CHICAGO, July 17, 2023 /PRNewswire/ — The Marine Electric Vehicle Market size is projected to grow from USD 10.1 billion in 2022 to USD 29.1 Billion by 2030, at a CAGR of 16.4 % from 2023 to 2030 according to a new report by MarketsandMarkets™. The increase in electric maritime solutions is driving growth in the market.
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Browse in-depth TOC on “Marine Electric Vehicle Market”
350 – Tables
70 – Figures
300 – Pages
Marine Electric Vehicle Market Report Scope:
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Report Coverage |
Details |
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Market Revenue in 2022 |
$10.1 billion |
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Estimated Value by 2030 |
$29.1 Billion |
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Growth Rate |
Poised to grow at a CAGR of 16.4% |
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Market Size Available for |
2020–2030 |
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Forecast Period |
2022–2030 |
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Forecast Units |
Value (USD Million/Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
By Technology, Ship Type, Mode of Operation, Vessel Transport, Range and Region |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
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Key Market Challenge |
High initial capital expenditure |
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Key Market Opportunities |
Increasing adoption of electric propulsion technologies into the UUV market |
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Key Market Drivers |
Growing maritime tourism, including underwater and surface water sport industry |
The <50 km segment is projected to hold the largest market share during the forecast period.
Based on the range, the <50 km segment is projected to hold the largest market share during the forecast period. This segment is the easiest to electrify; hence the largest adoption of electric solutions is being witnessed in low-range marine vessels. Recreational boats and Unmanned Maritime vehicles are the major contributors in this segment.
The Seafaring segment is projected to dominate Marine Electric Vehicles during the forecast period.
Based on vessel transport, the seafaring segment is projected to hold the largest market share during the forecast period. Seafaring ships will hold the largest market share as compared to inland vessels. The cost and the volume of the entire seafaring vessel are exponentially high. Hence the segment will always hold a larger market share. Large vessels such as Cargo vessels and Cruise ships have long been responsible for pollution in the marine environment. Electrifying seafaring ships will considerably allow in reducing emissions. Along with the fact that operating electric vessels would reduce operating costs, a higher number of ships are either being retrofitted to be electric or new ships are being adopted into the market.
An autonomous segment to have comparatively higher growth during the forecast period.
Based on mode of operation. The autonomous segment is expected to grow the highest during the forecast period. Automation is the biggest trend in every industry, including maritime. Autonomous underwater and surface vessels have been witnessing higher growth in recent times. Autonomous vessels, especially autonomous underwater vessels, that hold a great market share in the segment allow for reducing risk while conducting deep-sea explorations and research operations. These factors drive the growth in the market.
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Europe is expected to account for the largest share in 2023.
The Marine Electric Vehicle industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. Europe accounted for the largest market share in 2023, and it is also projected to witness the highest CAGR during the forecast period. The market is anticipated to experience favorable conditions resulting from trade activities and the electrification of marine vessels. This trend is supported by a rise in defense expenditure due to growing geopolitical tensions, compelling major economies to strengthen their military capabilities. Furthermore, increasing R&D investment by major players and OEMs to manufacture superior electrical solutions to meet future sustainable and operational requirements will drive the market.
Major players operating in the Marine Electric Vehicle companies include ABB (Switzerland), Siemens AG (Germany), BAE Systems (UK), General Electric (US), and Kongsberg Gruppen (Norway).
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