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Global Marine Electric Vehicle Market to Reach US$ 6.9 Billion by 2027, Impelled by Surging Need for Low and Zero-Emission Vessels

Published on Nov 02, 2022

The latest report by IMARC Group, titled "Marine Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global marine electric vehicle market size reached US$ 3.8 Billion in 2021. Marine electric vehicles (EVs) are zero-emission vehicles that use renewable energy sources (RES) for electric propulsion. They incur low running costs, require less maintenance, and are more environmentally friendly compared to fossil fuel-powered vessels. They are also considered suitable for wildlife tours as they increase speed, reduce waves, and create less noise. Nowadays, the shifting preferences from diesel-powered to hybrid electric boats are positively influencing the sales of marine EVs.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Marine Electric Vehicle Market Trends:

The market is primarily driven by the surging need for low and zero-emission vessels (ZEVs) due to the rising environmental concerns and the escalating demand for shipping. In addition, the expanding travel and tourism sector and the rising utilization of surface boats for leisure and recreational activities represent another major growth-inducing factor. Besides this, the inflating disposable incomes of individuals are promoting the sales of workboats, ferries, seagoing enclosed yachts, scuba sea scooters, personal submarines, and autonomous underwater vehicles (AUVs). This, coupled with the rising trend of digitalization and the depletion of fossil fuels, is accelerating the product adoption rate. Moreover, electric unmanned underwater vehicles (UUVs) are gaining traction across the oil and gas sector for offshore hydrocarbon extraction, which is also creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market to reach US$ 6.9 Billion by 2027, exhibiting a CAGR of 10.17% during the forecast period (2022-2027).

Market Summary:

  • Based on the vehicle type, the market has been categorized into military vehicles, work boats, leisure and tourist surface boat, autonomous underwater vehicle, and others.
  • On the basis of the propulsion type, the market has been segmented into battery-electric, plug-in hybrid, and hybrid electric vehicles.
  • Based on the application, the market has been bifurcated into on-water and underwater applications.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some 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.
     

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