Marine Electric Vehicles Market Size, Share, Growth & Industry Forecast

Global Marine Electric Vehicles Market Size, Share, Growth, Industry Trends, Competitive Analysis and Forecast to 2030

Report ID: RC98128 | Report Format: PDF + Excel | Starting Price: 3600/- USD | Last Updated: June 13th, 2023

The global marine electric vehicles market size is expected to register a significant CAGR of over 10% during the forecast period from 2021 to 2027 and expected to reach over USD 8.5 billion by 2027. The rising demand for electric unmanned underwater vehicles (UUVs) and increasing adoption of electric vehicles are some major factors to drive the market growth. The increasing demand for shipping and stringent regulation regarding emission control are some other factors to fuel the market. Furthermore, the rapid growth in tourism activities has increased the demand for workboats, yachts, sea scooters, and autonomous underwater vehicles, which is projected to support the market growth positively.

Market Drivers:

Environmental Regulations: Increasing environmental concerns and regulations aimed at reducing greenhouse gas emissions and promoting sustainable practices are driving the adoption of electric vehicles in the marine sector. Stricter emission standards and regulations for marine vessels, particularly in sensitive areas such as ports and coastal regions, are encouraging the shift towards electric propulsion systems in boats and ships.

Reduction of Carbon Footprint: Electric marine vehicles offer a significant reduction in carbon emissions compared to traditional fossil fuel-powered vessels. The use of electric propulsion systems helps reduce air and water pollution, contributing to cleaner and more sustainable marine transportation. The desire to reduce the carbon footprint and mitigate the impact of marine vessels on the environment is a driving factor for the adoption of electric vehicles in the marine industry.

Advancements in Battery Technology: Technological advancements in battery technology, particularly in energy density and charging capabilities, have improved the feasibility and performance of electric marine vehicles. Lithium-ion batteries, in particular, have become more efficient and affordable, enabling longer-range and higher-powered electric propulsion systems for boats and ships. The continuous development of battery technology is driving the adoption of electric marine vehicles.

Cost-Competitiveness: The cost of electric propulsion systems and batteries has been decreasing, making electric marine vehicles more economically viable. The decreasing cost of lithium-ion batteries, along with government incentives and subsidies for electric vehicle adoption, has narrowed the cost gap between electric and conventional marine vessels. The cost-competitiveness of electric marine vehicles is driving their uptake in the market.

Technological Innovations and Infrastructure Development: The development of charging infrastructure, including marina charging stations and onboard charging solutions, is crucial for the widespread adoption of electric marine vehicles. The availability of reliable and convenient charging infrastructure is a driving factor for the growth of the market. Additionally, advancements in electric motor technology, power management systems, and lightweight materials contribute to the development of more efficient and capable electric marine vehicles.

Increasing Consumer Demand: There is a growing consumer demand for sustainable and environmentally friendly transportation solutions across various sectors, including the marine industry. Consumers are increasingly conscious of the impact of their choices on the environment and are seeking cleaner alternatives. The demand for electric marine vehicles is driven by consumer preferences for sustainable boating and recreational activities.

Government Support and Incentives: Governments around the world are providing support and incentives to promote the adoption of electric vehicles, including marine vehicles. These incentives may include financial incentives, tax benefits, and grants for purchasing and operating electric marine vessels. Government support and incentives play a crucial role in driving the adoption of electric marine vehicles.

Market Outlook:

Benchmark Year		2022
Market Size		> USD 8.5 Billion by 2027
Market Growth (CAGR)		> 10% (2023-2030)
Largest Market Share		North America
Analysis Period		2020-2030
Market Players		Boesch Motorboote AG, Electrovaya, Corvus Energy, Duffy Electric Boat, and Torqeedo GmBH

Market Insights:

The global electric marine vehicles market is bifurcated into type, platform, application, and geography. On the basis of type, the market is further segmented into battery electric vehicle, plug-in hybrid vehicle, and hybrid electric vehicle. The battery-electric vehicle segment held the largest market share in 2020 and expected to maintain its dominance over the forecast period. The segment growth is attributed to its benefits associated such as low maintenance cost and eco-friendly nature.

