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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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