Marine Electric Vehicle Market Projected to reach $29.1 Billion by 2030

The Marine Electric Vehicle Market is projected to grow from USD 10.1 billion in 2022 to USD 29.1 billion by 2030, at a CAGR of 16.4% from 2023 to 2030. The global rise in sea-borne trade is likely to drive growth in the Marine Electric Vehicle Market across many categories. Furthermore, the increasing demand for electrified maritime solutions to curb harmful emissions is a key factor driving the growth in the market.

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Based on Ship Type, the commercial segment is expected to dominate the market share during the forecast period. Increasing adoption of electric passenger transportation vessels and recreational boats that are replacing conventional vessels on account of rising emissions and the need to reduce fuel and operational costs.

Based on Technology, the fully electric segment is projected to hold a larger market share during the forecasted period. The growth of the fully electric segment can also be attributed to the increasing demand for electric medium and small-sized vessels as well as fully electric autonomous vessels. All manufacturers are investing excessively in the manufacturing of ships adhering to the strict regulations against emissions.

Based on the Range, the >1,000 km segment is expected to have higher growth during the forecast period. With advancements in hybrid electric propulsion systems, more long-range vessels are expected to be introduced into the market in the coming years. This will be one of the driving factors for the segment.

Based on Region, Europe accounted for the largest market share in 2023, and it is also projected to witness the highest CAGR during the forecast period. The expansion of the shipbuilding industry can be attributed to the strong demand for electric and hybrid electric ships within the region. Leading the way in adopting electric solutions for maritime vessels, countries such as Norway, Denmark, the Netherlands, and Germany have played a pivotal role in driving this trend.

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Major players operating in the Marine Electric Vehicle Market include ABB (Switzerland), Siemens AG (Germany), BAE Systems (UK), General Electric (US), and Kongsberg Gruppen (Norway). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific.

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This release was published on openPR.