According to Imarc Group‘s latest research publication, Electric Boat and Ship Market Size, Share, Trends and Forecast by Propulsion Type, Battery Type, Carriage Type, and Region, 2025-2033, the global electric boat and ship market size has been valued at US$7.03bn in 2024. Looking forward, the group estimates the market will reach US$15bn by 2033, exhibiting a CAGR of 8.80% from 2025-2033.
The report employed combined primary and secondary data sources to validate findings. It included market assessments, surveys, expert opinions and data triangulation techniques to ensure accuracy and reliability.
Market segmentation
In terms of propulsion type, hybrid is the largest segment in the electric boat and ship sector, as it offers more flexibility than pure electric options, enabling vessels to switch between electric and fuel-based propulsion depending on operational needs. In terms of battery type, lithium-ion holds the largest market share due to its ability to provide better overall efficienc, with lead-acid closely behind.
According to the report, passenger carriage accounts for the largest market share, over cargo, due to the rising demand for sustainable and eco-friendly transportation. Furthermore, Europe has a leading position in the electric boat and ship market on account of stringent emissions regulations. However, the report also covers developments in Asia Pacific, North America, Latin America, the Middle East and Africa.
The leading companies operating in the global electric boat and ship industry were found to be ABB, Corvus Energy, Domani Yachts, Duffy Electric Boat Company, ElectraCraft Boats, General Dynamics Corporation, Hyundai Heavy Industries, Kongsberg Group, Siemens, Vard Group (Fincantieri), Vision Marine Technologies and Yamaha Motor.
Key trends
Key trends noted in the electric boat and ship market include: the integration of renewable energy sources; the expansion of charging infrastructure; and the growth of autonomous and smart electric vessels.
In particular, the report states that solar-powered boats are been becoming commonplace in consumer leisure and short-distance application. Some manufacturers are even looking at hybrid types that use electric motors with systems on these vessels operated by wind. This trend has advanced energy effectiveness while aligning with global goals to reduce fossil fuel use. As renewable technologies improve, the use of renewable technologies in marine transportation is likely to continue, says the report.
The researchers also report that electric boat manufacturers are increasingly adopting intelligent technologies that may include autonomous navigation systems, along with real-time monitoring tools, to enhance safety and efficiencies within operations. These intelligent technologies provide the ability to automate infrastructure developments that should lead to route optimization, energy consumption forecasting and predictive maintenance to create cost-effective operations over the long term.
Autonomous electric ferries have been trialled quite successfully in Norway and Finland and other countries, the report states, as an example of electric propulsion coupled with AI-informed systems. The ability to apply IoT sensors and fleet-management software is also starting to catch up, as operators to make better informed data-driven decisions, while also reducing functional manpower and enhancing customer satisfaction.
Beyond this, the researchers also point to the improving energy density and charging options for electric propulsion, an increase in fast-charging solutions at ports and marinas, and advances in battery chemistry and safety features that boost the efficiency and reliability of electric powertrains. These technological improvements have made electric vessels suitable for ferries, leisure boats, as well as some commercial and cargo operations, the report states.
In related news, the latest data from DNV’s Alternative Fuels Insights (AFI) platform recently revealed that a total of 515 alternative-fuelled vessels were ordered in 2024, representing a 38% year-on-year increase compared to 2023. Read the full story here