According to the research report titled “Global Electric Boat and Ship Market size study by Propulsion Type (Hybrid and Pure Electric), by Battery Type (Lead-acid, Lithium-ion, and Nickel-based Batteries), by Carriage Type (Passenger and Cargo), Regional Forecasts 2021-2027”, available with MarketStudyReport, Global electric boat and ship market, valued approximately at USD 4.58 billion in 2020, is anticipated to expand at a strong y-o-y growth rate of more than 12.65% over 2021-2027, reaching USD 10.5 billion by the end of the stipulated timeframe.
As per the report findings, electric boat and ship market is driven by growing maritime tourism sector, rise in adoption of hybrid and electric propulsion technologies for upgradation of ships, and growing emphasis on decreasing emissions.
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Furthermore, increasing government support is significantly enhancing the industry outlook. For instance, the South Korea unveiled the 2030 Green Ship-K Promotion Strategy in 2020, a key component of the country’s plans to become carbon-neutral by 2050.
For the uninitiated, electric boat is designed to perform maritime tasks by using batteries instead of the conventional gasoline to propel boat. Batteries utilized in electric boat are similar to those in electric vehicles.
Speaking of market restraints, limited range and capacity of fully electric ships may negatively impact businesses in the upcoming years.
From regional perspective, as per the report, global electric boat and ship market size spans across North America ( U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil).
Among these, Europe is predicted to have the highest market share over assessment period, creditable to intensifying environmental laws and emission standards in Germany and United Kingdom is boosting the adoption of electric boats and ships. Moreover, rising popularity of electric recreational and leisure vessels, along increasing aquatic adventures and fishing activities is projected to support regional market growth.
From the competitive landscape perspective, leading contenders in global electric boat and ship market are Daewoo Shipbuilding and Marine Engineering (DSME), Hyundai Heavy Industries Co. Ltd., Vision Marine Technologies Inc., Corvus Energy, Groupe Beneteau, Duffy Electric Boats Co., Grove Boats SA, Greenline Yachts, Ganz Boats GmbH LLC, and ElectraCraft Boats Inc.