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Marine Electric Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

March 2023 | 145 pages | ID: M48654BDB686EN
IMARC Group

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Market Overview:

The global marine electric vehicle market size reached US$ 4.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.2 Billion by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.

Marine electric vehicles (EVs) are zero-emission transportation systems that rely on renewable energy sources (RES) for electric propulsion. These vehicles require less maintenance, incur low running costs and are more environment friendly compared to fossil fuel-powered maritime vessels. As they reduce waves, increase speed and create less noise, marine EVs are also considered suitable for wildlife tours. Moreover, a significant shift in preferences from diesel-powered to hybrid electric boats is positively influencing the sales of marine EVs for both commercial and recreational purposes.

Due to the escalating demand for shipping and rising environmental concerns, there is an increase in the need for low and zero-emission vessels (ZEVs). This, in confluence with the emerging trend of digitalization and automation and the depletion of fossil fuels, represents one of the key factors bolstering the growth of the marine EV market. Additionally, the inflating disposable incomes are promoting the sales of seagoing enclosed yachts, ferries, workboats, personal submarines, scuba sea scooters and autonomous underwater vehicles (AUVs). This is also supported by the burgeoning travel and tourism sector, which is increasing the adoption of surface boats for leisure and recreational activities. Apart from this, the electric unmanned underwater vehicles (UUVs) are gaining traction in the oil and gas industry for offshore hydrocarbon extraction, detailed mapping of the ocean floor and scientific research. They can be integrated with high-definition (HD) cameras that transmit data to allow the inspection of the underwater environment efficiently.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global marine electric vehicle market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on vehicle type, propulsion type and application.

Breakup by Vehicle Type:

Military Vehicle
Work Boat
Leisure and Tourist Surface Boat
Autonomous Underwater Vehicle
Others
 

Breakup by Propulsion Type:

Battery Electric Vehicle
Plug-in Hybrid Vehicle
Hybrid Electric Vehicle
 

Breakup by Application:

On-Water Applications
Underwater Applications
 

Breakup by Region:

North America

United States
Canada

Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others

Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others

Latin America

Brazil
Mexico
Others

Middle East and Africa
 

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Andaman Boatyard, Boesch Motorboote AG, Corvus Energy Ltd., Duffy Electric Boat Co, Electrovaya Inc, Ruban Bleu, Saft Groupe S.A. (Total SE), The Boeing Company, Torqeedo GmbH, Triton Submarines LLC and Wдrtsilд Oyj Abp.

Key Questions Answered in This Report:

What was the size of the global marine electric vehicle market in 2022?
What is the expected growth rate of the global marine electric vehicle market during 2023-2028?
What are the key factors driving the global marine electric vehicle market?
What has been the impact of COVID-19 on the global marine electric vehicle market?
What is the breakup of the global marine electric vehicle market based on the vehicle type?
What is the breakup of the global marine electric vehicle market based on the propulsion type?
What is the breakup of the global marine electric vehicle market based on the application?
What are the key regions in the global marine electric vehicle market?
Who are the key players/companies in the global marine electric vehicle market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL MARINE ELECTRIC VEHICLE MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY VEHICLE TYPE

6.1 Military Vehicle
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Work Boat
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Leisure and Tourist Surface Boat
  6.3.1 Market Trends
  6.3.2 Market Forecast
6.4 Autonomous Underwater Vehicle
  6.4.1 Market Trends
  6.4.2 Market Forecast
6.5 Others
  6.5.1 Market Trends
  6.5.2 Market Forecast

7 MARKET BREAKUP BY PROPULSION TYPE

7.1 Battery Electric Vehicle
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 Plug-in Hybrid Vehicle
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3 Hybrid Electric Vehicle
  7.3.1 Market Trends
  7.3.2 Market Forecast

8 MARKET BREAKUP BY APPLICATION

8.1 On-Water Applications
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Underwater Applications
  8.2.1 Market Trends
  8.2.2 Market Forecast

9 MARKET BREAKUP BY REGION

9.1 North America
  9.1.1 United States
    9.1.1.1 Market Trends
    9.1.1.2 Market Forecast
  9.1.2 Canada
    9.1.2.1 Market Trends
    9.1.2.2 Market Forecast
9.2 Asia-Pacific
  9.2.1 China
    9.2.1.1 Market Trends
    9.2.1.2 Market Forecast
  9.2.2 Japan
    9.2.2.1 Market Trends
    9.2.2.2 Market Forecast
  9.2.3 India
    9.2.3.1 Market Trends
    9.2.3.2 Market Forecast
  9.2.4 South Korea
    9.2.4.1 Market Trends
    9.2.4.2 Market Forecast
  9.2.5 Australia
    9.2.5.1 Market Trends
    9.2.5.2 Market Forecast
  9.2.6 Indonesia
    9.2.6.1 Market Trends
    9.2.6.2 Market Forecast
  9.2.7 Others
    9.2.7.1 Market Trends
    9.2.7.2 Market Forecast
9.3 Europe
  9.3.1 Germany
    9.3.1.1 Market Trends
    9.3.1.2 Market Forecast
  9.3.2 France
    9.3.2.1 Market Trends
    9.3.2.2 Market Forecast
  9.3.3 United Kingdom
    9.3.3.1 Market Trends
    9.3.3.2 Market Forecast
  9.3.4 Italy
    9.3.4.1 Market Trends
    9.3.4.2 Market Forecast
  9.3.5 Spain
    9.3.5.1 Market Trends
    9.3.5.2 Market Forecast
  9.3.6 Russia
    9.3.6.1 Market Trends
    9.3.6.2 Market Forecast
  9.3.7 Others
    9.3.7.1 Market Trends
    9.3.7.2 Market Forecast
9.4 Latin America
  9.4.1 Brazil
    9.4.1.1 Market Trends
    9.4.1.2 Market Forecast
  9.4.2 Mexico
    9.4.2.1 Market Trends
    9.4.2.2 Market Forecast
  9.4.3 Others
    9.4.3.1 Market Trends
    9.4.3.2 Market Forecast
9.5 Middle East and Africa
  9.5.1 Market Trends
  9.5.2 Market Breakup by Country
  9.5.3 Market Forecast

