Marine Electric Vehicle Market by Technology (Fully electric, Hybrid), Ship Type (Commercial, Defense, UMV), Mode of Operation (Manned, Remotely Operated, Autonomous), Vessel Transport (Seafaring, Inland), Range and Region - Global Forecast to 2030
The Marine Electric Vehicle Market size is projected to grow from USD 10.1 billion in 2022 to USD 29.1 billion by 2030, at a CAGR of 16.4% from 2023 to 2030. The market is expected to be driven by the increasing demand for advanced electrical systems in futuristic ships.
The Hybrid Electric segment is expected to grow the highest during the forecast period.
Based on technology, the hybrid electric segment is projected to grow the highest in Marine Electric Vehicle Market during the forecast period. Hybridizing ships with electric systems supported with fossil fuels, diesel specifically, is the best way to equip large ships and long ranges ships with low-emission systems. This is the major reason for increasing year-on-year growth.
The <50 km range is projected to lead the market during the forecast period.
Based on the range, the <50km segment is expected to lead the market during the forecast period. <50 km range ships usually contain all recreational boats, mid-sized ships, and unmanned maritime vehicles that are mostly used for low-range activities. These ships are easy to be converted to hybrid propulsion or replaced with fully electric solutions. Due to these factors, <50km range ships are leading the market.
The inland segment is projected to lead Marine Electric Vehicle Market during the forecast period.
Based on Vessel Transport, the inland segment is projected to lead the Marine Electric Vehicle Market during the forecast period. The inland vessels require a small range and usually small to medium-sized ships. These ships are easy to electrify; hence they are witnessing large growth.
Europe is expected to account for the largest market share in 2022
The marine electric vehicle market has been studied for the regions North America, Europe, Asia Pacific, and Rest of the World. Europe is expected to lead the market and have the highest market share during the forecast period. Norway is one of the fastest-growing countries in the marine electric vehicle market. All major countries in the region are major contributors to the overall European market based on regulations supporting the shift towards electrification or supporting infrastructure.
The break-up of the profile of primary participants in the Marine Electric Vehicle Market:
By Company Type: Tier 1 – 55%, Tier 2 – 25%, and Tier 3 – 20%
By Designation: C Level – 50%, Director Level – 25%, Others-25%
By Region: North America – 47%, Europe – 21%, Asia Pacific – 21%, Rest of the World – 11%.
Prominent companies include ABB (Switzerland), Leclanché S.A. (Switzerland), Siemens AG (Germany), Wartsila (Finland), and Kongsberg Gruppen (Norway), among others.
Research Coverage:
