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The marine electric vehicle market is influenced by a variety of factors that collectively shape its growth and development. One of the primary drivers of this market is the increasing global focus on environmental sustainability and reducing carbon emissions. As concerns about climate change and air pollution grow, there's a growing demand for cleaner and more sustainable transportation solutions across all sectors, including marine transportation. Electric propulsion systems offer an environmentally friendly alternative to traditional fossil fuel-powered engines, as they produce zero emissions during operation, helping to mitigate the environmental impact of marine transportation and comply with increasingly stringent emissions regulations.
Furthermore, advancements in battery technology and electric propulsion systems have made electric marine vehicles more practical and feasible for a wide range of applications. Improvements in battery energy density, charging infrastructure, and efficiency have extended the range and performance of electric boats, ferries, and ships, making them viable alternatives to conventional vessels in terms of speed, endurance, and operational capability. As a result, there's a growing interest and investment in electric propulsion solutions from marine operators, shipbuilders, and governments seeking to modernize their fleets and reduce their carbon footprint.
Moreover, the rising cost of fossil fuels and volatility in oil prices have led to increased interest in electric marine vehicles as a cost-effective and sustainable alternative to conventional propulsion systems. Electric propulsion offers significant fuel savings and operational efficiencies over the long term, as electric motors are more energy-efficient and require less maintenance compared to internal combustion engines. Additionally, the availability of renewable energy sources such as solar and wind power further enhances the economic viability of electric marine transportation, as these sources can be used to generate electricity for charging batteries and powering electric propulsion systems, reducing reliance on fossil fuels and lowering operating costs.
Additionally, government incentives, subsidies, and regulatory mandates play a significant role in driving the adoption of electric marine vehicles. Many governments around the world are implementing policies to promote the adoption of electric vehicles across all modes of transportation, including the marine sector. This includes financial incentives such as tax credits, grants, and rebates for purchasing electric boats and ships, as well as regulatory measures such as emissions standards and mandates for zero-emission zones in ports and waterways. These policies create a favorable market environment for electric marine vehicle manufacturers and operators, stimulating demand and investment in electric propulsion technologies and infrastructure.
Furthermore, the growing trend towards electrification and decarbonization of the maritime industry is fostering innovation and collaboration among stakeholders across the value chain. Electric propulsion systems are becoming increasingly integrated with other advanced technologies such as automation, digitalization, and energy storage, enabling new functionalities and capabilities in electric marine vehicles. This convergence of technologies is driving the development of next-generation electric boats, ferries, and ships that offer enhanced performance, efficiency, and sustainability, driving further growth and evolution of the marine electric vehicle market.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 382.86billion Billion |
| Growth Rate | 12.21% (2023-2030) |
Marine Electric Vehicles Market Highlights:
Global Marine Electric Vehicle Market Overview
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). With the increased 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, the depletion of fossil fuels, and a significant shift in preferences from diesel-powered to hybrid electric boats, are the key market drivers enhancing market growth.
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Marine Electric Vehicle Market Trends
- Rising environmental concerns are driving the market growth.
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, bolsters the Market CAGR of marine electric vehicles for commercial and recreational purposes. Electric unmanned underwater vehicles are gaining traction in the oil and gas industry for offshore hydrocarbon extraction, detailed ocean floor mapping, and scientific research. They can be integrated with high-definition (HD) cameras that transmit data to inspect the underwater environment efficiently.
Additionally, the increasing popularity of water-based sports and leisure activities drives 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 ocean floor mapping, which is anticipated further to augment the Marine Electric Vehicle market revenue.
Marine Electric Vehicle Market Segment Insights
Marine Electric Vehicle Type Insights
Based on type, the marine electric vehicle market segmentation includes battery, plug-in, and hybrid electric. The battery sub-segment held the largest market share three years ago. This sub-segment will have the highest CAGR until 2025. This is because battery-electric powered underwater vehicles are cost-effective. They are also affordable, easy on the environment, and easy to maintain. The cost of maintaining these vehicles is low too. Plug-in hybrid electric and hybrid electric segmentations are expected to increase the possible uses for marine electric vehicles. They are increasingly used in various applications due to rising environmental concerns. These PHEV batteries can move a vehicle more quickly and handle a good distance.
For instance,September 2021 Fassmer, a leader in producing composite boats, has partnered with Toqee to launch a fully electric ferry for public transport – The Fassmer CIT-E Ferry.
For instance,September 2021 Corvus energy and Sanmar shipyards have signed a Memorandum of understanding (MOU) to develop hybrid and zero-emission tugs.
Marine Electric Vehicle Platform Insights
The marine electric vehicle market segmentation is based on Platform, On-water, and Underwater. The on-water sub-segment had the highest market share and valuation in 2022. The underwater sub-segment will have the highest CAGR until 2030. New investments in research and development result in better and more technologically advanced unmanned marine vehicles with many more uses and applications than previous generations of unmanned marine vehicles.
