Electric Boat and Ship Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
発行: Mordor Intelligence Pvt Ltd
ページ情報: 英文 90 Pages
The Electric Boat and Ship Market was valued at USD 5 billion in 2020 and is expected to reach USD 10 billion by 2026 registering a CAGR of above 11% during the forecast period (2021 - 2026).
The Covid-19 pandemic has rapidly affected demand formobility, and thus hampered the growth of market. Due to decreased demand most companies have stopped their production process and innovation of electri boats and ships due to shutdown of manufacturing units during covid-19. However, market is expected to regain its momentum post pandemic as production facilites resumed operations world wide.
The demand for electric boat was reduced after the invention of fuel-powered boats, but governments are focusing toward innovation,leading to the increased usage of electric boats. These boats are expected to reduce the cost of fuel and emission of harmful gases. Therefore, increased demand for such boat is estimated to enhance electric vehicle (EV) manufacturers to increase the production of electric boats, thus supplementing the growth of the market.
Europe region expected to dominate the market due to the highest demand for new electric ships & boats with Germany being a significant contributor to market growth in the region. UK became the first country in major G7 countries to set a target to reach net-zero greenhouse gas emissions by 2050 which includes adoption of electric boats and ships.
The driving factors of Electric Boat and Ship Market include factors like increased maritime tourism, increased seaborne trade as most of world's goods are carried by ships. As the global economy is dependent on the shipping market, the electric boat market will play a bigger role in this sector as environmental causes have increasingly come to the forefront in this sector. Electric and hybrid types ships cause less emission and save the environment from getting polluted more.
Moreover, growing support from governments to promote usage of electric boats and ships inorder to reduce emissions likely to help market growth during the forecast period.For instance,
In addition, international regulations like The International Maritime Organization deployed the global sulphur cap in January 2020. Under this regulation, ships, mainly commercial ships and marine vessels would require low sulphur fuels to operate outside the emission control areas which will propel electric ship adoption.
Europe expected to hold largest market share and is anticipated to witness considerable growth over the forecast period. With Germany being significant contributor for development of market europe to witness growth at faster pace coupled with environmental regulations. In addition, the growing popularity of electric recreational and leisure vessels in marine tourism, water adventures, and fishing activities in the region is expected to propel the regional market growth.
However, the COVID-19 pandemic, which recently spread across European countries, especially Italy, United Kingdom, Spain, and Germany, is expected to have short term impact on market growth. Next to Europe, North America dominates the market where technology adoption continues to drive the market followed by Asia Pacific.
New technologies such as improved battery storage system are expected to drive the market during forecast period. Owing to strong economic growth, along with high manufacturing rates, Asia pacific region expected to act as a manufacturing hub across the globe.
The market of electric boat and ships is moderately consolidated due to the presence of major and minor players in the market. Key market players are entering into collaborations and engaging in mergers and acquisitions of other electric ship companies to capture a greater market share. Furthermore, the market participants are focusing on improving the battery technology to attain a competitive edge over other players. For instance,
Some of the key players in the market are Groove boats, Ruben bleu, Electra craft boats,Green line yachts and many more.