The report segments the Marine Electric Vehicle Market based on Technology (Fully-electric, Hybrid), ship type (Commercial, Defense, Unmanned Maritime Vehicles), Mode of Operation (Manned, Remotely Operated, Autonomous), Vessel Transport (Seafaring, Inland), Range and Region. The Marine Electric Vehicle Market has been studied in North America, Europe, Asia Pacific, and the Rest of the World. The scope of the report covers extensive information covering market overviews, such as drivers, restraints, challenges, and opportunities, that drive the growth in the market. Analysis of key players in the industry providing business overviews, products, solutions, and services, key strategies, recent developments, and new product & service launches associated with the Marine Electric Vehicle market is also covered in the report. An extensive competitive analysis of the Key players and the up-and-coming startups in the Marine Electric Vehicle Ecosystem is also covered in the report.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Marine Electric Vehicle Market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on Marine Electric Vehicle offered by the top players in the market
Market Drivers: Implementation of maritime Emission regulations laws, Development of advanced battery technologies are driving factors for the market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Marine Electric Vehicle Market
Market Development: Comprehensive information about lucrative markets – the report analyses the Marine Electric Vehicle Market across varied regions
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Marine Electric Vehicle Market
Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the Marine Electric Vehicle Market
- 1 Introduction
- 1.1 Study Objectives
- 1.2 Market Definition
- 1.3 Market Scope
- Figure 1 Marine Electric Vehicle Market Segmentation
- 1.3.1 Regional Scope
- 1.3.2 Years Considered
- 1.4 Inclusions And Exclusions
- Table 1 Marine Electric Vehicle Market: Inclusions And Exclusions
- 1.5 Currency Considered
- 1.6 Limitations
- 1.7 Stakeholders
- 2 Research Methodology
- 2.1 Introduction
- Figure 2 Report Process Flow
- Figure 3 Marine Electric Vehicle Market: Research Design
- 2.1.1 Secondary Data
- 2.1.1.1 Key Data From Secondary Sources
- 2.1.2 Primary Data
- 2.1.2.1 Key Data From Primary Sources
- 2.2 Recession Impact Analysis
- 2.2.1 Demand-side Indicators
- Figure 4 Us Naval Defense Budget
- Figure 5 Breakdown Of Us Naval Defense Budget
- 2.2.2 Supply-side Indicators
- 2.3 Factor Analysis
- 2.3.1 Introduction
- 2.3.2 Demand-side Analysis
- 2.3.2.1 Growing Maritime Tourism Industry
- 2.3.3 Supply-side Analysis
- 2.3.3.1 Advanced Batteries For Marine Electric Vehicles
- 2.4 Market Scope
- 2.4.1 Segments And Subsegments
- 2.4.1.1 Marine Electric Vehicle Market, By Vessel Transport
- 2.4.1.2 Marine Electric Vehicle Market, By Technology
- 2.4.1.3 Marine Electric Vehicle Market, By Mode Of Operation
- 2.4.1.4 Marine Electric Vehicle Market, By Range
- 2.4.1.5 Marine Electric Vehicle Market, By Vehicle Type
- 2.4.2 Key Primary Interview Details
- Table 2 Primary Interview Details
- 2.5 Market Size Estimation And Methodology
- 2.5.1 Bottom-up Approach
- 2.5.1.1 Regional Marine Electric Vehicle Market Size
- 2.5.1.2 Marine Electric Vehicle Market Size, By Demand Side
- Figure 6 Market Size Estimation Methodology: Bottom-up Approach
- 2.5.2 Top-down Approach
- Figure 7 Market Size Estimation Methodology: Top-down Approach
- 2.6 Data Triangulation
- Figure 8 Marine Electric Vehicle Market: Data Triangulation
- 2.7 Pricing Analysis
- 2.8 Market Sizing And Forecasting
