Electric Ships Market Size, Trends, and Insights By Power (Fully Electric, Hybrid), By Power Output (>7,560 kW, 746-7,560 kW, 75-745 kW, <75 kW), By Autonomy (Fully Autonomous, Semi-Autonomous), By End-use (Commercial, Defense, Special), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2025-2034 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- BoeschMotorboote
- Canadian Electric Boat Company
- Bureau Veritas
- Others
Reports Description
The increased use of electric and hybrid propulsion in ship retrofits is boosting the market’s growth
According to Custom Market Insights (CMI), the Global Electric Ships Market size was estimated at USD 4.5 Billion in 2021 and is expected to hit around USD 16 Billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 15% from 2022 to 2030.
The report examines the Electric Ships market’s drivers and restraints, as well as their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Ships market.
Electric Ships Market: Overview
Unlike ships with conventional diesel engines, electric ships are propelled by electricity. These ships operate their electric motors with a battery bank as their source of electricity. In an electric-powered delivery, a variety of battery banks, including lead-acid batteries, lithium-ion batteries, and gas cells, among others, may be used. Lightweight ships with modest electricity production requirements can also be powered by the sun. However, due to their massive weight, shipping ships’ electricity requirements cannot be met by entirely electric-powered machinery. As a result, hybrid diesel-electric equipment is used on cargo ships.
Electric Ships Market: COVID–19 Impact Analysis
The COVID-19 standard has had a considerable impact on the electric ship market. New electric ships’ production and sales were halted globally as the entire ecosystem was upended. OEMs’ businesses suffered since they had to wait for the lockdowns to be released before they could begin production. The demand for new electric ships is anticipated to increase as economies gradually recover from the pandemic. However, a recent COVID-19 outbreak brought on by new strains could obstruct recovery in some areas. As a result, depending on the COVID-19 scenario, makers of electric ships would have to alter manufacturing levels between nations.
The shipping sector has been impacted by the coronavirus pandemic, just as other sectors. The global pandemic had a tremendous impact on the shipping industry, which has grown to play a key role in any nation’s supply chain. Output was halted to stop people from contracting the virus, which put a great deal of stress on the shipping industry, which depends on that production.
Electric Ships Market: Growth Drivers
Increased use of electric and hybrid propulsion in ship retrofits
Priorities for shipbuilders and operators include the automation and integration of newly built ships as well as the retrofitting of older ships with hybrid and electric propulsion. This is carried out in compliance with IMO 2020. This regulation requires ship operators to utilize fuels with a sulphur content limit of 0.50 percent as opposed to the present 3.5 percent maximum. In order to replace their current diesel-driven engines with electric or hybrid propulsion, ship integrators and owners are doing so. A number of ship owners from countries including Norway, the US, Greece, China, and France are actively involved in repurposing their present fleet of ships with cutting-edge technology like hybrid and electric.
North American and European nations have already begun to make a number of changes to their inland transportation due to the high demand and significant potential for hybrid and fully electric passenger ships in these regions and the government’s push for a more environmentally friendly mode of waterway transportation. Moreover, compared to diesel-powered vessels, the operating costs of electric vessels are significantly lower.
Environmental Concerns
Since ships transport the majority of the world’s goods, increased maritime tourism and seaborne trade are among the market-driving factors for electric boats and ships. The shipping industry, which is crucial to the world economy, is where the global electric ship market is predicted to grow the most, as environmental concerns have taken center stage in this industry. Ships that are electric or hybrid produce fewer emissions and prevent the environment from becoming more polluted. One of the main sources of global carbon emissions is diesel-powered cargo ships.
Electric Ships Market: Segmentation Analysis
In our research scope, the Electric Ships market is segmented into power, power output, autonomy, and end-use. Based on power, the electric segment is anticipated to witness a high CAGR growth. Businesses are putting a lot of effort into creating energy storage devices and incorporating electric power sources. Kawasaki Heavy Industries, Ltd., for instance, won its first contract for large-capacity battery propulsion systems in October 2020. These systems are intended for incorporation into coastal ships. 3,480 kWh worth of lithium-ion (Li-ion) batteries are part of the new system.
