Tourism Sector to Play Crucial Role in Marine Electric Vehicle Market Expansion


Market Dashboard

Electrovaya (Canada), Duffy Electric Boat (U.S.), Boesch Motorboote AG (Switzerland), Andaman Boatyard (Thailand), Corvus Energy (Canada), Triton Submarines (U.S.), Torqeedo GmbH (Germany), Ruban Bleu (France), Wärtsilä (Finland), and Saft (France) among others are enlisted by MRFR that are functioning in the marine electric vehicles market.

Market Overview

Market Research Future (MRFR) analysis on the marine electric vehicles market 2020 reveals strength, threats, and opportunity of the market for the analysis period 2017-2023. As per MRFR assessment, the marine electric vehicle global market can rise at 10% CAGR in the review period. The curiosity drive of people have pushed them to exploring possibilities in ocean and sea for better understanding of natural resources. Natural minerals and marine-derived subustance have high benefits and can offer unprecedented advantage for the posterity.

Thus, the expansion of scope for marine electric vehicles can support the expansion of the market across the analysis period. The adoption of electric vehicle side-linings over traditional fossil-fuel enabled vehicles is observed to make a considerable impact on the marine electric vehicle market across the review period. On the contrary, high battery price and issues related to OEMs can curtail the marine electric vehicle market growth pace in the years to come. Subsequently, a good number of vehicle owners might refuse to adopt electric vehicle for marine applications that can also deter the surge of the market in the near future.

Market Segmentation

The segment assessment of the marine electric vehicle is done by vehicle type, craft application, and platform.

The craft application based segments of the marine electric vehicle market are leisure & tourist surface boat, military, workboat, personal & tourist submarine, and autonomous underwater vehicle among others. The military segment can secure the largest share of the Marine Electric Vehicle Market

The vehicle type based segments of the marine electric vehicle market are plug-in hybrid electric vehicle, battery electric vehicle, and hybrid electric vehicle. The Hybrid vehicles can gain traction due to their large number of applications.

The Platform based segments of the marine electric vehicle market are under-water and on-water.

Regional Analysis

Trends of the marine electric vehicle global market is studied across North America, EU, South America, LATAM, Asia Pacific, and the MEA.

In South and North America, the marine electric vehicle market can thrive due to the presence of favorable government policies supporting the promotion of electric vehicles. The hefty investment made in defense sector to introduce electric vehicles to improve surveillance system can prompt the rise of the marine electric vehicle market, headed by the US following Mexico, in the study period.

In Europe, the prevalence of stringent eco-friendly measures to curb carbon footprint is responsible for the penetration of electric vehicle, which can support the expansion of EU marine electric vehicle market in the approaching years. Moreover, the growing popularity of trailed water taxis driven by battery charged engine can boost the tourism and transport sector, thus prompt the expansion of the marine electric vehicle market in the near future.

In APAC, the expansion of marine electric market can be credited to the availability expertise and the introduction of advanced technological solutions, such as all-electric cargo ship. The rise in ecological awareness that have influenced different international bodies to take actions against pollution of water by traditional boats can impel the expansion of the regional market in the years ahead. The drop in carbon footprint by 40% by 2030 is likely, as a large populace of people are using battery driven fuels instead of fossil fuels enabled fuels.

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