By application, the market is classified into military workboats, leisure and tourist surface boat, autonomous underwater, and others. The military workboats segment dominated the global marine electric vehicles market in 2020 and expected to grow at the same trend. In contrast, the autonomous underwater vehicles segment is expected to grow at the fastest growth rate over the forecast period due to the increasing demand from various sectors such as military & defense, oil & gas, etc.

Marine Electric Vehicles Market Size

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The marine electric vehicles comprehensive study offers an in-depth analysis of industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The marine electric vehicles market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

2018-19 – Historical Year
2020 – Base Year
2021-2027 – Forecast Period

Market Segmentation:

By Type:

Battery Electric Vehicle
Plug-in Hybrid Vehicle
Hybrid Electric Vehicle

By Platform:

On-Water Platforms
Underwater Platforms

By Application:

Military Work Boat
Leisure and Tourist Surface Boat
Autonomous Underwater
Personal & Tourist Submarine
Others

By Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Geographic Coverage:

Geographically, North America dominated the global marine electric vehicles market in 2020 and accounted to hold the largest market share around two-thirds of the market in terms of revenue. The rising adoption of electric vehicles and stringent regulation regarding carbon emissions are some major factors to drive the market growth in the region. Furthermore, the fluctuating prices of fuel and the increasing purchase power of the consumer are further expected to propel the market growth in the region. Moreover, the presence of some major players has contributed to the market growth in North America.

Competitive Assessment:

Some of the major players operating in the global marine electric vehicles market are Boesch Motorboote AG, Electrovaya, Corvus Energy, Duffy Electric Boat, and Torqeedo GmBH. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

Boesch Motorboote AG
Electrovaya
Corvus Energy
Duffy Electric Boat
Torqeedo GmBH
Triton Submarines
Ruban Bleu
Saft
Wärtsila
Boeing
Andaman Boatyard

Key Questions Answered by Marine Electric Vehicles Market Report

Global marine electric vehicles market forecasts from 2021-2027
Regional marine electric vehicles market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East and Africa, and Latin America
Country-level forecasts from 2021-2027 covering 15 major countries from the aforementioned regions
Marine electric vehicles submarket forecasts from 2021-2027 covering the market by type, by platform, by application, and geography
Various industry models such as SWOT analysis, Value Chain Analysis pertaining to marine electric vehicles market
Analysis of the key factors driving and restraining the growth of the global, regional and country-level marine electric vehicles markets from 2021-2027
Competitive Landscape and market positioning of top 10 players operating in the marine electric vehicles market

Table of Content:

1. Preface

1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.4. Assumptions

2. Executive Summary

2.1. Global Marine Electric Vehicles Market Portraiture
2.2. Global Marine Electric Vehicles Market, by Type, 2020 (USD Mn)
2.3. Global Marine Electric Vehicles Market, by Platform, 2020 (USD Mn)
2.4. Global Marine Electric Vehicles Market, by Application, 2020 (USD Mn)
2.5. Global Marine Electric Vehicles Market, by Geography, 2020 (USD Mn)

3. Global Marine Electric Vehicles Market Analysis

3.1. Marine Electric Vehicles Market Overview
3.2. Market Inclination Insights
3.3. Market Dynamics
3.3.1. Drivers
3.3.2. Challenges
3.3.3. Opportunities
3.4. Attractive Investment Proposition
3.5. Competitive Analysis
3.6. COVID-19 Impact Analysis
3.6.1. V Shaped Recovery
3.6.2. U Shaped Recovery
3.6.3. L Shaped Recovery
3.6.4. W Shaped Recovery

