Electric Ships Market Size Expected to Grow at a CAGR over 10.4% from 2023 to 2032

Market Research Future (MRFR) has published on the “Global electric ships market”.

The electric ships market is estimated to register a CAGR of 10.4% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global electric ships market—AKASOL AG, Anglo Belgian Corporation NV, ABB, Echandia Marine AB, Siemens, BAE Systems, Corvus Energy, General Dynamics Electric Boat, General Electric, KONGSBERG MARITIME, Leclanche, MAN Energy Solutions, Norwegian Electric Systems, ECO Marine Power, EST-Floattech, Schottel, VARD, Wärtsilä, Visedo, and Saft (Total).

Market Highlights

The global electric ships market is accounted for to register a CAGR of 10.4% during the forecast period and is estimated to reach USD  18998.40  million by 2032.

The global electric ships market has witnessed significant growth in recent years. Seaborne trade involves long-distance voyages, and fuel costs are a significant expense for shipping companies. Electric ships, with their lower operational costs compared to traditional fuel-powered vessels, can help shipping companies save money in the long run, especially as the volume of seaborne trade increases. Governments and international bodies may offer financial incentives, grants, or subsidies to promote the adoption of electric ships. As seaborne trade is essential for economic growth and international commerce, there may be specific support to encourage the shipping industry's transition to greener technologies. Over the years, lithium-ion batteries have undergone significant improvements in energy density. They can now store more energy in a smaller and lighter package, enabling electric ships to carry sufficient power for extended journeys without sacrificing cargo capacity or vessel performance. With higher energy density, electric ships equipped with lithium-ion batteries can travel longer distances on a single charge. This improved range and endurance make electric ships more practical and viable for various maritime applications, including commercial shipping and passenger transport.

Segment Analysis

The global electric ships market has been segmented based on Type, System, Ship Type, Power, Range, Operation, and End Use.

Based on Type, the global electric ships market segmentation includes Fully Electric, and Hybrid. The Fully Electric type is further segmented into, Lithium-Ion Battery, Lead-Acid Battery, Electro-Solar, and Fuel Cells, while the Hybrid type is further segmented into, Diesel & Battery-Driven, and LPG/LNG & Battery-Driven. The Hybrid Type held the majority share in 2022, contributing around ~90% to the market revenue.

Based on the System, the global electric ships market segmentation includes (Energy Storage Systems, Power Generation, Power Conversion, and Power Distribution Systems). The Energy Storage Systems held the majority share in 2022.

Based on the Ship Type, the global electric ships market segmentation is Commercial, and Defense. The Commercial Ship Type segment has been further segmented into, Cargo Vessels, Passenger Vessels, and Others. The Defense Ship Type segment has been further segmented into, Destroyers, Frigates, Corvettes, Offshore Support Vessels (OSV), Aircraft Carriers, and Submarines. Commercial Ship Type segment dominated the market in 2022.

Based on the Power, the global electric ships market segmentation is <75 kW, 75–150 kW, 151–745 kW, and 746–7,560 kW. The 75–150 kW segment dominated the market in 2022.

Based on the Range, the global electric ships market segmentation is <50 km, 50–100 km, 101–1,000 km, and >1,000 km. The >1,000 km segment dominated the market in 2022.

Based on the Operation, the global electric ships market segmentation is Manned, Remotely Operated, and Autonomous. The Manned segment dominated the market in 2022.

Based on the End Use, the global electric ships market segmentation is Newbuild & Line Fit and Retrofit. The Newbuild & Line Fit segment dominated the market in 2022.

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Regional Analysis

The global electric ships market, based on region, has been divided into the into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America consists of US, Canada. The Europe electric ships market comprises of Germany, the UK, France, Russia, Norway, Sweden, Greece, and Rest of Europe. The electric ships market in Asia-Pacific has been segmented into China, Japan, India, South Korea, New Zealand, and Rest of Asia-Pacific. South America consists of  Brazil, Argentina, Rest of South America. Middle East & Africa consists of  UAE, Saudi Arabia, South Africa, and Rest of MEA.

European consumers, businesses, and governments are placing a strong emphasis on sustainable transportation solutions. Electric ships offer a green and eco-friendly alternative to traditional fossil fuel-powered vessels, making them more attractive in the European market. The International Maritime Organization's (IMO) regulations and the European Green Deal have set ambitious targets for reducing greenhouse gas emissions in the shipping sector. Electric ships, with their zero-emission operation, align well with these regulations and are likely to be favored by European shipowners and operators.

North America is home to many innovative companies and research institutions working on electric propulsion and battery technologies. Advancements in these areas are driving the growth of electric ships in the region. North America has several major ports that handle significant volumes of international trade. As ports become more conscious of their environmental impact, the adoption of electric ships can be a strategic move for them.

The Asia Pacific region is experiencing robust economic growth and an increase in seaborne trade. As trade volumes grow, the demand for more efficient and sustainable shipping solutions also rises, creating opportunities for electric ships. Government incentives and funding programs encourage the adoption of cleaner technologies in the maritime industry.

Key Findings of the Study

• The global electric ships market is expected to reach USD 18998.40 million by 2032, at a CAGR of 10.4% during the forecast period.


• The Europe region accounted for the fastest-growing global market, due to various factors such as policy initiatives, environmental concerns, and advancements in technology.


• Based on type, Hybrid type held the majority share in 2022, contributing around 90% to the market revenue.


• AKASOL AG, Anglo Belgian Corporation NV, ABB, Echandia Marine AB, Siemens, BAE Systems, Corvus Energy, General Dynamics Electric Boat, General Electric, KONGSBERG MARITIME, Leclanche, MAN Energy Solutions, Norwegian Electric Systems, ECO Marine Power, EST-Floattech, Schottel, VARD, Wärtsilä, Visedo, and Saft (Total)are the key market players.