Based on end-use, in 2021, the commercial sector held a majority of the market share. The demand for electric ships in the commercial sector will increase as marine logistics and transportation activities increase. 90% of worldwide trade, according to the OECD, is carried out by ocean shipping. The size of the commercial fleet is expanding, which will open up new market prospects.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 4.5 Billion |
| Projected Market Size in 2030 | USD 16 Billion |
| Market Size in 2022 | USD 5.9 Billion |
| CAGR Growth Rate | 15% CAGR (2025-2034) |
| Base Year | 2023 |
| Forecast Period | 2025-2034 |
| Prominent Players | BoeschMotorboote, Canadian Electric Boat Company, Bureau Veritas, Corvus Energy Ltd., Electrovaya Inc., Duffy Electric Boat, YaraBirkeland, General Dynamics (Electric Boat), Kongsberg Gruppen ASA, Triton Submarines, Baltic Workboats AS, Vard (FINCANTIERI S.p.A.), and Others |
| Key Segment | By Power, Power Output, Autonomy, End-use, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfill your requirements for research. |
Key Insights:
- As per the analysis shared by our research analyst, the Electric Ships market is estimated to grow annually at a CAGR of around 15% over the forecast period (2025-2034).
- In terms of revenue, the Electric Ships market size was valued at around USD 4.5 billion in 2021 and is projected to reach USD 16 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The Electric Ships market research offers a comprehensive analysis of the present market and projections through 2020–2030 to help find possibilities to profit from the existing market.
- The study includes data on the major market drivers, challenges, and opportunities, as well as their effects.
- The study elaborates on the SWOT analysis and Porter’s Five Forces model.
- The market study’s value chain analysis gives a comprehensive picture of the stakeholder’s responsibilities.
Recent Development
- September 2022: The El-Iseo, a brand-new electric prototype, has been unveiled by Riva. The brand’s historic moment was announced during Ferretti’s Private Preview, which was held at the Monaco Yacht Club and coincided with Riva’s 180th birthday.
- September 2022: A smaller, more cost-effective version of its Eelex 8000 luxury electric yacht, Swedish shipbuilder X Shore introduces the X Shore 1.
Regional Landscape
Europe accounted for the biggest share in 2021 in the global electric ship market and is expected to experience significant growth over the projection period. Because of growing public concern for the environment and government attempts to support electrically powered transportation modes, Germany has emerged as a prominent contributor to market growth in Europe. In addition, it is anticipated that the rising demand for electric recreational and leisure vessels in the region’s fishing, water sports, and marine tourism will fuel the regional market expansion. However, the COVID-19 epidemic, which has swept across European nations, particularly Italy, the United Kingdom, Spain, and Germany, is anticipated to have a detrimental effect on the expansion of the regional market.
Competitive Landscape
To increase their market share, major players are forming alliances with one another and acquiring other electric ship businesses. Additionally, market companies are concentrating on advancing automation technology to gain a competitive advantage over rivals. The value chain of electric marine ships also takes into account system manufacturers including ABB and Siemens.
The global Electric Ships market is segmented as follows:
By Power
- Fully Electric
- Hybrid
By Power Output
- >7,560 kW
- 746-7,560 kW
- 75-745 kW
- <75 kW
By Autonomy
- Fully Autonomous
- Semi-Autonomous
By End-use
- Commercial
- Defense
- Special
By Region
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research Methodology
- 1.3.1 Market Research Type
- 1.3.2 Market research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Electric Ships Market, (2025 – 2034) (USD Billion)
- 2.2 Global Electric Ships Market : snapshot
- Chapter 3. Global Electric Ships Market – Industry Analysis
- 3.1 Electric Ships Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Increased use of electric and hybrid propulsion in ship retrofits
- 3.2.2 Environmental Concerns.