4. Global Marine Electric Vehicles Market By Type, 2018 – 2027 (USD Mn)

4.1. Overview
4.2. Battery Electric Vehicle
4.3. Plug-in Hybrid Vehicle
4.4. Hybrid Electric Vehicle

5. Global Marine Electric Vehicles Market By Platform, 2018 – 2027 (USD Mn)

5.1. Overview
5.2. On-Water Platforms
5.3. Underwater Platforms

6. Global Marine Electric Vehicles Market By Application, 2018 – 2027 (USD Mn)

6.1. Overview
6.2. Military Work Boat
6.3. Leisure and Tourist Surface Boat
6.4. Autonomous Underwater
6.5. Personal & Tourist Submarine
6.6. Others

7. North America Marine Electric Vehicles Market Analysis and Forecast, 2018 – 2027 (USD Mn)

7.1.1. Overview
7.1.2. North America Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
7.1.3. North America Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
7.1.4. North America Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
7.1.5. North America Marine Electric Vehicles Market by Country (2018-2027 USD Mn)
7.1.5.1. U.S.
7.1.5.1.1. U.S. Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
7.1.5.1.2. U.S. Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
7.1.5.1.3. U.S. Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
7.1.5.2. Canada
7.1.5.2.1. Canada Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
7.1.5.2.2. Canada Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
7.1.5.2.3. Canada Marine Electric Vehicles Market by Application (2018-2027 USD Mn)

8. Europe Marine Electric Vehicles Market Analysis and Forecast, 2018 – 2027 (USD Mn)

8.1.1. Overview
8.1.2. Europe Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
8.1.3. Europe Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
8.1.4. Europe Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
8.1.5. Europe Marine Electric Vehicles Market by Country (2018-2027 USD Mn)
8.1.5.1. Germany
8.1.5.1.1. Germany Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
8.1.5.1.2. Germany Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
8.1.5.1.3. Germany Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
8.1.5.2. U.K.
8.1.5.2.1. U.K. Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
8.1.5.2.2. U.K. Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
8.1.5.2.3. U.K. Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
8.1.5.3. France
8.1.5.3.1. France Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
8.1.5.3.2. France Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
8.1.5.3.3. France Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
8.1.5.4. Italy
8.1.5.4.1. Italy Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
8.1.5.4.2. Italy Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
8.1.5.4.3. Italy Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
8.1.5.5. Rest of Europe
8.1.5.5.1. Rest of Europe Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
8.1.5.5.2. Rest of Europe Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
8.1.5.5.3. Rest of Europe Marine Electric Vehicles Market by Application (2018-2027 USD Mn)

9. Asia Pacific Marine Electric Vehicles Market Analysis and Forecast, 2018 – 2027 (USD Mn)

9.1.1. Overview
9.1.2. Asia Pacific Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
9.1.3. Asia Pacific Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
9.1.4. Asia Pacific Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
9.1.5. Asia Pacific Marine Electric Vehicles Market by Country (2018-2027 USD Mn)
9.1.5.1. China
9.1.5.1.1. China Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
9.1.5.1.2. China Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
9.1.5.1.3. China Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
9.1.5.2. Japan
9.1.5.2.1. Japan Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
9.1.5.2.2. Japan Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
9.1.5.2.3. Japan Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
9.1.5.3. Rest of Asia Pacific
9.1.5.3.1. Rest of Asia Pacific Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
9.1.5.3.2. Rest of Asia Pacific Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
9.1.5.3.3. Rest of Asia Pacific Marine Electric Vehicles Market by Application (2018-2027 USD Mn)

10. Latin America (LATAM) Marine Electric Vehicles Market Analysis and Forecast, 2018 – 2027 (USD Mn)

10.1.1. Overview
10.1.2. Latin America Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
10.1.3. Latin America Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
10.1.4. Latin America Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
10.1.5. Latin America Marine Electric Vehicles Market by Country (2018-2027 USD Mn)
10.1.5.1. Brazil
10.1.5.1.1. Brazil Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
10.1.5.1.2. Brazil Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
10.1.5.1.3. Brazil Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
10.1.5.2. Mexico
10.1.5.2.1. Mexico Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
10.1.5.2.2. Mexico Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
10.1.5.2.3. Mexico Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
10.1.5.3. Rest of Latin America
10.1.5.3.1. Rest of Latin America Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
10.1.5.3.2. Rest of Latin America Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
10.1.5.3.3. Rest of Latin America Marine Electric Vehicles Market by Application (2018-2027 USD Mn)

