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The global marine electric vehicle market size reached US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.9 Billion by 2027, exhibiting a growth rate (CAGR) of 10.17% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
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 2022-2027. Our report has categorized the market based on vehicle type, propulsion type and application.
Breakup by Vehicle Type:
Breakup by Propulsion Type:
Breakup by Application:
Breakup by Region:
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.
|Base Year of the Analysis||2021|
|Segment Coverage||Vehicle Type, Propulsion Type, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||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|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global marine electric vehicle market was valued at US$ 3.8 Billion in 2021.
We expect the global marine electric vehicle market to exhibit a CAGR of 10.17% during 2022-2027.
The rising environmental concerns, along with the growing demand for hybrid electric boats, including marine EVs for both commercial and recreational purposes, are primarily driving the global marine electric vehicle market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units for marine electric vehicles.
Based on the vehicle type, the global marine electric vehicle market can be categorized into military vehicle, work boat, leisure and tourist surface boat, autonomous underwater vehicle, and others. Currently, military vehicle accounts for the majority of the global market share.
Based on the propulsion type, the global marine electric vehicle market has been segregated into battery electric vehicle, plug-in hybrid vehicle, and hybrid electric vehicle. Among these, hybrid electric vehicle holds the largest market share.
Based on the application, the global marine electric vehicle market can be bifurcated into on-water applications and underwater applications. Currently, on-water applications exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global marine electric vehicle market include 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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