Marine Electric Vehicle Market Report

Market Insights

“The Marine Electric Vehicle market value was US$ 10.2 Billion in 2023 and is likely to grow at an impressive CAGR of 14.6 % in the long run to reach US$ 31.2 Billion in 2032”.

Market Dynamics

Introduction

Marine electric vehicles (MEVs) are watercraft powered by electric propulsion, using batteries or hybrid systems instead of fossil fuels. They offer eco-friendly, low-emission alternatives to conventional vessels, addressing environmental concerns. MEVs are used in various sectors, including commercial transport, military operations, and recreational boating, providing sustainable solutions for cleaner marine transportation and reducing carbon footprints.

Recent Market JVs and Acquisitions:

A huge number of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• In May 2018, The technology group Wärtsilä announces its acquisition of Transas.

Segment Analysis

By Technology Type

“Hybrid Electric are expected to remain dominant in the market during the forecast period.”

• Diesel-electric propulsion systems are an integrated combination of conventional engines and electrical motors, which allow vessels to select the optimal power source.
• Hybrid systems are more advantageous for larger vessels since these vessels have more fluctuating power requirements, loading capacities, and ranges to manage than full electric vessels.
• Hybrid technology has the benefit of lowering emissions which are important in efforts to meet sustainability standards across the world.
• Market share is growing, particularly due to the rise of commercial vessel usage, particularly for passengers and large vessels

By Platform Type

“On Water Segment is expected to remain the dominant and fastest-growing Platform type in the market during the forecast period.”

• The on-water category of electric vehicles comprising ferries, passenger ships, and recreational boats is anticipated to dominate the market for Marine Electric Vehicles.
• The underwater segment, particularly the Unmanned Underwater Vehicles (UUVs) are expected to show robust growth owing to their usage in defense, research and offshore energy sectors.
• Ships that are on water use electrical power to power the propellers in order to minimize the amounts of emissions especially in the commercial and recreational boats.
• Advances in battery and propulsion systems enable the electric vehicles underwater extending their longevity and effectiveness for deep sea operations

By Application:

“The Commercial Application of Marine Electric Vehicle is expected to hold the largest share among the application type”

• The commercial segment that comprises passenger transport and recreational boats and ships is expected to hold the largest share of the Marine Electric Vehicle market owing to growing demand for electric propulsion for sustainability.
• The military segment is experiencing increasing usage of electric vehicles for covert purposes, surveillance, and mine countermeasure purposes, thus, in the defense segment.
• UMVs are also commonly known as Unmanned Underwater Vehicles (UUVs) are rapidly finding its applications in underwater exploration, environmental monitoring, and defense.
• The military and the commercial industry targets electric vehicles due to emissions reduction, energy efficiency, and meeting international environmental standards.

By Mode of Operations

“Manned type of operations are widely used mode of operations and is expected to remain dominant throughout the forecast period”

• Of the marine electric vehicle types, the manned marine electric vehicles are the most used in commercial and passenger transport.
• Unmanned submersibles also known as remotely operated vehicles, are being widely used in offshore energy and underwater exploration due to a better control system and also due to better operating system.
• Self-propelled marine electric vehicles are advancing quickly, especially in military and unmanned maritime survey, which can function independently with superior performance than manned vessels.
• Technological advancements in Artificial intelligence and control systems are the key triggers to both manned and unmanned vessels enhancing on navigation, mission duration, and operational precision.

Regional Analysis

“The Europe is expected to remain the largest market for Marine Electric Vehicle during the forecast period.”

• Marine Electric Vehicle is expected to find the greatest demand in Europe because of strong performers, enormous research and development expenditures, and stringent environmental legislation.
• North American is anticipated to witness considerable growth since demand for electric vessels in defense and other commercial segments combined with government policies to curb emissions is high.
• There is a great potential for growth in the Asia-Pacific region especially with increasing demand for electrical vessels in commercial shipping and tourism, but this is faced with some challenges because of differing laws.
• Europe and North America are the pioneers in the sustainable marine solution market, and Asia-Pacific is emerging due to growing regulatory changes in the region.

Key Players

The market is concentrated with the presence of under 200 players across the region. Most of the major players compete in some of the governing factors including price, service offerings, regional presence, etc. The following are the key players in Marine Electric vehicle market

Here is the list of the Top Players (Based on Dominance)

• Torqeedo GmbH
• Wärtsilä
• Corvus Energy
• ABB Marine & Ports
• Kongsberg Gruppen ASA
• Saft Groupe S.A.
• Boesch Motorboote AG
• Duffy Electric Boat Co.
• Siemens Marine

Note: The above list does not necessarily include all the top players of the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The global marine electric vehicle market is segmented into the following categories. 

Marine Electric Vehicle Market, by Technology Type

• Hybrid (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Full Electric (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Electric Vehicle Market, by Platform Type

• On Water (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Underwater (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Marine Electric Vehicle Market, by Application Type

• Military (Country Analysis: The USA, Canada, and Mexico)
• Commercial (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Unmanned Maritime Vehicle (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)

Marine Electric Vehicle Market, by Mode of Operation Type

• Manned (Country Analysis: The USA, Canada, and Mexico)
• Remotely Operated (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Autonomous (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)

Marine Electric Vehicle Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s Marine Electric Vehicle market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com