Marine Electric Vehicle Market Size was valued at USD 341.2 billion in 2022. The Marine Electric Vehicle market industry is projected to grow from USD 382.860 Billion in 2023 to USD 764.2403 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.21% during the forecast period (2023 - 2030).
Exploring possibilities in the sea for natural resources and other benefits are experiencing precedence in the present and future of various countries. But the last few years is also witnessing a shift in the trend of the vehicles used in doing so. The trend is shifting more towards the adoption of the electric vehicle side lining the traditional fossil-fuel based ones considerably. This trend is growing popular as they produce less carbon and are perfect supplements for the traditional ones. The latest technologies are also backing it up amply by generating new sources of renewable energy such as solar, wind, water, and nuclear. The cost is expected to drop down considerably to boost the market further. Unmanned underwater vehicles (UUV) have massive application in hydrocarbon extraction, detailed mapping of the ocean shore and scientific research. Defense sector profits much from these kinds of vehicle. Owing to the multiple uses of marine electric vehicles the global marine electric vehicle market size for it is expected to register a staggering 10% CAGR during the forecast period, reveals Market Research Future (MRFR) in a minutely studied report.
However, high battery cost and related issues can forestall the expected growth during the review period. Subsequently, many vehicle owners may refuse to switch to this by neglecting the profits in the long run. But this cannot deter the growth for long.
Key players in the Marine Electric Vehicle Market Size are Boesch Motorboote AG (Switzerland), Electrovaya (Canada), Corvus Energy (Canada), Andaman Boatyard (Thailand), Duffy Electric Boat (U.S.), Torqeedo GmbH (Germany), Triton Submarines (U.S.), Ruban Bleu (France), Saft (France), Wärtsilä (Finland), and others.
The marine electric vehicle market outlook for a marine electric vehicle can be segmented by craft application, vehicle type, and platform.
By craft application, the market is further segmented into military, workboat, leisure & tourist surface boat, autonomous underwater vehicle, personal & tourist submarine, and others. In terms of value, military segment holds the largest market share.
Based on vehicle type, the market includes battery electric vehicle, plug-in hybrid electric vehicle and hybrid electric vehicle. Hybrid vehicles are gaining traction owing to their wide range of uses.
Platform-wise, the market includes on-water and under-water.
Region-specific segmentation of the market encapsulates namely North America, Europe, Asia Pacific (APAC), South America (LATAM), and the Middle East & Africa (MEA).
North America and South America are currently controlling the global market. The region is having a good flow owing to the favorable government policies. The U.S. is spending heavily in such sector for defense purposes and is trying to enhance its surveillance system.
Europe is also investing heavily in the segment as the region follows strict eco-friendly measures to minimalize carbon footprint. Recently, Switzerland trialed water taxis, SeaBubbles, driven by a battery charged engine that can considerably boost their tourism and transport.
The APAC is also witnessing significant growth owing to the presence of technologically advanced regions such as Japan and China. China has recently launched the world’s first all-electric cargo ship which is a milestone for this sector.
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