- 2.9 Research Assumptions
- 2.10 Research Limitations
- 2.10.1 List Of Sources
- Table 3 List Of Publication & Order Book Of Shipyard/Component Supplier /Regulatory Publication Considered For Market Study
- Table 4 List Of Magazines/Press Releases/Newsletters Considered For Market Study
- 3 Executive Summary
- Figure 9 Hybrid Technology To Have Larger Market Share Than Fully Electric Segment In 2023
- Figure 10 Manned Mode Of Operation Segment To Have Largest Market Share In 2023
- Figure 11 Seafaring Segment To Be Larger Vessel Transport Than Inland In 2023
- Figure 12 Europe To Lead Marine Electric Vehicle Market In 2023
- 4 Premium Insights
- 4.1 Attractive Opportunities For Players In Marine Electric Vehicle Market
- 4.2 Marine Electric Vehicle Market, By Vehicle Type
- Figure 13 Commercial Vehicle Type To Lead Market During Forecast Period
- 4.3 Marine Electric Vehicle Market, By Range
- Figure 14 <50 Km Range Segment To Lead Market During Forecast Period
- 4.4 Marine Electric Vehicle Market, By Country
- Figure 15 Norway To Grow At Highest Cagr During Forecast Period
- 5 Market Overview
- 5.1 Introduction
- 5.2 Market Dynamics
- Figure 16 Marine Electric Vehicle: Drivers, Restraints, Opportunities, And Challenges
- 5.2.1 Drivers
- 5.2.1.1 Implementation Of Sulfur 2020 Regulations
- Table 5 Sulfur Content Regulations In Bunker Fuel
- 5.2.1.2 Rising Demand For Electric And Hybrid Marine Vehicles
- 5.2.1.3 Growing Maritime Tourism Industry, Including Underwater & Surface Water Sports Industry
- 5.2.1.4 Development Of Lithium-ion Batteries
- Figure 17 Most Common Lithium-ion Batteries With Key Features
- Table 6 Current Battery Capacity And Requirements Of Some Marine Electric Vehicles
- 5.2.1.5 Increasing Capital Expenditure Of Offshore Oil & Gas Companies
- 5.2.2 Restraints
- 5.2.2.1 Limited Resources Of Raw Materials Used In Manufacturing Batteries
- 5.2.2.2 Increased Vehicle Weight Due To Heavy Batteries
- 5.2.3 Opportunities
- 5.2.3.1 Development Of High-powered Batteries
- 5.2.3.2 Battery Charging Via Renewable Energy Sources
- 5.2.3.3 Increasing Adoption Of Electric Propulsion Technologies In Uuvs
- 5.2.4 Challenges
- 5.2.4.1 High Initial Expenditures
- 5.2.4.2 Inadequate Charging Infrastructure
- 5.2.4.3 Technological Challenges
- 5.3 Porter’s Five Forces Analysis
- Table 7 Marine Electric Vehicle Market: Impact Of Porter’s Five Forces
- Figure 18 Marine Electric Vehicle Market: Porter’s Five Forces Analysis
- 5.3.1 Threat Of New Entrants
- 5.3.2 Threat Of Substitutes
- 5.3.3 Bargaining Power Of Suppliers
- 5.3.4 Bargaining Power Of Buyers
- 5.3.5 Intensity Of Competitive Rivalry
- 5.4 Value Chain Analysis
- Figure 19 Marine Electric Vehicle Market: Value Chain Analysis
- 5.4.1 Raw Materials
- 5.4.2 R&D
- 5.4.3 Component Manufacturing
- 5.4.4 Oems
- 5.4.5 End Users
- 5.4.6 Aftersales Services
- 5.5 Ecosystem Mapping
- Figure 20 Marine Electric Vehicle Market: Ecosystem Mapping
- 5.5.1 Prominent Companies
- 5.5.2 Private And Small Enterprises
- 5.5.3 End Users
- Table 8 Marine Electric Vehicle Market: Role Of Companies In Ecosystem
- 5.6 Trends And Disruptions Impacting Customer Business
- Figure 21 Trends And Disruptions Impacting Marine Electric Vehicle Market
- 5.7 Trade Data Analysis
- Table 9 Marine Electric Vehicle Market: Trade Data Analysis