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market attractiveness analysis By Power
- 3.7.2 Market attractiveness analysis By Power Output
- 3.7.3 Market attractiveness analysis By Autonomy
- 3.7.4 Market attractiveness analysis By End-use
- Chapter 4. Global Electric Ships Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Electric Ships Market: company market share, 2025
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Electric Ships Market – Power Analysis
- 5.1 Global Electric Ships Market overview: By Power
- 5.1.1 Global Electric Ships Market share, By Power , 2025 and 2034
- 5.2 Fully Electric
- 5.2.1 Global Electric Ships Market by Fully Electric, 2022 – 2030 (USD Billion)
- 5.3 Hybrid
- 5.3.1 Global Electric Ships Market by Hybrid, 2022 – 2030 (USD Billion)
- 5.1 Global Electric Ships Market overview: By Power
- Chapter 6. Global Electric Ships Market – Power Output Analysis
- 6.1 Global Electric Ships Market overview: By Power Output
- 6.1.1 Global Electric Ships Market share, By Power Output , 2025 and 2034
- 6.2 >7,560 kW
- 6.2.1 Global Electric Ships Market by >7,560 kW, 2022 – 2030 (USD Billion)
- 6.3 746-7,560 kW
- 6.3.1 Global Electric Ships Market by 746-7,560 kW, 2022 – 2030 (USD Billion)
- 6.4 75-745 kW
- 6.4.1 Global Electric Ships Market by 75-745 kW, 2022 – 2030 (USD Billion)
- 6.5 <75 kW
- 6.5.1 Global Electric Ships Market by <75 kW, 2022 – 2030 (USD Billion)
- 6.1 Global Electric Ships Market overview: By Power Output
- Chapter 7. Global Electric Ships Market – Autonomy Analysis
- 7.1 Global Electric Ships Market overview: By Autonomy
- 7.1.1 Global Electric Ships Market share, By Autonomy , 2025 and 2034
- 7.2 Fully Autonomous
- 7.2.1 Global Electric Ships Market by Fully Autonomous, 2022 – 2030 (USD Billion)
- 7.3 Semi-Autonomous
- 7.3.1 Global Electric Ships Market by Semi-Autonomous, 2022 – 2030 (USD Billion)
- 7.1 Global Electric Ships Market overview: By Autonomy
- Chapter 8. Global Electric Ships Market – End-use Analysis
- 8.1 Global Electric Ships Market overview: By End-use
- 8.1.1 Global Electric Ships Market share, By End-use , 2025 and 2034
- 8.2 Commercial
- 8.2.1 Global Electric Ships Market by Commercial, 2022 – 2030 (USD Billion)
- 8.3 Defense
- 8.3.1 Global Electric Ships Market by Defense, 2022 – 2030 (USD Billion)
- 8.4 Special
- 8.4.1 Global Electric Ships Market by Special, 2022 – 2030 (USD Billion)
- 8.1 Global Electric Ships Market overview: By End-use
- Chapter 9. Electric Ships Industry – Regional Analysis
- 9.1 Global Electric Ships Industry Regional Overview
- 9.2 Global Electric Ships Industry Share, by Region, 2025 & 2030 (USD Billion)
- 9.3. North America
- 9.3.1 North America Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.3.1.1 North America Electric Ships Industry, by Country, 2022 – 2030 (USD Billion)
- 9.3.1 North America Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.4 North America Electric Ships Industry, by Power , 2022 – 2030
- 9.4.1 North America Electric Ships Industry, by Power , 2022 – 2030 (USD Billion)
- 9.5 North America Electric Ships Industry, by Power Output , 2022 – 2030
- 9.5.1 North America Electric Ships Industry, by Power Output , 2022 – 2030 (USD Billion)
- 9.6 North America Electric Ships Industry, by Autonomy , 2022 – 2030
- 9.6.1 North America Electric Ships Industry, by Autonomy , 2022 – 2030 (USD Billion)
- 9.7 North America Electric Ships Industry, by End-use , 2022 – 2030
- 9.7.1 North America Electric Ships Industry, by End-use , 2022 – 2030 (USD Billion)
- 9.8. Europe
- 9.8.1 Europe Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.8.1.1 Europe Electric Ships Industry, by Country, 2022 – 2030 (USD Billion)
- 9.8.1 Europe Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.9 Europe Electric Ships Industry, by Power , 2022 – 2030
