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Marine Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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.

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 2022-2027. 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
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
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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)

1   Preface
2   Scope and Methodology

    2.1   Objectives of the Study
    2.2   Stakeholders
    2.3   Data Sources
        2.3.1   Primary Sources
        2.3.2   Secondary Sources
    2.4   Market Estimation
        2.4.1   Bottom-Up Approach
        2.4.2   Top-Down Approach
    2.5   Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1   Overview
    4.2   Key Industry Trends
5   Global Marine Electric Vehicle Market 
    5.1   Market Overview
    5.2   Market Performance
    5.3   Impact of COVID-19
    5.4   Market Forecast
6    Market Breakup by Vehicle Type
    6.1   Military Vehicle
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2   Work Boat
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3   Leisure and Tourist Surface Boat
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4   Autonomous Underwater Vehicle
        6.4.1 Market Trends
        6.4.2 Market Forecast
    6.5   Others
        6.5.1 Market Trends
        6.5.2 Market Forecast
7    Market Breakup by Propulsion Type
    7.1   Battery Electric Vehicle
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2   Plug-in Hybrid Vehicle
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3   Hybrid Electric Vehicle
        7.3.1 Market Trends
        7.3.2 Market Forecast
8    Market Breakup by Application
    8.1   On-Water Applications
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2   Underwater Applications
        8.2.1 Market Trends
        8.2.2 Market Forecast
9    Market Breakup by Region
    9.1   North America
        9.1.1   United States
            9.1.1.1 Market Trends
            9.1.1.2 Market Forecast
        9.1.2   Canada
            9.1.2.1 Market Trends
            9.1.2.2 Market Forecast
    9.2   Asia-Pacific
        9.2.1   China
            9.2.1.1 Market Trends
            9.2.1.2 Market Forecast
        9.2.2   Japan
            9.2.2.1 Market Trends
            9.2.2.2 Market Forecast
        9.2.3   India
            9.2.3.1 Market Trends
            9.2.3.2 Market Forecast
        9.2.4   South Korea
            9.2.4.1 Market Trends
            9.2.4.2 Market Forecast
        9.2.5   Australia
            9.2.5.1 Market Trends
            9.2.5.2 Market Forecast
        9.2.6   Indonesia
            9.2.6.1 Market Trends
            9.2.6.2 Market Forecast
        9.2.7   Others
            9.2.7.1 Market Trends
            9.2.7.2 Market Forecast
    9.3   Europe
        9.3.1   Germany
            9.3.1.1 Market Trends
            9.3.1.2 Market Forecast
        9.3.2   France
            9.3.2.1 Market Trends
            9.3.2.2 Market Forecast
        9.3.3   United Kingdom
            9.3.3.1 Market Trends
            9.3.3.2 Market Forecast
        9.3.4   Italy
            9.3.4.1 Market Trends
            9.3.4.2 Market Forecast
        9.3.5   Spain
            9.3.5.1 Market Trends
            9.3.5.2 Market Forecast
        9.3.6   Russia
            9.3.6.1 Market Trends
            9.3.6.2 Market Forecast
        9.3.7   Others
            9.3.7.1 Market Trends
            9.3.7.2 Market Forecast
    9.4   Latin America
        9.4.1   Brazil
            9.4.1.1 Market Trends
            9.4.1.2 Market Forecast
        9.4.2   Mexico
            9.4.2.1 Market Trends
            9.4.2.2 Market Forecast
        9.4.3   Others
            9.4.3.1 Market Trends
            9.4.3.2 Market Forecast
    9.5   Middle East and Africa
        9.5.1 Market Trends
        9.5.2  Market Breakup by Country
        9.5.3 Market Forecast
10  SWOT Analysis
    10.1   Overview
    10.2   Strengths
    10.3   Weaknesses
    10.4   Opportunities
    10.5   Threats
11  Value Chain Analysis
12  Porters Five Forces Analysis

    12.1   Overview
    12.2   Bargaining Power of Buyers
    12.3   Bargaining Power of Suppliers
    12.4   Degree of Competition
    12.5   Threat of New Entrants
    12.6   Threat of Substitutes
13  Price Analysis
14  Competitive Landscape