- 5.8 Technology Analysis
- 5.8.1 Lithium-sulfur Batteries
- 5.8.2 Hydrogen Fuel Cells
- 5.8.3 High Energy Density Electrochemical Storage For Large Marine Electric Vehicles
- 5.9 Tariff And Regulatory Landscape
- 5.9.1 North America
- Table 10 North America: Regulatory Bodies, Government Agencies, And Others
- 5.9.2 Europe
- Table 11 Europe: Regulatory Bodies, Government Agencies, And Others
- 5.9.3 Asia Pacific
- Table 12 Asia Pacific: Regulatory Bodies, Government Agencies, And Others
- 5.9.4 Middle East & Africa
- Table 13 Middle East & Africa: Regulatory Bodies, Government Agencies, And Others
- 5.9.5 Latin America
- Table 14 Latin America: Regulatory Bodies, Government Agencies, And Others
- 5.10 Pricing Analysis
- Table 15 Case 1: Capital Expenditure, Savings, And Payback
- Table 16 Case 2: Capital Expenditure, Savings, And Payback
- Table 17 Case 3: Capital Expenditure, Savings, And Payback
- Table 18 Average Selling Price Of Electric Shipping Hardware (Usd Million)
- 5.11 Volume Data
- Table 19 Marine Electric Vehicle Market Size, By Vehicle Type, 2019–2022 (Units)
- Table 20 Marine Electric Vehicle Market Size, By Type (Units) (2023–2028)
- 5.12 Key Stakeholders And Buying Criteria
- 5.12.1 Key Stakeholders In Buying Process
- Figure 22 Influence Of Stakeholders On Buying Process In Marine Electric Vehicle Market
- Table 21 Influence Of Stakeholders On Buying Process In Marine Electric Vehicle Market (%)
- 5.12.2 Buying Criteria
- Figure 23 Key Buying Criteria For Marine Electric Vehicle Products And Systems
- Table 22 Marine Electric Vehicle Market: Key Buying Criteria
- 5.13 Key Conferences And Events In 2023-2024
- Table 23 Marine Electric Vehicle Market: Key Conferences And Events, 2023–2024
- 6 Industry Trends
- 6.1 Introduction
- 6.2 Technological Advancements
- Figure 24 Technology Advancements Impacting Marine Electric Vehicle Market
- 6.2.1 High-energy Battery System
- 6.2.2 Fast Charging Infrastructure
- 6.2.3 Advanced Propulsion System
- 6.2.4 Autonomous Navigation And Control
- 6.3 Emerging Trends
- 6.3.1 3d Printing
- 6.3.2 Artificial Intelligence (Ai)
- 6.3.3 Predictive Maintenance
- 6.4 Supply Chain Analysis
- Figure 25 Marine Electric Vehicle Market: Supply Chain Analysis
- 6.5 Use Case Analysis
- 6.5.1 Oceanalpha M75 Wave Rider
- 6.5.2 Autonomous Surface Vehicle (Asv) By Asv Global (Now Part Of L3harris Technologies)
- 6.5.3 Uncrewed Surface Vehicles (Usvs) By Saildrone Inc.
- 6.5.4 Wave Glider Liquid Robotics’ (Now Part Of Boeing) Autonomous Surface Vehicle
- 6.6 Patent Analysis
- Table 24 Marine Electric Vehicle Market: Key Patents
- 7 Marine Electric Vehicle Market, By Vehicle Type
- 7.1 Introduction
- Figure 26 Commercial Segment To Dominate Marine Electric Vehicle Market During Forecast Period
- Table 25 Marine Electric Vehicle Market, By Vehicle Type, 2019–2022 (Usd Million)
- Table 26 Marine Electric Vehicle Market, By Vehicle Type, 2023–2030 (Usd Million)
- 7.2 Commercial
- Table 27 Commercial Marine Electric Vehicle Market, By Type, 2019–2022 (Usd Million)
- Table 28 Commercial Marine Electric Vehicle Market, By Type, 2023–2030 (Usd Million)
- 7.2.1 Passenger Vessel
- Table 29 Electric Passenger Vessel Market, By Type, 2019–2022 (Usd Million)
