Leading Element Driving Change in the Marine Electric Vehicle Market in 2025: Rising Cruise Demand Fuels the Marine Electric Vehicle Market Driver

What industry-specific factors are fueling the growth of the marine electric vehicle market?
The rising interest and demand in cruise vacations are predicted to fuel the advancement of the marine electric vehicle market. Cruise vacations involving extensive journeys on large passenger ships, also known as cruise liners, are gaining popularity as they present a distinct and enjoyable method to discover various global destinations. Electrically powered cruise ships, which serve as marine electric vehicles for passengers, promote eco-friendly transit and contribute to the reduction of greenhouse gas emissions. For example, corresponding data from the Cruise Lines International Association, a US-based trade union, suggests that the number of British and Irish residents opting for cruises in April 2023 has increased drastically to 1.7 million, a significant rise from the 479,000 recorded the preceding year. Hence, the burgeoning market for cruises is set to stimulate the marine electric vehicle market's growth. A swell in maritime tourism is likely to accelerate the marine electric vehicle market towards progress in the future. Maritime tourism, which includes water-related activities like yachting, boating, cruises, water sports, and their corresponding infrastructure and land services, relies heavily on marine vehicles for exploration and recreational purposes on water. Data retrieved from the NOAA Office for Coastal Management (OCM), a federal agency based in the US, indicates that maritime tourism witnessed a substantial growth of 27.3% in December 2023. This spike led to a $49.8 billion contribution to the marine economy, exceeding the national economic growth rate. As a result, this upsurge in maritime tourism serves as a driving force for the marine electric vehicle market.

Get Your Marine Electric Vehicle Market Report Here:
https://www.thebusinessresearchcompany.com/report/marine-electric-vehicle-global-market-report

What Is the projected market size and growth rate for the marine electric vehicle market?
The expansion of the marine electric vehicle market has been swift and significant in the past few years. The market value is set to increase from $10.36 billion in 2024 to $11.96 billion in 2025, showcasing a compound annual growth rate (CAGR) of 15.4%. The impressive growth in the historical period is a result of factors such as environmental regulations, fluctuating fuel prices, aims to reduce emissions, as well as public opinion and market image.

Anticipated to experience swift expansion in the upcoming years, the marine electric vehicle market is projected to rise to $19.43 billion by 2029, boasting a compound annual growth rate (CAGR) of 12.9%. The growth throughout the forecasted period can be associated with factors like regulations from the international maritime organization (imo), cost efficiency, worldwide sustainability efforts, investment in research and development, as well as increased public consciousness and pressure. Expectations for the forecast period include advancements in dynamic positioning systems, increased adoption of power-saving electric propulsion systems, the launch of solar-powered electric boats, development of shore-to-ship electric charging infrastructure, the integration of cutting-edge energy management systems, and the creation of high-speed electric ferries.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=13480&type=smp

What new trends are reshaping the marine electric vehicle market and its opportunities?
Major businesses in the marine electric vehicle sector, such as Cheetah Marine, a UK-based power catamaran designer and manufacturer, are concentrating on introducing groundbreaking products like the Cheetah R630 to deliver top-tier customer service. The first of its kind, the Cheetah R630 is an electric RIB (Rigid Inflatable Boat) that features a fuel-saving, highly efficient lightweight hull when powered by a combustion engine, yet it is easily adaptable to electric propulsion. Launched in June 2023, the Cheetah R630 has a length of 6.3 meters (20 ft 6 in) and is an eco-friendly and super-efficient electric ship intended for sustainable marine industry boating. Besides electric power, the Cheetah R630 also has the capability to operate on diesel or gasoline. It offers generous space for passengers as well as equipment and comes with an under-deck fuel storage, keeping the deck uncluttered and clean.

What major market segments define the scope and growth of the marine electric vehicle market?
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

Subsegments:
1) By Electric Propulsion Systems: Full Electric Propulsion, Hybrid Electric Propulsion, Fuel Cell Electric Propulsion
2) By Electric Motors: AC Motors, DC Motors, Permanent Magnet Motors
3) By Energy Storage Systems: Lithium-Ion Batteries, Lead-Acid Batteries, Solid-State Batteries, Supercapacitors
4) By Charging Infrastructure: Shore Power Charging Stations, Wireless Charging Systems, Onboard Charging Solutions

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=13480

Which region dominates the marine electric vehicle market?
North America was the largest region in the marine electric vehicle market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marine electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Which key market leaders are driving the marine electric vehicle industry growth?
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

Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/customise?id=13480&type=smp

What Is Covered In The Marine Electric Vehicle Global Market Report?

•Market Size Forecast: Examine the marine electric vehicle market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the marine electric vehicle market for a structured understanding.
•Key Players Overview: Analyze major players in the marine electric vehicle market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the marine electric vehicle market.
•Segment Contributions: Evaluate how different segments drive overall growth in the marine electric vehicle market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the marine electric vehicle market.
•Industry Challenges: Identify potential risks and obstacles affecting the marine electric vehicle market.
•Competitive Landscape: Review strategic developments in the marine electric vehicle market, including expansions, agreements, and new product launches.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.