Figure1: Marine Electric Vehicle Market, by Platform, 2022& 2030 (USD billion)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Marine Electric Vehicle Craft Application Insights
Based on craft application, the marine electric vehicle craft application market data includes military, leisure tourist surface boat, work boats, autonomous underwater vehicle (AUVs), personal tourist submarine, and others. The military sub-segment had the highest market share in 2022. The independent underwater submarine sub-segment will register the highest CAGR until 2030. This is because many sectors and industries like the American military and defense, oil and gas, and environmental protection industries are exponentially increasing demand for these vehicles.
For instance,July 2021 The Bangkok Metropolitan Authority has committed 12 new zero-emission all-electric ferries to reduce traffic and emissions as a part of the city plan.
For instance,April 2021 Sumitomo Corporation and Corvus Energy have announced a joint venture to develop zero-emission solutions for ships in Japan.
Marine Electric Vehicle Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American marine vehicle area will dominate this market because the militaries and other industries in this Region are getting richer. They want to buy more effective and powerful robotic underwater vehicles for various purposes, including naval and research-based, which will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: MARINE ELECTRIC VEHICLE MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Marine Electric Vehicle market accounts for the second-largest market share due to the significant shift in preferences from diesel-powered to hybrid electric boats. Further, the German Marine Electric Vehicle market held the largest market share, and the UK Marine Electric Vehicle market was the fastest-growing market in the European Region.
The Asia-Pacific Marine Electric Vehicle Market is expected to grow at the fastest CAGR from 2023 to 2030. This is because this Region's militaries and other industries are getting richer. They want to buy more effective and powerful robotic underwater vehicles for various purposes, including naval and research-based. Moreover, China’s Marine Electric Vehicle market held the largest market share, and the Indian Marine Electric Vehicle market was the fastest-growing market in the Asia-Pacific region.
Marine Electric Vehicle Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the marine electric vehicle market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The weight loss products industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Marine Electric Vehicle industry to benefit clients and increase the market sector. In recent years, the Marine Electric Vehicle industry has offered some of the most significant advantages to robotic underwater vehicles for various purposes . Major players in the Marine Electric Vehicle market, including Boesch Motorboote AG (Switzerland),Electrovaya (Canada), Corvus Energy (Canada), andothers, are attempting to increase market demand by investing in research and development operations.
Sumitomo Corporation is one of the largest worldwide sogo shosha general trading .companies and is a diversified corporation. The company was incorporated in 1919 and is a member company of the Sumitomo Group. Specialties Sumitomo Corporation includes Oil & Gas, Infrastructure, Lifestyle & Consumer Products, and Natural Resources & Agricultural Products. Sumitomo Corporation and Corvus Energy have announced a joint venture to develop zero-emission solutions for ships in Japan.
Corvus Energy is a Norwegian supplier of zero-emission and hybrid maritime, offshore, subsea, and port applications. The company was founded in Canada in 2009. The head office was moved to Norway in 2018. Corvus Energy deploys large-scale energy storage systems (ESS) using advanced lithium-ion battery systems proven economical, safe, and reliable in various challenging maritime and transportation applications. As the leading battery system supplier for hybrid and electric commercial marine vessels—such as ferries, cruise ships, offshore supply vessels, and tugboats—Corvus Energy has been honored with numerous environmental awards and is the only supplier to carry DNV, Lloyd’s Register, ABS, and BV product Type Approvals. Corvus Energy systems are also used in hybrid port cranes, electric light rail vehicles, hybrid trains, commercial vehicles, and an ever-expanding range of applications that demand exceptional battery performance. Sumitomo Corporation and Corvus Energy have announced a joint venture to develop zero-emission solutions for ships in Japan.
Key Companies in the Marine Electric Vehicle Market Include
- Boesch Motorboote AG (Switzerland)
- Electrovaya (Canada)
- Corvus Energy (Canada)
- Duffy Electric Boat (US)
- Torqeedo GmBH (Germany)
- Triton Submarines (US)
- Ruban Bleu (France)
- Saft (France)
- Wärtsilä- (Finland)
- Boeing (US)
- Andaman Boatyard (Thailand)
Marine Electric Vehicle Market Segmentation
Marine Electric Vehicle Type Outlook
- Battery Electric
- Plug-In Hybrid Electric
- Hybrid Electric
Marine Electric Vehicle Platform Outlook
- On-water
- Underwater
Marine Electric Vehicle Craft Application Outlook
- Military
- Leisure Tourist Surface Boat
- Work Boat
- Autonomous Underwater Vehicle (AUV)
- Personal Tourist Submarine
- Others
Marine Electric Vehicle Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Marine Electric Vehicle Industry Developments
For instance,July 2021 The Bangkok Metropolitan Authority has committed 12 new zero-emission all-electric ferries to reduce traffic and emissions
For instance,April 2021 Sumitomo Corporation and Corvus Energy have announced a joint venture to develop zero-emission solutions for ships in Japan.
For instance,September 2021 Fassmer, a leader in producing composite boats, has partnered with Toqee to launch a fully electric ferry for public transport – The Fassmer CIT-E Ferry.
For instance,September 2021 Corvus energy and Sanmar shipyards have signed a Memorandum of understanding (MOU) to develop hybrid and zero-emission tugs
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