The global electric ships market revenue was around US$ 4.6 billion in 2022 and is estimated to reach US$ 23.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 18% during the forecast period from 2023 to 2032.

Electric ships are water-based vessels that use electric motors, eliminating the requirement for traditional combustion engines and resulting in zero emissions. This gives them a highly sustainable alternative for urban transportation. In addition to their eco-friendly qualities, electric ferries deliver several distinct benefits over conventional ferries, which have cost-effectiveness, decreased vibration and noise, improved efficiency, enhanced passenger experience, and lower maintenance needs.

Factors Influencing Market Growth

- Factors like environmental regulations, the rise in demand for high efficiency and low life cycle cost, and a surge in the retrofitting of hybrid systems in ships propel the growth of the electric ships market.

- The high initial investment costs and limited charging facilities and infrastructure hamper the growth of the electric ship market.

- The growing popularity of autonomous electric ships and technological improvements deliver remarkable growth opportunities for the players performing in the electric ships industry.

Impact of COVID-19

The outbreak of the COVID-19 pandemic resulted in economic tension and disturbances to global supply chains that led to holds in projects and investments related to electric ships. Shipping companies and shipbuilders have delayed or scaled back their plans for retrofitting or developing electric vessels due to financial restrictions and market uncertainties.

Regional Analysis

In 2022, Europe dominated the global electric ships market in terms of revenue and is anticipated to grow at the fastest growth rate during the forecast period. One of the most important drivers is the strict environmental regulations implemented by the European Union (EU). As part of their responsibility to fight climate differences and decrease greenhouse gas emissions, the EU has been driving for more sustainable and cleaner transportation solutions, including maritime transport. This has pressured the shipping industry to explore alternative technologies like electric ships, to comply with these regulations and remain competitive.

Leading Companies

The leading prominent companies profiled in the global electric ships market are: -

- Leclanch? SA
- Siemens
- Wartsila
- ECHANDIA AB
- KONGSBERG
- ABB
- Corvus Energy
- HOLLAND SHIPYARDS GROUP
- Brodrene Aa
- Norwegian Electric Systems.
- Other prominent key players

Segmentation Outline

The global electric ships market segmentation focuses on Propulsion Type, Mode of Operation, System, and Region.

Segmentation based on Propulsion Type

- Fully Electric
- Hybrid

Segmentation based on Mode of Operation

- Autonomous
- Non-autonomous

Segmentation based on System

- Energy Storage
- Power Conversion
- Power Generation
- Power Distribution

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa