Press release
2024 Marine Electric Vehicle Market Dynamics: Trends, Technology, and Growth Prospects
marine electric vehicle market size
According to The Business Research Company's, 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 Drivers and Trends:
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.
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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Major Key Players of the Market:
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
Marine Electric Vehicle Market 2024 Key Insights:
• The marine electric vehicle market is expected to grow to $17.27 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%.
• Rising Cruise Demand Fuels the Marine Electric Vehicle Market
• Developing Innovative Products In Marine Electric Vehicles To Drive The Revenues
• North America was the largest region in the marine electric vehicle market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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