Press release
Marine Electric Vehicle Market Report 2024: Strategies And Recent Developments | ABB Ltd. , Torqeedo GmbH, Corvus Energy Ltd., Duffy Electric Boat Company, Electrovaya Inc, Ruban Bleu
Marine Electric Vehicle Market Characteristics
The Business Research Company offers in-depth market insights through Marine Electric Vehicle Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The marine electric vehicle market size has grown rapidly in recent years. It will grow from $8.97 billion in 2023 to $10.36 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to environmental regulations, fuel price volatility, emission reduction targets, public perception and image..
The marine electric vehicle market size is expected to see rapid growth in the next few years. It will grow to $17.27 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to international maritime organization (imo) regulations, cost competitiveness, global sustainability initiatives, research and development investments, public awareness and pressure.. Major trends in the forecast period include development of dynamic positioning systems, adoption of energy-efficient electric propulsion systems, introduction of solar-powered electric boats, implementation of shore-to-ship electric charging infrastructure, integration of advanced energy management systems, development of high-speed electric ferries..
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Market Segmentation:
The main technologies in marine electric vehicles are electric propulsion systems, electric motors, energy storage systems, and charging infrastructure. Electric propulsion systems refer to a type of propulsion technology that uses electricity to generate thrust or propulsion for vehicles or vessels. The various vessel sizes include small electric boats (up to 6 meters), medium-sized electric boats (6-10 meters), and large electric ships (over 10 meters) with various ownerships such as rental and charter services, and individual ownership. The various vehicle types include military vehicles, work boats, leisure and tourist surface boats, autonomous underwater vehicles, and others. These are used in various applications such as leisure and recreational, commercial, and military.
Major Driver - Rising Cruise Demand Fuels the Marine Electric Vehicle Market
The increasing demand for cruises is expected to propel the growth of the marine electric vehicle market going forward. Cruises refer to vacations or trips taken on cruise ships or cruise liners, which are large passenger vessels designed to offer a unique and enjoyable way to explore various destinations. Electric cruise ships are used as marine electric vehicles for passengers to provide and promote leisure, tourism, and transportation, encouraging eco-friendliness and reducing greenhouse gas emissions. For instance, in April 2023, according to the Cruise Lines International Association, a US-based trade association, British and Irish holidaymakers took around 1.7 million cruises, up from 479,000 the previous year. Therefore, the increasing demand for cruises is driving the growth of the marine electric vehicle market.
Competitive Landscape:
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
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https://www.thebusinessresearchcompany.com/report/marine-electric-vehicle-global-market-report
Top Trend - Developing Innovative Products In Marine Electric Vehicles To Drive The Revenues
Major companies operating in the marine electric vehicle market are focusing on the development of innovative products such as the Cheetah R630 to provide high-quality services to customers. The Cheetah R630 is the first electric RIB (rigid Inflatable Boat) with a highly efficient lightweight hull that saves fuel when propelled by a combustion engine but is easily converted to electric propulsion. For instance, in June 2023, Cheetah Marine, a UK-based company that designs and constructs power catamarans launched Cheetah R630. The Cheetah R630 is an electric vessel with a 6.3-meter (20 ft 6 in) rigid inflatable boat that is super-efficient and eco-friendly for the marine industry with sustainable boating. The Cheetah R630 electric vessel can also run on diesel or gasoline. It provides ample room for both passengers and equipment. The Cheetah R630 has fuel storage under the deck, which keeps the deck clear and clean.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Marine Electric Vehicle Market Characteristics
3. Marine Electric Vehicle Market Trends And Strategies
4. Marine Electric Vehicle Market - Macro Economic Scenario
5. Marine Electric Vehicle Market Size And Growth
…..
27. Marine Electric Vehicle Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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