    14.1   Market Structure
    14.2   Key Players
    14.3   Profiles of Key Players
        14.3.1   Andaman Boatyard
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
        14.3.2   Boesch Motorboote AG
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
        14.3.3   Corvus Energy Ltd.
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
        14.3.4   Duffy Electric Boat Co
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
        14.3.5   Electrovaya Inc
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
           14.3.5.3 Financials
           14.3.5.4 SWOT Analysis
        14.3.6   Ruban Bleu
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
        14.3.7   Saft Groupe S.A. (Total SE)
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
        14.3.8   The Boeing Company
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
           14.3.8.3 Financials
           14.3.8.4 SWOT Analysis
        14.3.9   Torqeedo GmbH
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
           14.3.9.3 Financials
        14.3.10   Triton Submarines LLC
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
        14.3.11   Wärtsilä Oyj Abp
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis

List of Figures

Figure 1: Global: Marine Electric Vehicle Market: Major Drivers and Challenges
Figure 2: Global: Marine Electric Vehicle Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Marine Electric Vehicle Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Marine Electric Vehicle Market: Breakup by Vehicle Type (in %), 2021
Figure 5: Global: Marine Electric Vehicle Market: Breakup by Propulsion Type (in %), 2021
Figure 6: Global: Marine Electric Vehicle Market: Breakup by Application (in %), 2021
Figure 7: Global: Marine Electric Vehicle Market: Breakup by Region (in %), 2021
Figure 8: Global: Marine Electric Vehicle Market (Military Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Marine Electric Vehicle Market (Military Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Marine Electric Vehicle Market (Work Boat) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Marine Electric Vehicle Market (Work Boat) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Marine Electric Vehicle Market (Leisure and Tourist Surface Boat) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Marine Electric Vehicle Market (Leisure and Tourist Surface Boat) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Marine Electric Vehicle Market (Autonomous Underwater Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Marine Electric Vehicle Market (Autonomous Underwater Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Marine Electric Vehicle Market (Others) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Marine Electric Vehicle Market (Others) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Marine Electric Vehicle Market (Battery Electric Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Marine Electric Vehicle Market (Battery Electric Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Marine Electric Vehicle Market (Plug-in Hybrid Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Marine Electric Vehicle Market (Plug-in Hybrid Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Marine Electric Vehicle Market (Hybrid Electric Vehicle) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Marine Electric Vehicle Market (Hybrid Electric Vehicle) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Marine Electric Vehicle Market (On-Water Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Marine Electric Vehicle Market (On-Water Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Marine Electric Vehicle Market (Underwater Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Marine Electric Vehicle Market (Underwater Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: North America: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: North America: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: United States: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: United States: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Canada: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Canada: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Asia-Pacific: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Asia-Pacific: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: China: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: China: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Japan: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Japan: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: India: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: India: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: South Korea: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: South Korea: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Australia: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Australia: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Indonesia: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Indonesia: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Others: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Others: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Europe: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Europe: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Germany: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Germany: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: France: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: France: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: United Kingdom: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: United Kingdom: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Italy: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Italy: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Spain: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Spain: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Russia: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Russia: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Others: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Others: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Latin America: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Latin America: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Brazil: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Brazil: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Mexico: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Mexico: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Others: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Others: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Middle East and Africa: Marine Electric Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Middle East and Africa: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Middle East and Africa: Marine Electric Vehicle Market: Breakup by Country (in %), 2021
Figure 77: Global: Marine Electric Vehicle Industry: SWOT Analysis
Figure 78: Global: Marine Electric Vehicle Industry: Value Chain Analysis
Figure 79: Global: Marine Electric Vehicle Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Marine Electric Vehicle Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Marine Electric Vehicle Market Forecast: Breakup by Vehicle Type (in Million US$), 2022-2027
Table 3: Global: Marine Electric Vehicle Market Forecast: Breakup by Propulsion Type (in Million US$), 2022-2027
Table 4: Global: Marine Electric Vehicle Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 5: Global: Marine Electric Vehicle Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Marine Electric Vehicle Market: Competitive Structure
Table 7: Global: Marine Electric Vehicle Market: Key Players


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Key Questions Answered in This Report

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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