Electric Boat and Ship Market - Growth, Trends, and Forecast (2020 - 2025)

The Electric Boat and Ship Market has been 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

Market Snapshot

Study Period:


Base Year:


Fastest Growing Market:


Largest Market:

North America


10 %

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Market Overview

The electric boat and ship market is anticipated to register a CAGR of over 10% during the forecast period.

  • The growing demand for recreational water sports like jet skiing and recreational activities like boating and fishing is anticipated to support the growth of electric boats during the forecast period.
  • The increasing emphasis on reducing emissions from the shipping industry is another major driving factor. For instance, in 2018, the European Commission published a report regarding compliance with the sulfur standards for marine fuels, with an aim to reduce sulphur content in certain liquid fuels. The amendments aim to ensure the implementation of the 0.50% sulphur limit in marine fuels by 2020. Such amendments to decrease the pollutants in sea and air are anticipated to support the growth of the market during the forecast period.
  • Increasing investments by shipbuilders in hybrid and electric boats, coupled with technological advancements in the battery technology, is expected to drive the hybrid and electric boats market, globally.
  • The market of electric boat and ship is highly fragmented with less than 100 players in the market. The fragmentation is further expected to increase during the forecast period as their numbers are expected to increase with new model entering the market.

Scope of the Report

The electric boat and ship market has been segmented by product type, battery type, carriage type, and geography. 

Product Type
Pure Electric
Battery Type
Nickel-based Batteries
Carriage Type
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
Rest of the World
South America
Middle East & Africa

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Key Market Trends

The Hybrid Segment to Experience the Highest Growth during the Forecast Period

The hybrid segment of the market is anticipated to register the highest CAGR during the forecast period. This is due to the high fuel economy and low operational costs of the hybrid boats. These boats have many advantages, such as energy storage, longer range, increased fuel efficiency, and the consequent reduction of operational costs. 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 batteries). For instance, under the HybridShip project, ABB and SINTEF are collaborating with Fiskerstrand, a Norwegian shipyard to convert an existing ferry to be retrofitted with fuel cells. This ship is anticipated to operate on domestic routes by the end of 2020. Similarly, in April 2019, Louisiana-based Harvey Gulf International Marine selected Wärtsilä to supply energy storage solutions for their first platform supply vessel (PSV) hybrid retrofit in the Americas. The conversions of the existing fleet with the new retrofits are anticipated to lower the emissions from the ships and are expected to boost the maritime propulsion technology that will provide better and advanced battery solutions for maritime applications.

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The Europe Region is Expected to Generate the Highest Demand during the Forecast Period

The European region is expected to generate the highest demand for electric boat and ship market, during the forecast period. This growth is propelled by the on-going changes in the regulations on maritime emissions as well as the incorporation of advanced technology by the shipbuilders in the region for reducing the emissions. After Brexit, the United Kingdom announced a new Clean Maritime Plan in June 2019 under which all the new vessels ordered from 2025 and aimed for UK waters must be equipped with zero-emission technology. such as batteries or biofuels. UK became the first country in major G7 countries to set a target to reach net-zero greenhouse gas emissions by 2050. Also, six Nordic companies have initiated the Zero Emission Energy Distribution at Sea (ZEEDS) initiative, in line with the UN sustainability goals. The initiative is led by Wärtsilä followed by Aker Solutions, Equinor, DFDS, Grieg Star and Kvaerner, with the aim to reduce the one billion tonnes of CO2 gas emissions produced annually by the global shipping industry. With such collaboration in support government authorities to implement incentives will help in the development of zero-emission shipping, which in turn will increase the demand for hybrid and electric solutions in the region.

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Competitive Landscape

The market for electric boat and ship is highly fragmented with less than 100 players in the market. Some of the prominent players in the electric boat and ship market are Canadian Electric Boat Company, Grove Boats SA, Ruban Bleu, ElectraCraft Boats, and Greenline yachts. The fragmentation of the market is further expected to increase during the forecast period as new players are entering the market with many new models entering the market. For instance, Taiga Motors, the first electric snowmobiles manufacturer unveiled their new electric jetski ‘Orca’ in September 2019. It also announced its plans to deliver the first production models by Spring 2020. Similarly, Bombardier, Electro.Aero and Nikola Motors among others have announced their plans of developing and launching their electrified jet skis by the early 2020s. With innovation as key driving factor, the electric boat manufacturers are in plans are to expand their geographic share. Also, the battery manufacturers are also introducing new battery solutions for boats that will reduce emissions. Recently, Nidec ASI showcased its first battery system designed for large and medium-sized boat propulsion systems in June 2019 at the Electric & Hybrid Marine World Expo in Amsterdam. Such innovations are anticipated to support the boat manufacturers by simplifying system set-up and increasing flexibility in naval architecture.

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Table Of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Force Analysis

      1. 4.3.1 Bargaining Power of Buyers/Consumers

      2. 4.3.2 Bargaining Power of Suppliers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Product Type

      1. 5.1.1 Hybrid

      2. 5.1.2 Pure Electric

    2. 5.2 Battery Type

      1. 5.2.1 Lead-acid

      2. 5.2.2 Lithium-ion

      3. 5.2.3 Nickel-based Batteries

    3. 5.3 Carriage Type

      1. 5.3.1 Passenger

      2. 5.3.2 Cargo

    4. 5.4 Geography

      1. 5.4.1 North America

        1. United States

        2. Canada

        3. Rest of North America

      2. 5.4.2 Europe

        1. Spain

        2. United Kingdom

        3. Germany

        4. Italy

        5. Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. South America

        2. Middle East & Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Canadian Electric Boat Company

      2. 6.2.2 Grove Boats SA

      3. 6.2.3 Ruban Bleu

      4. 6.2.4 ElectraCraft Boats

      5. 6.2.5 Greenline yachts

      6. 6.2.6 Domani Yachts

      7. 6.2.7 Ganz Boats GmbH

      8. 6.2.8 Quadrofoil

      9. 6.2.9 Duffy Electric Boats


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