The global marine electric vehicle market grew at a CAGR of around 8% during 2015-2020. The market expects to exhibit moderate growth during the next five years.
Marine electric vehicles (EVs) refer to zero-emission transportation systems that rely on renewable sources of energy for electric propulsion. Compared to fossil fuel-powered maritime vessels, these vehicles are more environmentally friendly, require lesser maintenance, and incur lower running costs. Furthermore, as marine electric vehicles efficiently tackle high waves and control noise pollution, they are also considered suitable for marine wildlife tours.
Due to the growing number of marine-based activities coupled with rising environmental concerns, there is an increasing need for zero-emission vessels (ZEVs). This, coupled with the significant shift in preferences from diesel-powered to hybrid electric boats, is bolstering the sales of marine electric vehicles for commercial and recreational purposes. Additionally, the increasing popularity of water-based sports and leisure activities is also driving the demand for seagoing enclosed yachts, workboats, personal submarines, scuba sea scooters, ferries, autonomous underwater vehicles (AUVs), etc. Besides this, electric unmanned underwater vehicles (UUVs) are gaining traction in the oil and gas sector for offshore hydrocarbon extraction, scientific research, and detailed mapping of the ocean floor, which is anticipated to further augment the market growth in the coming years.
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Note: 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 2021-2026 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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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The report has segmented the market on the basis of Vehicle Type, Propulsion Type, Application and Region.
Market Breakup by Vehicle Type:
Market Breakup by Propulsion Type:
Market Breakup by Application:
Market Breakup by Region:
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