The global marine electric vehicle market size reached US$ 3.8 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.9 Billion by 2027, exhibiting a growth rate (CAGR) of 10.17% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Marine electric vehicles (EVs) are zero-emission transportation systems that rely on renewable energy sources (RES) for electric propulsion. These vehicles require less maintenance, incur low running costs and are more environment friendly compared to fossil fuel-powered maritime vessels. As they reduce waves, increase speed and create less noise, marine EVs are also considered suitable for wildlife tours. Moreover, a significant shift in preferences from diesel-powered to hybrid electric boats is positively influencing the sales of marine EVs for both commercial and recreational purposes.

Due to the escalating 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 and the depletion of fossil fuels, represents one of the key factors bolstering the growth of the marine EV market. Additionally, the inflating disposable incomes are promoting the sales of seagoing enclosed yachts, ferries, workboats, personal submarines, scuba sea scooters and autonomous underwater vehicles (AUVs). This is also supported by the burgeoning travel and tourism sector, which is increasing the adoption of surface boats for leisure and recreational activities. Apart from this, the electric unmanned underwater vehicles (UUVs) are gaining traction in the oil and gas industry for offshore hydrocarbon extraction, detailed mapping of the ocean floor and scientific research. They can be integrated with high-definition (HD) cameras that transmit data to allow the inspection of the underwater environment efficiently.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global marine electric vehicle market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on vehicle type, propulsion type and application.

Breakup by Vehicle Type:

Military Vehicle
Work Boat
Leisure and Tourist Surface Boat
Autonomous Underwater Vehicle
Others

Breakup by Propulsion Type:

Battery Electric Vehicle
Plug-in Hybrid Vehicle
Hybrid Electric Vehicle

Breakup by Application:

On-Water Applications
Underwater Applications

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Andaman Boatyard, Boesch Motorboote AG, Corvus Energy Ltd., Duffy Electric Boat Co, Electrovaya Inc, Ruban Bleu, Saft Groupe S.A. (Total SE), The Boeing Company, Torqeedo GmbH, Triton Submarines LLC and W?rtsil? Oyj Abp.

Key questions answered in this report:
How has the global marine electric vehicle market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global marine electric vehicle market?
What are the key regional markets?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the propulsion type?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global marine electric vehicle market and who are the key players?
What is the degree of competition in the industry?