I. Global Electric Ship Market Size and Regional Distribution

Electric ships, a type of electric vehicle, are vessels propelled by electricity generated from storage batteries or marine generators. Their main downstream demand comes from inland waterway vessels used for short-distance transportation or tourism. The shipping industry is a crucial sector for carbon reduction in transportation, and in recent years, promoting the green transformation of ships and reducing pollutant emissions have become a consensus among mainstream countries worldwide. From 2017 to 2023, the global electric ship market size expanded from USD 2.391 billion to USD 10.41 billion.

Currently, the global electric ship market is primarily concentrated in Europe, Asia, and North America. Due to its geographical environment and emphasis on environmental protection, Europe leads the world in the market promotion and penetration of the electric ship industry, accounting for approximately 37.9% of the global electric ship market in 2023. The Asian region benefits from the development of the electric ship industry in countries such as China, Japan, Singapore, and Indonesia, currently holding a 29.22% share of the global electric ship market. In North America, the electric ship market is mainly focused on small electric boats for lakes, accounting for 21.80% of the global market.

II. Newly-built Tonnage of Electric Ships in China

According to the "Research Report on the Current Situation and Investment Prospect of China's Electric Ship Industry (2024-2031)" released by GuanYan Report Network, from the domestic market perspective, although the total number of inland waterway ships in China has been declining year by year in recent years, the replacement of existing ships with electric ones has accelerated. Under the trend of carbon neutrality, the ship industry has embraced the opportunity for electrification transformation. Driven by multiple favorable factors such as market demand, policy support, technological innovation, and safety upgrades, the electrification process of inland waterway ships has accelerated.

Data shows that from 2017 to 2022, the number of inland waterway ships in China decreased from 132,300 to 109,500. During the same period, the newly-built tonnage of electric ships in China increased from 13,556 tons to 190,600 tons, and it is expected to reach 297,750 tons in 2023.

III. Market Size of Electric Ships in China

Thanks to significant breakthroughs in key technologies of lithium-ion battery energy storage systems, the number of electric ships under construction and in operation globally has been continuously increasing, covering various ship types such as ferries, offshore ships, passenger ships, and tugboats. Electric ships offer several advantages, including being green and environmentally friendly with zero emissions, safe and convenient, having high propulsion efficiency, and low operating costs. Moreover, they eliminate the risk of diesel leakage, making them an effective choice for the green transformation of inland waterway shipping. In terms of market size, statistics show that the market size of electric ships in China reached RMB 10.55 billion in 2022, a year-on-year increase of 11.29%. In 2023, the market size was RMB 12.64 billion.

IV. Lithium-ion Battery Penetration Rate in China's Electric Ship Industry and Battery Shipments for Electric Ships

With stricter environmental protection policies and the continuous decline in the price of power battery systems, the penetration rate of pure electric or hybrid electric ships is gradually increasing. Their application scenarios are becoming clearer, especially in urban ferries, sightseeing boats, inland cargo ships, and port tugboats. It is expected that the battery shipments for electric ships will reach 1,024.6 MWH in 2030.