Marine Electric Vehicles Market Analysis, Scope, Stake, Progress, Trends | Industry expected to witness approximately 10% of Growing CAGR by 2023

Market Overview:

he adoption of marine electric vehicles has increased drastically as they produce lower carbon emissions than fuel powered marine vehicles. Moreover, scarcity of fuel reserves has shifted the demand for diesel and gasoline fuel to alternative energy sources, which, in turn, propels the growth of the marine electric vehicles market. Marine electric vehicles are segmented by aircraft application, vehicle type, and platforms. In vehicle type, major sub-segments are battery electric vehicle, plug-in hybrid electric vehicles, and hybrid electric vehicles.
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.

Owing to the multiple uses of marine electric vehicles the global market for it is expected to register a staggering 10% CAGR during the forecast period (2017-2023), reveals Market Research Future (MRFR) in a minutely studied report.

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Market Dashboard:

Boesch Motorboote AG (Switzerland),
Electrovaya (Canada),
Corvus Energy (Canada),
Andaman Boatyard (Thailand),
Duffy Electric Boat (U.S.),
Torqeedo GmbH (Germany),
Triton Submarines (U.S.),
Ruban Bleu (France), Saft (France), Wärtsilä (Finland), and others.

Industry Trend:

Growing ecological awareness has influenced international bodies such as the International Maritime Organization considerably into taking actions against water pollution perpetrated by the traditional boats. The organization has planned to reduce carbon footprint by 40% by 2030 and has asked people to install batteries instead of using fossil fuels.
MG Energy Systems has introduced recently high-end lithium-ion batteries, a result of advanced technologies, to offer optimal performance to marine vehicles that are expected to set new trends in marine transport category.

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
Region-specific segmentation of the global market encapsulates namely North America, Europe, Asia Pacific (APAC), South America (LATAM), and the Middle East & Africa (MEA).
North America and South America are currently controlling the global market. The region is having a good flow owing to the favorable government policies. The U.S. is spending heavily in such sector for defense purposes and is trying to enhance its surveillance system.

Europe is also investing heavily in the segment as the region follows strict eco-friendly measures to minimalize carbon footprint. Recently, Switzerland trialed water taxis, SeaBubbles, driven by a battery charged engine that can considerably boost their tourism and transport.
The APAC is also witnessing significant growth owing to the presence of technologically advanced regions such as Japan and China. China has recently launched the world’s first all-electric cargo ship which is a milestone for this sector.

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This release was published on openPR.