11. Middle East and Africa Marine Electric Vehicles Market Analysis and Forecast, 2018 – 2027 (USD Mn)

11.1.1. Overview
11.1.2. MEA Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
11.1.3. MEA Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
11.1.4. MEA Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
11.1.5. Middle East and Africa Marine Electric Vehicles Market, by Country (2018-2027 USD Mn)
11.1.5.1. GCC
11.1.5.1.1. GCC Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
11.1.5.1.2. GCC Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
11.1.5.1.3. GCC Marine Electric Vehicles Market by Application (2018-2027 USD Mn)
11.1.5.2. Rest of MEA
11.1.5.2.1. Rest of MEA Marine Electric Vehicles Market by Type (2018-2027 USD Mn)
11.1.5.2.2. Rest of MEA Marine Electric Vehicles Market by Platform (2018-2027 USD Mn)
11.1.5.2.3. Rest of MEA Marine Electric Vehicles Market by Application (2018-2027 USD Mn)

12. Company Profiles

12.1. Boesch Motorboote AG
12.1.1. Business Description
12.1.2. Financial Health and Budget Allocation
12.1.3. Product Positions/Portfolio
12.1.4. Recent Development
12.1.5. SWOT Analysis
12.2. Electrovaya
12.2.1. Business Description
12.2.2. Financial Health and Budget Allocation
12.2.3. Product Positions/Portfolio
12.2.4. Recent Development
12.2.5. SWOT Analysis
12.3. Corvus Energy
12.3.1. Business Description
12.3.2. Financial Health and Budget Allocation
12.3.3. Product Positions/Portfolio
12.3.4. Recent Development
12.3.5. SWOT Analysis
12.4. Duffy Electric Boat
12.4.1. Business Description
12.4.2. Financial Health and Budget Allocation
12.4.3. Product Positions/Portfolio
12.4.4. Recent Development
12.4.5. SWOT Analysis
12.5. Torqeedo GmBH
12.5.1. Business Description
12.5.2. Financial Health and Budget Allocation
12.5.3. Product Positions/Portfolio
12.5.4. Recent Development
12.5.5. SWOT Analysis
12.6. Triton Submarines
12.6.1. Business Description
12.6.2. Financial Health and Budget Allocation
12.6.3. Product Positions/Portfolio
12.6.4. Recent Development
12.6.5. SWOT Analysis
12.7. Ruban Bleu
12.7.1. Business Description
12.7.2. Financial Health and Budget Allocation
12.7.3. Product Positions/Portfolio
12.7.4. Recent Development
12.7.5. SWOT Analysis
12.8. Saft
12.8.1. Business Description
12.8.2. Financial Health and Budget Allocation
12.8.3. Product Positions/Portfolio
12.8.4. Recent Development
12.8.5. SWOT Analysis
12.9. Wartsila
12.9.1. Business Description
12.9.2. Financial Health and Budget Allocation
12.9.3. Product Positions/Portfolio
12.9.4. Recent Development
12.9.5. SWOT Analysis
12.10. Boeing
12.10.1. Business Description
12.10.2. Financial Health and Budget Allocation
12.10.3. Product Positions/Portfolio
12.10.4. Recent Development
12.10.5. SWOT Analysis
12.11. Andaman Boatyard
12.11.1. Business Description
12.11.2. Financial Health and Budget Allocation
12.11.3. Product Positions/Portfolio
12.11.4. Recent Development
12.11.5. SWOT Analysis

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