- Table 30 Electric Passenger Vessel Market, By Type, 2023–2030 (Usd Million)
- 7.2.1.1 Yacht
- 7.2.1.1.1 Have Ability To Use Solar Power To Charge Batteries
- 7.2.1.2 Ferry
- 7.2.1.2.1 Adoption Of Electric Ferries High In North America And Europe Due To Changing Environmental Regulations
- 7.2.1.3 Cruise Ship
- 7.2.1.3.1 Adoption Of Hybrid-electric Propulsion Technologies For Cruise Ships To Increase
- 7.2.1.4 Motorboat
- 7.2.1.4.1 Rising Demand For Electric Motorboats In Europe
- 7.2.2 Cargo Vessel
- Table 31 Electric Cargo Vessel Market, By Type, 2019–2022 (Usd Million)
- Table 32 Electric Cargo Vessel Market, By Type, 2023–2030 (Usd Million)
- 7.2.2.1 Container Vessel
- 7.2.2.1.1 First To Adopt Full Electric Setup Due To Their Smaller Size And Distance Traveled
- 7.2.2.2 Bulk Carrier
- 7.2.2.2.1 Demand For Retrofitting Existing Bulk Carriers To Increase
- 7.2.2.3 Tanker
- 7.2.2.3.1 High System Complexity And Regulations Restraining Adoption Of Electric Propulsion Units
- 7.2.2.4 General Cargo Ship
- 7.2.2.4.1 High Potential Of Retrofit Market For General Cargo Ships
- 7.2.3 Others
- Table 33 Other Commercial Vessels Market, By Type, 2019–2022 (Usd Million)
- Table 34 Other Commercial Vessels Market, By Type, 2023–2030 (Usd Million)
- 7.2.3.1 Fishing Vessel
- 7.2.3.1.1 Rising Adoption Of Electric Propulsion In Fishing Vessels
- 7.2.3.2 Dredger
- 7.2.3.2.1 New-built Dredgers To Achieve Growth During Forecast Period
- 7.2.3.3 Tug & Workboat
- 7.2.3.3.1 Account For Major Share Of Global Fleet Of Ships
- 7.2.3.4 Research Vessel
- 7.2.3.4.1 Market For Retrofitting Research Vessels Larger Than That For Newbuilds
- 7.2.3.5 Submarine
- 7.2.3.5.1 Fully Electric Submarines Useful For Underwater Exploration As There Is Minimal Vibration From Motor
- 7.3 Defense
- Table 35 Defense Marine Electric Vehicle Market, By Vehicle Type, 2019–2022 (Usd Million)
- Table 36 Defense Marine Electric Vehicle Market, By Vehicle Type, 2023–2030 (Usd Million)
- 7.3.1 Destroyer
- 7.3.1.1 Us, Uk, And India Focusing On Integrating Electric Propulsive Destroyers Into Their Fleet
- 7.3.2 Frigate
- 7.3.2.1 Electric And Hybrid Propulsion Used In Frigates Either Directly Or Along With Diesel Engine
- 7.3.3 Corvette
- 7.3.3.1 Increasing Developments To Convert Corvettes Into Electric
- 7.3.4 Offshore Support Vessel (Osv)
- 7.3.4.1 Adoption Of Hybrid Propulsion Technology For Offshore Support Vessels To Increase
- 7.3.5 Aircraft Carrier
- 7.3.5.1 High Power Demand For Aircraft Carriers To Be Challenge For Converting To Electric
- 7.3.6 Submarine
- 7.3.6.1 Us, France, And India To Develop Electric Propulsion Systems
- 7.3.7 Military Boat
- 7.3.7.1 Lower Power Requirements To Facilitate Shift To Electric
- 7.4 Unmanned Maritime Vehicle (Umv)
- Table 37 Unmanned Maritime Vehicle Market, By Vehicle Type, 2019–2022 (Usd Million)
- Table 38 Unmanned Maritime Vehicle Market, By Vehicle Type, 2023–2030 (Usd Million)
- 7.4.1 Unmanned Underwater Vehicle (Uuv)
- Table 39 Unmanned Underwater Vehicle Market, By Vehicle Type, 2019–2022 (Usd Million)
- Table 40 Unmanned Underwater Vehicle Market, By Vehicle Type, 2023–2030 (Usd Million)
- 7.4.1.1 Remotely Operated Vehicle (Rov)
- 7.4.1.1.1 Largely Used For Ocean Exploration And Port Security
- 7.4.1.2 Autonomous Underwater Vehicle (Auv)
