Global electric boat and ship market is estimated to grow at a CAGR of over 10% during the forecast period. The key factors that contributed to the growth of the market include a rising emphasis on minimizing emissions from the shipping industry. To achieve this, there are several government regulations introduced. For instance, in 2018, the European Commission implemented some Sulphur standards for marine fuels. The aim of the standard was to minimize the use of Sulphur content in certain liquid fuels that are utilized in water transports. It also aims to implement a 0.50% Sulphur limit in marine fuels by 2020. Thus, the implementation of such laws is projected to affect the growth of the boat and ship industry during the forecast period. Other factors include a rise in recreational activities such as water sports like jet skiing and activities like boating and fishing.
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Moreover, several government initiatives to minimize emissions are also contributing to market growth. The on-going changes in the regulations on maritime emissions as well as the incorporation of advanced technology by the shipbuilders for reducing the emissions are affecting the market growth. For instance, the new Clean Maritime Plan in the UK announced in June 2019 states that the UK waters must be equipped with zero-emission technology by 2025 and reach net-zero greenhouse gas emissions by 2050, by utilizing batteries or biofuels in the water transports.
Further, the presence of the key players also contributes to the growth of the market. For instance, in September 2019, Taiga Motors announced the launch of new electric jetski Orca by Spring 2020. Also, Bombardier, Electro. Aero and Nikola Motors announced to launch electrified jet skis in 2020. Whereas, in June 2019, Nidec ASI showcased the novel battery system manufactured for large and medium-sized boat propulsion systems at the Electric & Hybrid Marine World Expo 2019 in Amsterdam. In July 2019, Thus, such strategies adopted by the key players are expected to boost the growth of the global electric boat and ship market during the forecast period.
Current Market Trends Covered in the Market Report:
- Increased investments by the government to manufacture eco-friendly transport options are positively affecting the electric boat and ship market growth during the forecast period
- Cargo segment will account for significant growth in the electric boat and ship industry
- Increase in the consumer preferences for the water-based transport is expected to provide a growth rate to the electric boat and ship market
Global Electric Boat and Ship Market – Segmentation
By Product Type
- Fully Electric
- Hybrid
By Battery Type
- Lead Acid
- Lithium-ion
- Others
By Carriage Type
- Passenger
- Cargo
