Increasing investments by shipbuilders in hybrid and electric boats, coupled with technological advancements in the battery technology, will drive the hybrid and electric boats market globally. However, electric boats are currently limited to the US and Europe and the sales in these regions are also very low. The number of players in the market are less than 100 currently although it is expected to grow. The market for electric boats and ships is expected to register a CAGR of 13 percent between 2018 and 2023.
Increasing Concerns over Greenhouse Gas Emissions have Led the Shipping Industry to Invest in Hybrid and Electric Boat Technology
The shipping industry is considered to be one of the worst polluters in the transportation sector across the world. According to the European Commission, the maritime transport sector is responsible for 3% of the global greenhouse gas emissions. Shipbuilders have been considering the use of hybrid electric boats to address this issue, although the technology has its own shortcomings. In 2018, the European Commission published a report regarding compliance with the sulfur standards for marine fuels, issued by the EU in 2016, relating to the reduction of sulfur content in certain liquid fuels. The amendments aim to ensure the implementation of the 0.50% sulfur limit in marine fuels by 2020. In April 2018, the International Maritime Organization adopted a strategy to ensure the reduction of greenhouse gas emissions from international shipping by at least 50% by 2050, from the pollution levels of 2008.
Hybrid Electric Boats Generate Less Emissions and Offer Better Fuel Economy
The market for hybrid boats is expected to grow at a faster rate as they ensure high fuel economy and low operational costs. Hybrid electric boats offer many advantages, such as energy storage, longer range, increased fuel efficiency, and the consequent reduction of operational costs. Stringent regulations on maritime transportation sector, coupled with the production of lighter and more powerful batteries, are expected to encourage the shipping industry to develop these products.
The Market will be Limited to Small Boats and Ferries in the Near Future
Although electric boats offer many advantages over the conventional boats and ships, the market for electric boats and ships is not expected to take off in the near future as the shortcomings of these products far outnumber the advantages they offer. Range anxiety is one of the significant restraining factors hampering the growth of the market. The energy density of batteries is very low, when compared to the conventional fuels, and hence, battery powered boats cannot be used for covering large distances. Besides range anxiety, weight of the batteries also imposes limitations on load that can be carried by the boats, making pure electric boats viable only for short distances and lighter loads.
Major Players: SGS SA, Tuv Nord Group, Mistras Group, Inc., Bureau Veritas, Dekra, and Intertek Group PLC, among others.
Key developments in the market:
- Sep 2017: Hinckley launched Dasher, the world’s first all-electric luxury cruise, powered by Deep Blue 80i motors developed by Torqeedo, and a BMW i3 lithium-ion battery.
- Dec 2017: Hangzhou Modern Ship Design and Research Co. developed an all-electric cargo ship, which can carry 2,200 metric ton of cargo up to a distance of 50 miles on a single charge.
Reasons to Purchase the Report:
- Provides latest insights into the Global electric boat and ship industry.
- Gives a detailed analysis of the competitive landscape in the electric boat and ship market.
- Analyzes the market scenario with the help of Porter’s Five Forces Analysis.
- Forecasts the market value by assessing the impact of the market drivers and constraints.
- Answers questions like
- Which region has the highest demand for electric boat in the market?
- What factors drive and restrain the market growth?
- Three months analyst support, along with the Market Estimate Sheet in Excel
Report Customization and Benefits:
This report can be customized to meet the desired requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
1.1 Scope of the Market
1.2 Executive Summary
2. RESEARCH METHODOLOGY
2.1 Study Deliverables
2.2 Study Assumptions
2.3 Research Phases
3. MARKET INSIGHTS
3.1 Current Market Scenario
3.2 Industry Attractiveness - Porter's Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
3.3 Technological Trends
3.4 Regulatory Analysis
4. MARKET DYNAMICS
4.1.1 Government Regulations for the Marine Industry
4.3.1 Adoption of Autonomous and Zero Emissions Ships
5. MARKET SEGMENTATION AND ANALYSIS (MARKET SIZE, GROWTH, AND FORECAST)
5.1 By Product Type
5.1.2 Pure Electric
5.2 By Battery Type
5.2.1 Lead Acid
5.2.2 Lithium Ion
5.2.3 Nickel Based Batteries
5.3 By Boat Type
5.4 By Ship Type
5.4.1 Ocean Cruise
5.4.2 Luxury Cruise
5.4.3 Adventure Crusie
5.4.4 Other Shipment Types
6. REGIONAL MARKET ANALYSIS (MARKET SIZE, GROWTH, AND FORECAST)
6.1 North America
6.1.1 United States
6.1.4 Rest of the North America
6.2.2 United Kingdom
6.2.6 Rest of the Europe
6.3.4 Rest of the Asia-Pacific
6.4 Rest of the World
6.4.1 South America
6.4.2 Middle East & Africa
7. FUTURE OF THE MARKET
8. COMPETITIVE LANDSCAPE
8.2 Market Share Analysis**
8.3 Strategies Adopted by Leading Players
9. COMPANY PROFILES (OVERVIEW, FINANCIALS**, PRODUCTS AND SERVICES, AND RECENT DEVELOPMENTS)
9.3 Canadian Electric Boat Company
9.4 Grove Boats SA
9.5 Ruban Bleu
9.6 ElectraCraft Boats
9.7 Greenline yachts
9.8 Hyundai Mobis Co.Ltd
9.9 Echo Voyagers
9.10 XALT Energy
*List not Exhaustive
**Subject to Availability on Public Domain