Press release
Marine Electric Vehicle Market Set to Reach $17.27B by 2028, Fueled by Sustainability Initiatives
Marine Electric Vehicle Market Report
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.
Market Overview -
Marine electric vehicles (MEVs) are a type of watercraft designed with electric propulsion as their primary power source. These vehicles utilize electrification and environmentally friendly alternatives that rely on internal combustion engines in the transportation sector, aiming to reduce emissions and environmental impacts in the maritime industry. It is used to operate on water bodies such as rivers, lakes, seas, and oceans.
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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
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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