Global Marine Electric Vehicle Market by Craft Application (Military, Leisure & Tourist Surface Boat, & Others), Vehicle type (Battery Electric, Plug-In Hybrid Electric & Hybrid Electric), Platform (On-water & Underwater), & Region- Forecast to 2023
According to the latest report by Market Research Future (MRFR), the global marine electric vehicles market is anticipated to witness nearly 10% CAGR over the period of 2017 to 2023.
The market trend is shifting more towards the adoption of electric vehicles, sidelining the conventional fossil-fuel-based vehicles considerably. This trend is increasingly becoming popular since electric vehicles produce less carbon and have proven to be environmentally safer in comparison to conventional vehicles. The modern technology giants are also supporting it abundantly by providing new sources of renewable energy such as wind, solar, water, and nuclear with the help of extensive research and development activities. The major market players are also focusing on introducing several effective business strategies to enhance the growth of the market. The cost is likely to drop down considerably to boost the market further. Unmanned underwater vehicles (UUV) have a vast application scope in detailed mapping of the ocean shore, hydrocarbon extraction, and scientific research. The growing number of activities associated with sea level mapping by energy, oil, gas, and defense sectors is expected to accelerate the market growth for marine electric vehicles during the forecast period. The global defense sector has generated considerable profits from these kinds of vehicle. Military electric vehicle market, including marine electric vehicle market, is considered as the most significant market sectors by value, and smaller market subsectors are expected to increase their presence in the global marine electric vehicle market. Moreover, the development of environmentally friendly laws and government regulations will also contribute towards the growth of the marine electric vehicle market.
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On the other hand, high battery costs and associated issues can hamper the market growth during the review period. Subsequently, many vehicle owners may object to switch to electric vehicles by overlooking the profits in the long run, but these deterring factors are expected to remain temporary.
The global market for a marine electric vehicle can be segmented by craft application, vehicle type, and platform.
Based on craft application, the market is segmented into the autonomous underwater vehicle, military, leisure & tourist surface boat, workboat, personal & tourist submarine, and others. In terms of value, the military segment holds the largest market share.
Based on vehicle type, the marine electric vehicle market includes plug-in hybrid electric vehicle, battery electric vehicle, and hybrid electric vehicle. Hybrid electric vehicles are expected to gain traction due to their wide range of usage over the forecast period.
Based on the platform, the market is segmented into on-water and under-water.
the global market for marine electric vehicles is segmented on the region, into North America, South America (LATAM), Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
North America and South America are currently leading the global market. The region is witnessing a steady revenue flow owing to the advantageous government policies. Moreover, the substantial investments pouring in from the market players and government in the U.S. for defense purposes in order to enhance its surveillance system is also expected to contribute to the market share substantially.
Europe is a significant region of the market and is also witnessing substantial investments in the market owing to the severe eco-friendly government measures to minimalize carbon footprint. Marine electric vehicles systems are being widely adopted across the world, wherein the major share of expansion has been witnessed in Europe.
The APAC is also observing a significant growth due to the presence of technologically advanced countries such as Japan and China. China launched the world’s first all-electric cargo ship, which is considered as a milestone for the Asia Pacific marine electric vehicle market.
The key players identified in the global marine electric vehicles market are Electrovaya (Canada), Boesch Motorboote AG (Switzerland), Andaman Boatyard (Thailand), Corvus Energy (Canada), Duffy Electric Boat (U.S.), Triton Submarines (U.S.), Torqeedo GmbH (Germany), Saft (France), Ruban Bleu (France), and Wärtsilä (Finland).
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