- 9.9.1 Europe Electric Ships Industry, by Power , 2022 – 2030 (USD Billion)
- 9.10 Europe Electric Ships Industry, by Power Output , 2022 – 2030
- 9.10.1 Europe Electric Ships Industry, by Power Output , 2022 – 2030 (USD Billion)
- 9.11 Europe Electric Ships Industry, by Autonomy , 2022 – 2030
- 9.11.1 Europe Electric Ships Industry, by Autonomy , 2022 – 2030 (USD Billion)
- 9.12 Europe Electric Ships Industry, by End-use , 2022 – 2030
- 9.12.1 Europe Electric Ships Industry, by End-use , 2022 – 2030 (USD Billion)
- 9.13. Asia Pacific
- 9.13.1 Asia Pacific Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.13.1.1 Asia Pacific Electric Ships Industry, by Country, 2022 – 2030 (USD Billion)
- 9.13.1 Asia Pacific Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.14 Asia Pacific Electric Ships Industry, by Power , 2022 – 2030
- 9.14.1 Asia Pacific Electric Ships Industry, by Power , 2022 – 2030 (USD Billion)
- 9.15 Asia Pacific Electric Ships Industry, by Power Output , 2022 – 2030
- 9.15.1 Asia Pacific Electric Ships Industry, by Power Output , 2022 – 2030 (USD Billion)
- 9.16 Asia Pacific Electric Ships Industry, by Autonomy , 2022 – 2030
- 9.16.1 Asia Pacific Electric Ships Industry, by Autonomy , 2022 – 2030 (USD Billion)
- 9.17 Asia Pacific Electric Ships Industry, by End-use , 2022 – 2030
- 9.17.1 Asia Pacific Electric Ships Industry, by End-use , 2022 – 2030 (USD Billion)
- 9.18. Latin America
- 9.18.1 Latin America Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.18.1.1 Latin America Electric Ships Industry, by Country, 2022 – 2030 (USD Billion)
- 9.18.1 Latin America Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.19 Latin America Electric Ships Industry, by Power , 2022 – 2030
- 9.19.1 Latin America Electric Ships Industry, by Power , 2022 – 2030 (USD Billion)
- 9.20 Latin America Electric Ships Industry, by Power Output , 2022 – 2030
- 9.20.1 Latin America Electric Ships Industry, by Power Output , 2022 – 2030 (USD Billion)
- 9.21 Latin America Electric Ships Industry, by Autonomy , 2022 – 2030
- 9.21.1 Latin America Electric Ships Industry, by Autonomy , 2022 – 2030 (USD Billion)
- 9.22 Latin America Electric Ships Industry, by End-use , 2022 – 2030
- 9.22.1 Latin America Electric Ships Industry, by End-use , 2022 – 2030 (USD Billion)
- 9.23. The Middle-East and Africa
- 9.23.1 The Middle-East and Africa Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.23.1.1 The Middle-East and Africa Electric Ships Industry, by Country, 2022 – 2030 (USD Billion)
- 9.23.1 The Middle-East and Africa Electric Ships Industry, 2022 – 2030 (USD Billion)
- 9.24 The Middle-East and Africa Electric Ships Industry, by Power , 2022 – 2030
- 9.24.1 The Middle-East and Africa Electric Ships Industry, by Power , 2022 – 2030 (USD Billion)
- 9.25 The Middle-East and Africa Electric Ships Industry, by Power Output , 2022 – 2030
- 9.25.1 The Middle-East and Africa Electric Ships Industry, by Power Output , 2022 – 2030 (USD Billion)
- 9.26 The Middle-East and Africa Electric Ships Industry, by Autonomy , 2022 – 2030
- 9.26.1 The Middle-East and Africa Electric Ships Industry, by Autonomy , 2022 – 2030 (USD Billion)
- 9.27 The Middle-East and Africa Electric Ships Industry, by End-use , 2022 – 2030
- 9.27.1 The Middle-East and Africa Electric Ships Industry, by End-use , 2022 – 2030 (USD Billion)
- Chapter 10. Company Profiles
- 10.1 BoeschMotorboote
- 10.1.1 Overview
- 10.1.2 Financials
- 10.1.3 Product Portfolio
- 10.1.4 Business Strategy
- 10.1.5 Recent Developments
- 10.2 Canadian Electric Boat Company
- 10.2.1 Overview
- 10.2.2 Financials
- 10.2.3 Product Portfolio
- 10.2.4 Business Strategy
- 10.2.5 Recent Developments
- 10.3 Bureau Veritas
- 10.3.1 Overview
- 10.3.2 Financials
- 10.3.3 Product Portfolio
- 10.3.4 Business Strategy
- 10.3.5 Recent Developments
- 10.4 Corvus Energy Ltd.
