2018, and Germany’s share of global container shipping capacity was around 20%.

The product portfolios and winning strategies of the leading companies operating in the electric boat and ship market are studied in this research report and the development and marketing strategies of the leading companies. Major companies in the global market of electric boat and ship are Vision Marine Technologies Inc., Ruban Bleu, ElectraCraft Boats, Grove Boats SA, Domani Yachts, Ganz Boats GmbH, Quadrofoil, Duffy Electric Boats, Greenline Yachts, Groupe Beneteau, Hyundai Heavy Industries Co. Ltd, Daewoo Shipbuilding & Marine Engineering Co. Ltd, and ABB

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