10 SWOT ANALYSIS

10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 VALUE CHAIN ANALYSIS

12 PORTERS FIVE FORCES ANALYSIS

12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 PRICE ANALYSIS

14 COMPETITIVE LANDSCAPE

14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
  14.3.1 Andaman Boatyard
    14.3.1.1 Company Overview
    14.3.1.2 Product Portfolio
  14.3.2 Boesch Motorboote AG
    14.3.2.1 Company Overview
    14.3.2.2 Product Portfolio
  14.3.3 Corvus Energy Ltd.
    14.3.3.1 Company Overview
    14.3.3.2 Product Portfolio
  14.3.4 Duffy Electric Boat Co
    14.3.4.1 Company Overview
    14.3.4.2 Product Portfolio
  14.3.5 Electrovaya Inc
    14.3.5.1 Company Overview
    14.3.5.2 Product Portfolio
    14.3.5.3 Financials
    14.3.5.4 SWOT Analysis
  14.3.6 Ruban Bleu
    14.3.6.1 Company Overview
    14.3.6.2 Product Portfolio
  14.3.7 Saft Groupe S.A. (Total SE)
    14.3.7.1 Company Overview
    14.3.7.2 Product Portfolio
  14.3.8 The Boeing Company
    14.3.8.1 Company Overview
    14.3.8.2 Product Portfolio
    14.3.8.3 Financials
    14.3.8.4 SWOT Analysis
  14.3.9 Torqeedo GmbH
    14.3.9.1 Company Overview
    14.3.9.2 Product Portfolio
    14.3.9.3 Financials
  14.3.10 Triton Submarines LLC
    14.3.10.1 Company Overview
    14.3.10.2 Product Portfolio
  14.3.11 Wдrtsilд Oyj Abp
    14.3.11.1 Company Overview
    14.3.11.2 Product Portfolio
    14.3.11.3 Financials
    14.3.11.4 SWOT Analysis

LIST OF TABLES

Table 1: Global: Marine Electric Vehicle Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Marine Electric Vehicle Market Forecast: Breakup by Vehicle Type (in Million US$), 2023-2028
Table 3: Global: Marine Electric Vehicle Market Forecast: Breakup by Propulsion Type (in Million US$), 2023-2028
Table 4: Global: Marine Electric Vehicle Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 5: Global: Marine Electric Vehicle Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Marine Electric Vehicle Market: Competitive Structure
Table 7: Global: Marine Electric Vehicle Market: Key Players


LIST OF FIGURES

Figure 1: Global: Marine Electric Vehicle Market: Major Drivers and Challenges
Figure 2: Global: Marine Electric Vehicle Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Marine Electric Vehicle Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Marine Electric Vehicle Market: Breakup by Vehicle Type (in %), 2022
Figure 5: Global: Marine Electric Vehicle Market: Breakup by Propulsion Type (in %), 2022
Figure 6: Global: Marine Electric Vehicle Market: Breakup by Application (in %), 2022
Figure 7: Global: Marine Electric Vehicle Market: Breakup by Region (in %), 2022
Figure 8: Global: Marine Electric Vehicle (Military Vehicle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Marine Electric Vehicle (Military Vehicle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Marine Electric Vehicle (Work Boat) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Marine Electric Vehicle (Work Boat) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Marine Electric Vehicle (Leisure and Tourist Surface Boat) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Marine Electric Vehicle (Leisure and Tourist Surface Boat) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Marine Electric Vehicle (Autonomous Underwater Vehicle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Marine Electric Vehicle (Autonomous Underwater Vehicle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Marine Electric Vehicle (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Marine Electric Vehicle (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Marine Electric Vehicle (Battery Electric Vehicle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Marine Electric Vehicle (Battery Electric Vehicle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Marine Electric Vehicle (Plug-in Hybrid Vehicle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Marine Electric Vehicle (Plug-in Hybrid Vehicle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Marine Electric Vehicle (Hybrid Electric Vehicle) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Marine Electric Vehicle (Hybrid Electric Vehicle) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Marine Electric Vehicle (On-Water Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Marine Electric Vehicle (On-Water Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Marine Electric Vehicle (Underwater Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Marine Electric Vehicle (Underwater Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: North America: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: North America: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: United States: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: United States: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Canada: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Canada: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Asia-Pacific: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Asia-Pacific: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: China: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: China: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Japan: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Japan: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: India: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: India: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: South Korea: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: South Korea: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Australia: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Australia: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Indonesia: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Indonesia: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Others: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Others: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Europe: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Europe: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Germany: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Germany: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: France: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: France: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: United Kingdom: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: United Kingdom: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Italy: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Italy: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Spain: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Spain: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Russia: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Russia: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Others: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Others: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Latin America: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Latin America: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Brazil: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Brazil: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Mexico: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Mexico: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Others: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Others: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Middle East and Africa: Marine Electric Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Middle East and Africa: Marine Electric Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Middle East and Africa: Marine Electric Vehicle Market: Breakup by Country (in %), 2022
Figure 77: Global: Marine Electric Vehicle Industry: SWOT Analysis
Figure 78: Global: Marine Electric Vehicle Industry: Value Chain Analysis
Figure 79: Global: Marine Electric Vehicle Industry: Porter's Five Forces Analysis


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