Electric Ferry Market Report 2026

The electric ferry market size has grown rapidly in recent years. It will grow from $2.64 billion in 2025 to $3.03 billion in 2026 at a compound annual growth rate (CAGR) of 15%. The growth in the historic period can be attributed to government emission regulations, pilot electric ferry projects, rising fuel costs, urban water transport demand, public sector investments.

The electric ferry market size is expected to see rapid growth in the next few years. It will grow to $5.25 billion in 2030 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to increasing decarbonization targets, advancements in marine battery technology, expansion of coastal transport electrification, smart port development, sustainability-driven policies. Major trends in the forecast period include expansion of battery electric ferry fleets, development of fast charging infrastructure, growth of autonomous ferry concepts, adoption of lightweight vessel designs, integration of smart energy management.

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 companies operating in the electric ferry market report include ABB Ltd., Siemens AG, Wärtsilä Corporation, Kongsberg Gruppen, Rolls-Royce Holdings plc, Mitsubishi Heavy Industries, Ltd., Hyundai Heavy Industries Co., Ltd., The Damen Group, Austal Limited, Incat Tasmania Pty Ltd, Havyard Group ASA, Tersan Shipyard, Sefine Shipyard, Norled AS, Stena Line, BC Ferries, Baleària, Corvus Energy, Saft, Leclanché SA, Echandia Marine AB, Siemens Energy Marine Solutions, Vard Group AS, Candela Technology AB, XALT Energy.

Europe was the largest region in the electric ferry market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric ferry market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric ferry market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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