Electric Ferry Global Market Report 2025

The electric ferry market size has grown rapidly in recent years. It will grow from $2.29 billion in 2024 to $2.64 billion in 2025 at a compound annual growth rate (CAGR) of 15.1%. The growth during the historic period can be credited to early adoption in Scandinavian countries, rising fuel costs for traditional ferries, increased investment in clean energy infrastructure, the expanding maritime tourism sector, and heightened awareness of marine pollution.

The electric ferry market size is expected to see rapid growth in the next few years. It will grow to $4.58 billion in 2029 at a compound annual growth rate (CAGR) of 14.8%. The growth projected for the forecast period is driven by government regulations on emissions, the expansion of electric charging infrastructure at ports, the rise of green tourism initiatives, the integration of renewable energy sources, and increased funding for sustainable transportation. Key trends anticipated in the forecast period include the development of hybrid-electric ferry systems, the deployment of autonomous electric ferries, modular ferry designs for scalability, integration with smart port infrastructure, and an emphasis on high-capacity electric ferries for urban transportation.

The increase in seaborne trade is anticipated to drive the growth of the electric ferry market in the coming years. Seaborne trade involves the movement of goods and commodities across international waters in a cost-effective and energy-efficient way, supported by expanding trade routes, upgraded port infrastructure, and rising demand for essential cargoes. This growth in seaborne trade is a result of globalization and expanding international commerce, which has increased the need for transporting goods between countries. Electric ferries facilitate seaborne trade by providing a cleaner and more efficient method of transporting goods and passengers over short to medium distances, particularly in busy ports and coastal regions. They help reduce fuel expenses and reliance on fossil fuels, thereby improving economic efficiency. For example, according to a report published by the United Nations Conference on Trade and Development (UNCTAD) in October 2024, total seaborne trade is expected to grow at an average annual rate of 2.4% from 2025 to 2029, with containerized trade increasing slightly faster at 2.7% per year. As a result, the growth in seaborne trade supports the expansion of the electric ferry market.

Leading companies in the electric ferry market are focusing on creating innovative products, such as fully electric ferries, to boost sustainability, reduce emissions, and enhance energy efficiency in maritime transport. Fully electric ferries rely entirely on advanced battery systems and electric propulsion, aiming to eliminate greenhouse gas emissions while lowering operational noise and fuel costs. For instance, in May 2025, Incat Tasmania, an Australian shipbuilding firm, launched Hull 096, a fully electric ferry. This 130-meter vessel can accommodate up to 2,100 passengers and 225 vehicles. Hull 096 features a lightweight aluminum structure and cutting-edge battery technology, enabling high-speed, zero-emission operations across the Río de la Plata. This launch is intended to promote sustainable marine transport by accelerating the adoption of fully electric vessels, pushing the industry toward electrification and stronger environmental responsibility.

In April 2024, Yamaha Motor, a Japan-based manufacturer involved in land mobility, marine, robotics, and financial services, acquired Torqeedo for $17 billion. The acquisition aims to enhance Yamaha’s position in the electric propulsion market by integrating Torqeedo’s advanced electric marine technology, speeding up innovation in sustainable boating solutions, and expanding its global presence in eco-friendly marine mobility. Torqeedo is a Germany-based company specializing in electric and hybrid marine propulsion systems.

Major players in the electric ferry market are Siemens AG, General Electric Company, ABB Ltd., Mitsubishi Heavy Industries, Ltd., Rolls-Royce Holdings plc, Hyundai Heavy Industries Co., Ltd., Wärtsilä Corporation, Kongsberg Gruppen, The Damen Group, Stena Line, Saft, Austal Limited, Baleària, BC Ferries, Tersan Shipyard, Sefine Shipyard, Norled AS, Havyard Group ASA, Corvus Energy, Incat Tasmania Pty Ltd.

Europe was the largest region in the electric ferry market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in electric ferries report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the electric ferries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Electric ferries are vessels powered solely by electric energy, usually stored in large onboard batteries, instead of traditional fuel engines like diesel. These ferries produce zero direct emissions, offering a clean and environmentally friendly option for transporting passengers and vehicles, particularly over short to medium distances.

The primary types of electric ferries include battery electric ferries and plug-in hybrid electric ferries. A battery electric ferry is a watercraft that runs entirely on electricity stored in rechargeable onboard batteries, without relying on fossil fuels such as diesel or gasoline. The charging infrastructure encompasses shore charging systems, onboard charging systems, rapid charging stations, and inductive charging technologies, supporting vessels such as passenger ferries, vehicle ferries, cargo ferries, and high-speed ferries. These ferries are used across various sectors including municipal services, public transportation enterprises, cruise and tourism, private operators, as well as government and defense.

The electric ferry market research report is one of a series of new reports that provides electric ferry market statistics, including electric ferry industry global market size, regional shares, competitors with a electric ferry market share, detailed electric ferry market segments, market trends and opportunities, and any further data you may need to thrive in the electric ferry industry. This electric ferry market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric ferries market consists of sales fully electric ferries, hybrid-electric ferries, solar-assisted electric ferries, and hydrogen-electric ferries. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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