- 10.4.1 Overview
- 10.4.2 Financials
- 10.4.3 Product Portfolio
- 10.4.4 Business Strategy
- 10.4.5 Recent Developments
- 10.5 Electrovaya Inc.
- 10.5.1 Overview
- 10.5.2 Financials
- 10.5.3 Product Portfolio
- 10.5.4 Business Strategy
- 10.5.5 Recent Developments
- 10.6 Duffy Electric Boat
- 10.6.1 Overview
- 10.6.2 Financials
- 10.6.3 Product Portfolio
- 10.6.4 Business Strategy
- 10.6.5 Recent Developments
- 10.7 YaraBirkeland
- 10.7.1 Overview
- 10.7.2 Financials
- 10.7.3 Product Portfolio
- 10.7.4 Business Strategy
- 10.7.5 Recent Developments
- 10.8 General Dynamics (Electric Boat)
- 10.8.1 Overview
- 10.8.2 Financials
- 10.8.3 Product Portfolio
- 10.8.4 Business Strategy
- 10.8.5 Recent Developments
- 10.9 Kongsberg Gruppen ASA
- 10.9.1 Overview
- 10.9.2 Financials
- 10.9.3 Product Portfolio
- 10.9.4 Business Strategy
- 10.9.5 Recent Developments
- 10.10 Triton Submarines
- 10.10.1 Overview
- 10.10.2 Financials
- 10.10.3 Product Portfolio
- 10.10.4 Business Strategy
- 10.10.5 Recent Developments
- 10.11 Baltic Workboats AS
- 10.11.1 Overview
- 10.11.2 Financials
- 10.11.3 Product Portfolio
- 10.11.4 Business Strategy
- 10.11.5 Recent Developments
- 10.12 Vard (FINCANTIERI S.p.A.).
- 10.12.1 Overview
- 10.12.2 Financials
- 10.12.3 Product Portfolio
- 10.12.4 Business Strategy
- 10.12.5 Recent Developments
- 10.1 BoeschMotorboote
List Of Figures
Figures No 1 to 29
List Of Tables
Tables No 1 to 102
Prominent Players:
- BoeschMotorboote
- Canadian Electric Boat Company
- Bureau Veritas
- Corvus Energy Ltd.
- Electrovaya Inc.
- Duffy Electric Boat
- YaraBirkeland
- General Dynamics (Electric Boat)
- Kongsberg Gruppen ASA
- Triton Submarines
- Baltic Workboats AS
- Vard (FINCANTIERI S.p.A.)
- Others
FAQs
The key players operating in the Electric Ships market are BoeschMotorboote, Canadian Electric Boat Company, Bureau Veritas, Corvus Energy Ltd., Electrovaya Inc., Duffy Electric Boat, YaraBirkeland, General Dynamics (Electric Boat), Kongsberg Gruppen ASA, Triton Submarines, Baltic Workboats AS, Vard (FINCANTIERI S.p.A.).
The global Electric Ships market is expanding growth with a CAGR of approximately 15% during the forecast period (2022 to 2030).
The global Electric Ships market size was valued at USD 4.5 Billion in 2021 and it is projected to reach around USD 16 Billion by 2030.