IMARC Group, a leading market research company, has released a report titled “Electric Boat and Ship Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The global electric boat and ship market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.6 Billion by 2028, exhibiting a growth rate (CAGR) of 10.5% during 2023-2028.
Electric boat and ship refer to small-sized passenger ships that are generally propelled using batteries. They mainly comprise a controller, an electric motor and a battery pack that offers improved operational efficiency. Their batteries are commonly manufactured using lithium-iron-phosphate, nickel and lead-acid materials that provide electric propulsion to electric boats and ships. In comparison to traditional marine vessels, they are environmentally friendly, create lesser noise, have minimal fuel requirements and are cost-efficient to operate. Along with this, they are produced using durable and lightweight materials that generate minimal dragging and optimal propulsion for the vehicle.
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Electric Boat and Ship Market Trends and Drivers:
The global market is primarily driven by the rising preference for efficient marine transportation systems. Coupled with an enhanced focus on sustainable development, this has encouraged individuals to adopt eco-friendly boats and ships. Moreover, continual technological advancements and the deployment of remote monitoring and warning systems in these vehicles are providing a boost to market growth. Furthermore, considerable growth in the travel and tourism industry, along with the increasing popularity of water sports and recreational activities among the masses, has positively influenced the market growth. Additionally, the rising utilization of electric boats and ships for surveillance and monitoring operations across the defense sector is favorably impacting the market growth. The market is further driven by the widespread adoption of electric boats and ships for disaster relief and humanitarian aid operations. Other factors, including the increasing seaborne trade activities, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further contributing to the market growth.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Propulsion Type:
Hybrid
Pure Electric
Breakup by Battery Type:
Lead-acid
Lithium-ion
Nickel-based Batteries
Breakup by Carriage Type:
Passenger
Cargo
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Competitive Landscape with Key Player:
ABB Ltd.
Corvus Energy Ltd.
Domani Yachts
Duffy Electric Boat Company
ElectraCraft Boats
General Dynamics Corporation
Hyundai Heavy Industries Co. Ltd.
Kongsberg Gruppen ASA
Siemens AG
Vard Group AS (Fincantieri S.p.A.)
Vision Marine Technologies Inc.
Yamaha Motor Co. Ltd.
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