Marine Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Marine Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global marine electric vehicle market size reached US$ 4.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.2 Billion by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.

Marine electric vehicles (EVs) are zero-emission transportation systems that rely on renewable energy sources (RES) for electric propulsion. These vehicles require less maintenance, incur low running costs and are more environment friendly compared to fossil fuel-powered maritime vessels. As they reduce waves, increase speed and create less noise, marine EVs are also considered suitable for wildlife tours. Moreover, a significant shift in preferences from diesel-powered to hybrid electric boats is positively influencing the sales of marine EVs for both commercial and recreational purposes.

Due to the escalating demand for shipping and rising environmental concerns, there is an increase in the need for low and zero-emission vessels (ZEVs). This, in confluence with the emerging trend of digitalization and automation and the depletion of fossil fuels, represents one of the key factors bolstering the growth of the marine EV market. Additionally, the inflating disposable incomes are promoting the sales of seagoing enclosed yachts, ferries, workboats, personal submarines, scuba sea scooters and autonomous underwater vehicles (AUVs). This is also supported by the burgeoning travel and tourism sector, which is increasing the adoption of surface boats for leisure and recreational activities. Apart from this, the electric unmanned underwater vehicles (UUVs) are gaining traction in the oil and gas industry for offshore hydrocarbon extraction, detailed mapping of the ocean floor and scientific research. They can be integrated with high-definition (HD) cameras that transmit data to allow the inspection of the underwater environment efficiently.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global marine electric vehicle market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on vehicle type, propulsion type and application.

Breakup by Vehicle Type:

Military Vehicle
Work Boat
Leisure and Tourist Surface Boat
Autonomous Underwater Vehicle
Others
 

Breakup by Propulsion Type:

Battery Electric Vehicle
Plug-in Hybrid Vehicle
Hybrid Electric Vehicle
 

Breakup by Application:

On-Water Applications
Underwater Applications
 

Breakup by Region:

North America

United States
Canada


Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa
 

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Andaman Boatyard, Boesch Motorboote AG, Corvus Energy Ltd., Duffy Electric Boat Co, Electrovaya Inc, Ruban Bleu, Saft Groupe S.A. (Total SE), The Boeing Company, Torqeedo GmbH, Triton Submarines LLC and Wärtsilä Oyj Abp.

Key Questions Answered in This Report:

What was the size of the global marine electric vehicle market in 2022?
What is the expected growth rate of the global marine electric vehicle market during 2023-2028?
What are the key factors driving the global marine electric vehicle market?
What has been the impact of COVID-19 on the global marine electric vehicle market?
What is the breakup of the global marine electric vehicle market based on the vehicle type?
What is the breakup of the global marine electric vehicle market based on the propulsion type?
What is the breakup of the global marine electric vehicle market based on the application?
What are the key regions in the global marine electric vehicle market?
Who are the key players/companies in the global marine electric vehicle market?