The global electric boat and ship market size was USD 4.9 billion in 2021 and is estimated to reach USD 12.6 billion by 2030, growing at a CAGR of 12.6% during the forecast period (2022-2030). Electric boats and ships carry off marine operations through batteries rather than the fuel. They utilize batteries similar to electric vehicles; they need larger batteries that last for long periods for operating smoothly.
With growing emission norms and regulations, batteries have become significant. As new technologies have been increasing in the design, control, and optimization of batteries, the electric boat and ship market will witness healthy growth during the forecast period. Moreover, Some shipowners are looking towards batteries as a greener, more efficient power source and are working on various projects embedding these technologies onto boats and ships. For instance, In April 2021, Japanese shipping company Asahi Tanker unveiled its new first-of-its-kind fully electric vessel powered by only lithium-ion batteries supplied by Corvus Energy, and e5 Lab designs these batteries.
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Global Electric Boat and Ship Market Definition
An electric boat is a type of electric vehicle designed to carry off marine operations by propelling the boat through batteries rather than by fuel. Electric boats and electric vehicles batteries are same. Electric ships are mostly ferries and small passenger ships on inland waterways that sail completely with electricity.
Global Electric Boat and Ship Market Dynamics
Drivers: Growing Stringent Rules and Regulations
Maritime trade is one of the most important contributors to the economy, with the industry carrying more than 80% of the world’s traded goods from one port to the other worldwide. But Ships produce a large amount of exhaust gases, including nitrogen oxide, sulfur oxide, and CO2. With cargo ships being one of the highe