Home / Automotive & Transportation / Marine Electric Vehicles Market by Vehicle Type (Battery Electric Vehicle, Plug-in Hybrid Vehicle, Hybrid Electric Vehicle) by Application (Military Work Boat, Leisure and Tourist Surface Boat, Autonomous Underwater, Personal & Tourist Submarine, Others) by Platform (On-Water Platforms, Underwater Platforms): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

Marine Electric Vehicles Market by Vehicle Type (Battery Electric Vehicle, Plug-in Hybrid Vehicle, Hybrid Electric Vehicle) by Application (Military Work Boat, Leisure and Tourist Surface Boat, Autonomous Underwater, Personal & Tourist Submarine, Others) by Platform (On-Water Platforms, Underwater Platforms): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

Published: Jun 2021 | Report Code: 60381-06-21

The Marine Electric Vehicles Market is expected to cross market value of USD 8,521.3 million in 2027 from USD 4,236.2 million in 2020. It is expected to grow at a CAGR of over 10.5% during the forecast period.

Key Market Drivers and Restraints

Rising demand for shipping and rising eco-friendly concerns, there is an growing need for zero-emission vessels. This, in confluence with the developing trend of digitalization and automation and the depletion of fossil fuels, signifies key factors boosting the growth of the global market. Additionally, the expanding disposable incomes are helping the sales of oceangoing enclosed yachts, workboats, scuba sea scooters, personal submarines, ferries, and autonomous underwater vehicles. This is supported by the growing travel and tourism sector, which is increasing adoption of surface boats for leisure and recreational activities. Also, the electric UUVs are gaining power in the oil & gas sector for the offshore hydrocarbon extraction, complete mapping of the scientific research and ocean floor.

Impact of COVID 19

At the beginning of 2021, COVID-19 disease began to spread around the world, millions of people worldwide were infected with COVID-19 disease, and major countries around the world have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Marine Electric Vehicle industries have also been greatly affected. With the slowdown in world economic growth, the Marine Electric Vehicles industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Marine Electric Vehicles market size to maintain the average annual growth rate of 15 from 2015 to 2021, Bis Report analysts believe that in the next few years, Marine Electric Vehicles market size will be further expanded, we expect that by 2025.

North America to Dominate the global Marine Electric Vehicles Market

The global Marine Electric Vehicles Market covers the six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East and Africa, including all the key economies in these regions. North America market is dominated the global market and accounted for more than 65.0% of the total market. This is attributed to growing awareness about the reduction of carbon emissions, and volatile fuel costs.

Global Marine Electric Vehicles Market is led by the Military

Military, and Work Boat, are the key application in the Marine Electric Vehicles Market. In 2020, Military segment is accounted for the largest share of Marine Electric Vehicles Market. However, Work Boat segment is anticipated to grow at the fastest CAGR during the forecast period.

Hybrid Electric Vehicle would continue to dominate the global Marine Electric Vehicles Market in terms of Vehicle Type

Battery Electric Vehicle and Plug-in Hybrid Vehicle are some of the major types of Vehicle Type. Hybrid Electric Vehicle segment accounted for the largest share in 2020 of the Marine Electric Vehicles Market in 2020. Increasing demand for Hybrid Electric Vehicle due to use less fuel than similar conventional vehicles.

Frequently asked questions about global Marine Electric Vehicles market

  • What are the consequences of COVID 19 on global Marine Electric Vehicles?
    Ans: Disruption to downstream and upstream supply chains, falling consumer demand, and limitation of production at key automotive OEMs and battery manufacturers.
  • Which are the key Vehicle Types through Marine Electric Vehicles?
    Ans: Battery Electric Vehicle and Plug-in Hybrid Vehicle are the most frequently through Marine Electric Vehicles
  • Which is the key Application through which Marine Electric Vehicles occurs?
    Ans: Military is the most Application in Marine Electric Vehicles
  • Who are the key players in the global Marine Electric Vehicles?
    Ans: Torqeedo GmbH, Tamarack Lake Electric Boat Co., Triton Submarines, Andaman Boat Yard Co., Ltd., Wärtsilä Oyj Abp, Duffy Electric Boat Company are key players operating in this market
  • Which is the fastest growing Platform segment for global Marine Electric Vehicles?
    Ans: On-Water Platforms Platform offers tremendous opportunities to players
  • Which is the leading regional market for global Marine Electric Vehicles?
    Ans: North America has the largest share owing to the government rules and initiatives to develop EVs, the increasing awareness about the reduction of carbon releases, and volatile fuel prices
  • What will be the CAGR (2021 - 2027) of in global Marine Electric Vehicles?
    Ans: The market is anticipated to grow at a CAGR of 10.5% throughout the forecast period
  • Which are the major factors driving the growth of global Marine Electric Vehicles?
    Ans: Increasing adoption of marine EVs as they emit lower carbons is a factor expected to drive the growth of the global market.


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