Electric Vehicles Market in Marine 2018 Global Key Leaders: Boesch Motorboote, Electrovaya, Corvus Energy, Andaman Boatyard, Duffy Electric Boat , Torqeedo GmbH, Triton Submarines

Market Scenario:

Global Marine Electric Vehicle Market by Craft Application (Military, Leisure & Tourist Surface Boat, & Others), Vehicle type (Battery Electric, Plug-In Hybrid Electric & Hybrid Electric), Platform (On-water & Underwater), & Region- Forecast to 2023

The marine electric vehicle market includes on-water and underwater electric vehicles for inland waterways and seas. Military electric vehicles are the largest market sector by value at present, smaller market subsectors will increase their presence of market by value in the upcoming year. Development in green laws will help leisure and commercial marine electric vehicles sectors to grow. The major restraint for marine electric vehicles is the high battery cost and related issues.

The global marine electric vehicles market is expected to witness approximately 10% CAGR during the period of 2017 to 2023.

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Fuel used by ships and boats is varied and ranges from diesel and gasoline to wind energy. For example, ships that carry cargos and containers majorly run on diesel, gasoline. Electricity and solar energy are cheaper than diesel and gasoline, therefore, marine electric vehicles are now using these alternative sources of energy.

The efficiency of onboard electricity generation is important in all vessels. In recent decades, there has been considerable research on improved generation efficiency and the use of renewable energy sources. Considering the onboard electricity generation, companies are trying to carry out research in application of nuclear, wave, wind, solar, and gas technologies so that these energy sources can be used for marine vessels energy generation. With a focus on electricity generation, improvement is likely to be feasible within a decade.

An important feature of renewable energies, such as solar and wind, is that the fuel is free. Direct conversion of wind kinetic energy to vessel kinetic energy by sails and kites has great potential for renewable energy propulsion. Onboard wind generation of electricity is used in cruising yachts and has potential for electricity generation on other stationary vessels.

Solar energy application for onboard electricity generation has increased in last few years. However, there are limitations to the practical application of solar energy for marine vessels. Solar energy can be converted directly into electricity with solar photovoltaic cells or into heat energy using solar thermal collectors. Solar water heating by means of thermal collectors is a well-known technology and is viable for water heating for onboard services.

Segmentation:

The global marine electric vehicles market is segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Craft Application: Military, Work boat, Leisure & Tourist Surface Boat, Autonomous Underwater Vehicle, Personal & Tourist Submarine and Others
Segmentation by Vehicle type: Battery Electric Vehicle, Plug-In Hybrid Electric vehicle and Hybrid Electric Vehicle
Segmentation by Platform: On-water and Underwater
Segmentation by Regions: North America, Europe, Asia Pacific, Middle East & Africa and South America.

Regional Analysis

Due to the rising fuel costs and global warming, electric vehicles are going to be the popular mode of travel in the long run. They are expected to reduce air and sound pollution and supply improved overall performance. They have the added advantage as sustaining for a long period and at low maintenance costs.

Various countries are actively attempting to increase investments to develop higher infrastructural capabilities to attract marine electric vehicles market. Governments around the world are providing incentives, adding to awareness and market growth of electric vehicles. Additionally, original instrumentation makers are investing to expand production capacity and to alter the assembly method so as to attract major players of marine electric vehicles market.

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