- 7.4.1.2.1 Increasing Usage In Anti-submarine Warfare And Underwater Surveillance
- 7.4.2 Unmanned Surface Vehicle (Usv)
- 7.4.2.1 Increasing Use In Isr Activities, Ocean Surveying, And Oil & Gas Exploration
- 8 Marine Electric Vehicle Market, By Vessel Transport
- 8.1 Introduction
- Figure 27 Seafaring Vessel Transport Segment To Dominate Marine Electric Vehicle Market During Forecast Period
- Table 41 Marine Electric Vehicle Market, By Vessel Transport, 2019–2022 (Usd Million)
- Table 42 Marine Electric Vehicle Market, By Vessel Transport, 2023–2030 (Usd Million)
- 8.2 Seafaring Vessel
- 8.2.1 High Power Requirements To Drive Increasing Adoption Of Hybrid-electric Propulsion Configuration
- 8.3 Inland Vessel
- 8.3.1 Involves Less Load Requirements
- 9 Marine Electric Vehicle Market, By Technology
- 9.1 Introduction
- Figure 28 Hybrid Segment To Grow At Higher Cagr Than Fully Electric During Forecast Period
- Table 43 Marine Electric Vehicle Market, By Technology, 2019–2022 (Usd Million)
- Table 44 Marine Electric Vehicle Market, By Technology, 2023–2030 (Usd Million)
- 9.2 Fully Electric
- Table 45 Global Marine Electric Vehicle Projects
- 9.2.1 Lithium
- 9.2.1.1 Major Power Source For Hybrid And Fully Marine Electric Vehicles
- 9.2.2 Lead Acid
- 9.2.2.1 Wide Range Of Applications In Marine Industry
- 9.2.3 Electro-solar
- 9.2.3.1 Involves Use Of Renewable Energy To Recharge Batteries In Marine Vehicles
- 9.2.4 Fuel Cell
- 9.2.4.1 Alternative Technology To Lithium-ion And Lead-acid Batteries
- Table 46 Ongoing Fuel Cell Projects In Shipping Industry
- 9.3.1 Diesel & Battery Driven
- 9.3.1.1 Significant Advancements In Hybrid Technology To Encourage Adoption Of Hybrid-electric Propulsion For Large Cruise Ships
- 9.3.2 Lpg/Lng & Battery Driven
- 9.3.2.1 Lpg/Lng Engines Use Electric Propulsion Motors To Power Ships
- 10 Marine Electric Vehicle Market, By Mode Of Operation
- 10.1 Introduction
- Figure 29 Autonomous Segment To Grow At Highest Cagr During Forecast Period
- Table 47 Marine Electric Vehicle Market, By Mode Of Operation, 2019–2022 (Usd Million)
- Table 48 Marine Electric Vehicle Market, Mode Of Operation, 2023–2030 (Usd Million)
- 10.2 Manned
- 10.2.1 Retrofitting Diesel-driven Marine Vehicles With Electric And Hybrid Propulsion To Drive Market
- 10.3 Remotely Operated
- 10.3.1 Increasing Investments In Remotely Operated Marine Electric Vehicles To Drive Market
- 10.4 Autonomous
- 10.4.1 Increasing Investments In Autonomous Marine Electric Vehicles To Drive Market
- 11 Marine Electric Vehicle Market, By Range
- 11.1 Introduction
- Figure 30 >1,000 Km Segment To Grow At Highest Cagr During Forecast Period
- Table 49 Marine Electric Vehicle Market, By Range, 2019–2022 (Usd Million)
- Table 50 Marine Electric Vehicle Market, By Range, 2023–2030 (Usd Million)
- 11.2 <50 Km
- 11.2.1 Adoption Of Fully Electric Passenger Ferries And Tugs To Drive Market
- 11.3 50-100 Km
- 11.3.1 Demand For Fully Electric Inland Container Ships To Drive Market
- 11.4 101-1,000 Km
- 11.4.1 Increasing Demand For Retrofitting Cargo Vessels To Drive Market
- 11.5 >1,000 Km
- 11.5.1 Increasing Demand For Electrified Long-distance Cargo Vessels To Drive Market
- 12 Marine Electric Vehicle Market, By Region
- 12.1 Introduction
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