What Fueled The Previous Growth In The Marine Electric Vehicle Market?
The marine electric vehicle market has seen considerable growth due to a variety of factors.
• The market for marine electric vehicles has seen steep growth over the past few years. The size of this market is projected to surge from $10.36 billion in 2024 to $11.96 billion in 2025, registering a compound annual growth rate (CAGR) of 15.4%.
Factors such as environmental rules, fluctuating fuel prices, goals for lowering emissions, and public opinion and perception, have been instrumental in driving this historic growth phase.
What Can Be Expected from the Marine Electric Vehicle Market Size?
The marine electric vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, a spike in the marine electric vehicle market size is anticipated, reaching $19.43 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 12.9%.
This projected growth in the forecast period could be due to factors like international maritime organization (imo) rules, cost competitiveness, worldwide sustainability initiatives, investments in research and development, as well as public consciousness and pressure. Key trends for the forecast period encompass the creation of dynamic positioning systems, the embracing of energy-saving electric propulsion systems, the emergence of solar-powered electric boats, putting into operation of shore-to-ship electric charging foundations, incorporation of sophisticated energy management systems, and the development of high-speed electric ferries.
What Are the Critical Driver Fuelling The Marine Electric Vehicle Market's Growth?
Anticipated growth in cruise demand will likely further stimulate the marine electric vehicle market's expansion. When referencing cruises, it's all about holiday trips enjoyed on cruise ships, large passenger carriers designed to provide a unique travel experience for multiple destinations. Electric cruise ships serve as marine electric vehicles to offer and enhance passenger transport, tourism, and leisure, all while promoting an eco-friendly environment and decreasing greenhouse emissions. For example, in April 2023, the Cruise Lines International Association reported that the number of British and Irish passengers grew from 479,000 to approximately 1.7 million within a year. This elevated cruise demand contributes to the marine electric vehicle market's growth. The marine electric vehicle market's expansion can also be credited to the rise in maritime tourism. Activities related to maritime tourism include water sports, yachting, cruising, boating, and the related infrastructure and land facilities. Marine tourism turns to marine vehicles as a mode of on-the-water exploration, recreation, and leisure. There was significant growth in maritime tourism in December 2023 according to the NOAA Office for Coastal Management, with a 27.3% surge contributing $49.8 billion to the marine economy, exceeding the national economic growth rate. This notable growth in maritime tourism serves as another catalyst for the marine electric vehicle market's escalation.
How Is The Marine Electric Vehicle Market segmented?
The marine electric vehicle market covered in this report is segmented –
1) By Technology: Electric Propulsion Systems, Electric Motors, Energy Storage Systems, Charging Infrastructure
2) By Vessel-Size: Small Electric Boats (Up to 6 meters), Medium-Sized electric Boats (6-10 meters), Large Electric ships (Over 10 meters)
3) By Ownership: Rental And Charter Services, Individual Ownership
4) By Vehicle Type: Military Vehicle, Work Boat, Leisure And Tourist Surface Boat, Autonomous Underwater Vehicle, Other Vehicle Types
5) By Application: Leisure And Recreational, Commercial, Military
Subsegments:
1) By Electric Propulsion Systems: Full Electric Propulsion, Hybrid Electric Propulsion, Fuel Cell Electric Propulsion
2) By Electric Motors: AC Motors, DC Motors, Permanent Magnet Motors
3) By Energy Storage Systems: Lithium-Ion Batteries, Lead-Acid Batteries, Solid-State Batteries, Supercapacitors
4) By Charging Infrastructure: Shore Power Charging Stations, Wireless Charging Systems, Onboard Charging Solutions
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What Emerging Trends Are Influencing The Growth Of The Marine Electric Vehicle Market?
Leading firms in the marine electric vehicle market are concentrating on the creation of novel products such as the Cheetah R630, in an effort to offer superior services to clients. Characterized as the first electric RIB (Rigid Inflatable Boat) with an efficient lightweight hull design, the Cheetah R630 not only conserves fuel for combustion engines but is also easily adaptable to electric propulsion. In June 2023, Cheetah Marine, a UK-established firm specializing in power catamaran manufacturing, unveiled the Cheetah R630. This 6.3-meter (20 ft 6 in) electric vessel presents an environmentally sustainable boating option, that's super-efficient for the marine sector. Apart from its electric-focused operation, the Cheetah R six30 can alternatively run on diesel or gasoline. It boasts ample space for accommodating both passengers and equipment. With fuel storage located beneath the deck, the boat maintains a clear and tidy deck area.
Who Are the Key Players In The Marine Electric Vehicle Market?
Major companies operating in the marine electric vehicle market report are:
• ABB Ltd.
• Torqeedo GmbH
• Corvus Energy Ltd.
• Duffy Electric Boat Company
• Electrovaya Inc.
• Ruban Bleu
• Saft
• Triton Submarines LLC
• BAE Systems
• Kongsberg Gruppen
• Vision Marine Technologies
• Boesch Motorboote AG
• Echandia Marine AB
• Leclanché
• WEG
• Echandia Marine AB
• Triton Submarines LLC
• Azura Marine
• Ruban Bleu
• Elco Motor Yachts
• Aquawatt
• Alfastreet Marine
• Rand Boats
• Duffy Electric Boat Company
• Boesch Motorboote AG
• Aquon One
• Iguana Yachts
• Vita Power
• Zin Boats
• Crown Electric Ships and Boats
What Is The Most Dominant Region In The Marine Electric Vehicle Market?
North America was the largest region in the marine electric vehicle market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marine electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
