Global electric ships Market
Transport

How is the Electric Ships Market Poised for Growth: Trends and Opportunities Through 2034

Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!

What is the Predicted Annual Growth Rate of the Electric Ships Market Over the Coming Decade?

The electric ships market has expanded rapidly in recent years. It is projected to grow from $8.87 billion in 2024 to $9.83 billion in 2025, at a CAGR of 10.8%. The historical growth can be linked to strong economic expansion in emerging markets, increasing global commercial trade, and growing government support.

The electric ships market is expected to see rapid expansion, reaching $15.01 billion by 2029, with a CAGR of 11.2%. Contributing factors include the rise of hybrid and electric propulsion retrofitting, increased defense spending, growing environmental concerns, and a surge in seaborne trade. Major trends include high-powered bass boats, battery-hybrid ships, zero-emission vessels, technology innovations, AI focus, new electric foiling water taxis, and strategic partnerships.

What Market Dynamics Are Playing a Key Role in Accelerating the Growth of the electric ships Market?

The growth in recreational boating and water sports is anticipated to propel the electric ship market. Recreational boating and water sports include activities like boating, sailing, fishing, kayaking, and jet skiing, all driven by higher disposable incomes and a rising interest in outdoor adventure activities. Electric motors are popular in leisure crafts and tourist boats, offering quiet, clean experiences for passengers. For example, in May 2023, the National Marine Manufacturers Association (NMMA) reported that the recreational boating industry saw a 36% economic boost, with annual activity rising from $170 billion to $230 billion in 2023. Additionally, 260,000 new boats were sold in 2022, alongside over one million pre-owned boats. As a result, the increase in recreational boating and water sports is expected to propel the growth of the electric ship market.

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What Are the Major Players Making an Impact in the Electric Ships Market’s Growth?

Major companies operating in the electric ships market include:

• ABB Limited_x000D_

• Siemens Energy_x000D_

• BAE Systems_x000D_

• Wärtsilä_x000D_

• Kongsberg Gruppen ASA_x000D_

Which Upcoming Trends Are Set to Influence the Electric Ships Market’s Path Forward?

In the electric ship market, companies are focusing on technological advancements like all-electric tugboats. For instance, in April 2024, Damen Shipyards Group launched the RSD-E Tug 2513, a fully electric tugboat designed for sustainable port operations with reduced emissions.

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How Are the Key Segments of the Electric Ships Market Impacting Its Expansion and Revenue Streams?

The electric ships market covered in this report is segmented –

1) By Type: Fully Electric, Hybrid

2) By Mode of Operation: Manned, Remotely Operated, Autonomous

3) By System: Energy Storage Systems, Power Conversion, Power Generation, Power Distribution

4) By Power: Less Than 75KW, 75 To 150KW, 151 To 745KW, 746 To 7,560KW, Greater Than 7,560KW

5) By Range: Less Than 50Km, 50 To 100Km, 101 To 1000Km, Greater Than 1,000Km

Subsegments:

1) By Fully Electric: Battery-Powered Vessels, Electric Ferries, Electric Cargo Ships

2) By Hybrid: Diesel-Electric Vessels, Hybrid Ferries, Hybrid Container Ships

What Regions Are Steering Growth in the Electric Ships Sector?

Western Europe was the largest region in the electric ship market in 2024. The regions covered in the electric ships market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

How Is the Electric Ships Market Classified and Defined in Market Analysis?

The electric ship refers to a ship that runs on a battery. These ships abide by all environmental rules and do not endanger marine life. Electric propulsion systems are an environmentally friendly alternative to traditional fuel in inland navigation and large commerce ships.

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