How big is the Electric Boat and Ship Market?

The Electric Boat and Ship Market size is expected to reach USD 7.07 billion in 2024 and grow at a CAGR of 12.65% to reach USD 12.84 billion by 2029. Read More

What is the current Electric Boat and Ship Market size?

In 2024, the Electric Boat and Ship Market size is expected to reach USD 7.07 billion. Read More

Who are the key players in Electric Boat and Ship Market?

Siemens SE , Kongsberg Gruppen, ABB Marine and Port Solutions, Corvus Energy and General Dynamics Electric Boat are the major companies operating in the Electric Boat and Ship Market. Read More

Which is the fastest growing region in Electric Boat and Ship Market?

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Electric Boat and Ship Market?

In 2024, the Europe accounts for the largest market share in Electric Boat and Ship Market. Read More

What years does this Electric Boat and Ship Market cover, and what was the market size in 2023?

In 2023, the Electric Boat and Ship Market size was estimated at USD 6.28 billion. The report covers the Electric Boat and Ship Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Electric Boat and Ship Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What future trends are expected in the Electric Boat and Ship Market?

Future trends in the Electric Boat and Ship Market include a) Increased investment in R&D for higher efficiency and range b) Autonomous electric boats c) Integration of IoT technologies for better navigation and safety Read More

What are the major challenges faced by the Electric Boat and Ship Market?

Major challenges faced by the Electric Boat and Ship Market are a) High initial costs b) Need for more charging infrastructure b) Limited range and speed of electric boats compared to traditional boats Read More

Electric Boat and Ship Market Report | Industry Analysis, Size & Forecast

Electric Ships Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Electric Boat & Ship Market is Segmented by Propulsion Type (Hybrid and Pure Electric), Battery Type (Lead-acid, Lithium-ion, and Nickel-based Batteries), Carriage Type (Passenger and Cargo), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the market size and forecasts for all the above segments in value (in USD million).

Electric Boat & Ship Industry Overview

The electric boats and ships market is moderately consolidated due to the presence of several major and local players in the market. The market has also seen the entry of some startups that manufacture leisure electric boats in recent years, especially in Europe. Some of the key players in the market are ABB Limited, Siemens AG, Kongsberg Gruppen, General Dynamics Electric Boat, Corvus Energy, and many more. Several key market players are entering collaborations and engaging in mergers and acquisitions with other electric ship companies to strengthen their positions in the market. Furthermore, the market participants focus on improving battery technology to attain a competitive edge over other players. For instance:

In October 2022, Enevate a global battery innovation company, and boat propulsion company Sealence announced a collaboration to develop high-performance battery cells for marine applications.
In August 2022, Swedish luxury electric vehicle manufacturer Polestar, a subsidiary of Volvo Cars Ltd., signed a contract with the Swedish electric boat manufacturer Candela to provide battery and charging systems in a multi year deal.
In March 2022, DeepSpeed launched a new new high power liquid cooled electric boat battery with energy storage capacity of 83 kiloWatt hours and the 400V electric boat battery. The new battery is developed by eDriveLab, the e-mobility spinoff from University of Parma in Italy which is acquired by DeepSpeed.