Home / Press Release / Global Marine Electric Vehicles Market is Expected to Grow a CAGR of 8.7% during the Forecast Period

Global Marine Electric Vehicles Market is Expected to Grow a CAGR of 8.7% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global Marine Electric Vehicles Market: Growth, Future Prospects, and Competitive Analysis, 2015 - 2027”. The Global Marine Electric Vehicles Market generated revenue of around USD 4,236.2 million in 2020 and anticipated to grow at a CAGR of over 10.5% during the forecast period from 2021 to 2027 to reach around USD 8,521.3 million in 2027.

Browse the full report at https://www.credenceresearch.com/report/marine-electric-vehicles-market 

Marine electric vehicles are run on solar cells through battery banks and solar energy. Unlike fuel-based, these marine vehicles are battery powered and do not release carbons and other pollutants. These types of vehicles are appropriate for wildlife tours due to silent operation. Also, marine electric vehicles are used for workboat, leisure & tourism, military purpose, and others.

Key Trends in Global Marine Electric Vehicles Market

Increasing adoption of marine electric vehicles

Increasing adoption of marine EVs as they emit lower carbons is a factor expected to drive the growth of the global market. Also, the growing demand for fuel to electric powered vehicles is one of the factors expected to drive the growth of the global market over the forecast period. Increasing awareness regarding environmental protection is a factor projected to boost the revenue growth of the global marine electric vehicles market. Moreover, the development of electronic UUVs (unmanned underwater vehicles) coupled with growing demand for cost-efficient, reliable, and eco-friendly vessels is a factor expected to drive the growth of the global market. Furthermore, the increasing use of renewable energy resources for onboard power generation is another factor expected to drive the growth of the target market.

Impact of COVID 19 on Marine Electric Vehicles Market

The impact of COVID-19 pandemic spread through the 1st quarter of 2020, global marine electric vehicle sales in main markets, including the US and Europe, are expected to drop significantly. Disruption to downstream and upstream supply chains, falling consumer demand, and government rules have resulted in the suspension and limitation of production at key automotive OEMs and battery manufacturers. European and US automakers have overdue Asian Li-ion battery deliveries primarily scheduled for 2nd quarter 2020 among the increasing indecision for automotive demand.

Global Marine Electric Vehicles Market by Vehicle Type Insights

Battery Electric Vehicle, Plug-in Hybrid Vehicle and Hybrid Electric Vehicle are some of the major Vehicle Types through Marine Electric Vehicles. Hybrid Electric Vehicle segment accounted for the largest share in 2020 of the Marine Electric Vehicles Market in 2020.  

Hybrid Electric Vehicle Segment to Dominate the Global Marine Electric Vehicles Market

Global Marine Electric Vehicles Market by Application Insights

Military, Work Boat, Leisure and Tourist Surface Boat, Autonomous Underwater, Personal & Tourist Submarine, and Others are the Application of Marine Electric Vehicles market. In 2020, Military Application accounted for the largest share of Marine Electric Vehicles Market.

Global Marine Electric Vehicles Market is segmented based on On-Water Platforms and Underwater Platforms. On-Water Platforms accounted for the largest share of the Marine Electric Vehicles Market in 2020.

Global Marine Electric Vehicles Market by Regional Insights

The North America market is accounted for the highest revenue share and is expected to dominate the global Marine Electric Vehicles market over the forecast period. This is attributed to the government rules and initiatives to develop EVs, the increasing awareness about the reduction of carbon releases, and volatile fuel prices. Furthermore, the presence of the major manufacturers including Triton Submarines and Electrovaya Inc. in the region is expected to increase the growth of the global market.

Global Marine Electric Vehicles Market Competitive Landscape

Most prominent players in the global Marine Electric Vehicles Market include Torqeedo GmbH, Tamarack Lake Electric Boat Co., Triton Submarines, Andaman Boat Yard Co., Ltd., Wärtsilä Oyj Abp, Duffy Electric Boat Company, Electrovaya Inc., Ruban Bleu, Corvus Energy Ltd, Boesch Motorboote AG. The report covers very detailed profiles of these key players.

Market Segmentation

Global Marine Electric Vehicles Market by Vehicle Type, 2015 - 2027

· Battery Electric Vehicle

· Plug-in Hybrid Vehicle

· Hybrid Electric Vehicle

Global Marine Electric Vehicles Market by Application, 2015 - 2027

· Military

· Work Boat

· Leisure and Tourist Surface Boat

· Autonomous Underwater

· Personal & Tourist Submarine

· Others

Global Marine Electric Vehicles Market by Platform, 2015 - 2027

· On-Water Platforms

· Underwater Platforms

Global Marine Electric Vehicles Market by Region, 2015 - 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Marine Electric Vehicles Market: Key Players

· Torqeedo GmbH

· Tamarack Lake Electric Boat Co.

· Triton Submarines

· Andaman Boat Yard Co., Ltd.

· Wärtsilä Oyj Abp

· Duffy Electric Boat Company

· Electrovaya Inc.

· Ruban Bleu

· Corvus Energy Ltd

Boesch Motorboote AG.

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