Marine Electric Vehicles Market by Vehicle Type (Battery Electric Vehicle, Plug-in Hybrid Vehicle, Hybrid Electric Vehicle) by Application (Military Work Boat, Leisure and Tourist Surface Boat, Autonomous Underwater, Personal & Tourist Submarine, Others) by Platform (On-Water Platforms, Underwater Platforms): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The Marine Electric Vehicles Market is expected to cross a market value of USD 8,521.3 million in 2027 from USD 4,236.2 million in 2020. It is expected to grow at a CAGR of over 10.5% during the forecast period.

Key Market Drivers and Restraints

With rising demand for shipping and rising eco-friendly concerns, there is a growing need for zero-emission vessels. This, in confluence with the developing trend of digitalization and automation and the depletion of fossil fuels, signifies key factors boosting the growth of the global market. Additionally, the expanding disposable incomes are helping the sales of oceangoing enclosed yachts, workboats, scuba sea scooters, personal submarines, ferries, and autonomous underwater vehicles. This is supported by the growing travel and tourism sector, which is increasing the adoption of surface boats for leisure and recreational activities. Also, the electric UUVs are gaining power in the oil & gas sector for offshore hydrocarbon extraction, complete mapping of the scientific research, and the ocean floor.

Impact of COVID 19

At the beginning of 2021, the COVID-19 disease began to spread worldwide, millions of people worldwide were infected with COVID-19 disease, and major countries have implemented foot prohibitions and work stoppage orders. Except for the medical supplies and life support products industries, most industries have been greatly impacted, and Marine Electric Vehicle industries have also been greatly affected. With the slowdown in world economic growth, the Marine Electric Vehicles industry has also suffered a certain impact but still maintained a relatively optimistic growth; the past four years, the Marine Electric Vehicles market size to maintain an average annual growth rate of 15 from 2015 to 2021, Bis Report analysts believe that in the next few years, Marine Electric Vehicles market size will be further expanded, we expect that by 2025.

North America to Dominate the global Marine Electric Vehicles Market

The global Marine Electric Vehicles Market covers six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East, and Africa, including all the key economies in these regions. However, the North American market is dominated by the global market and accounts for more than 65.0% of the total market. This is attributed to growing awareness about the reduction of carbon emissions and volatile fuel costs.

The Military leads the global Marine Electric Vehicles Market

Military and Work Boat are key applications in the Marine Electric Vehicles Market. In 2020, the Military segment will have the largest share of the Marine Electric Vehicles Market. However, the Work Boat segment is anticipated to grow at the fastest CAGR during the forecast period.

Hybrid Electric Vehicle would continue to dominate the global Marine Electric Vehicles Market in terms of Vehicle Type

Battery Electric Vehicle and Plug-in Hybrid Vehicle are some major types of Vehicles Type. The Hybrid Electric Vehicle segment accounted for the largest share 2020 of the Marine Electric Vehicles Market 2020. Increasing demand for Hybrid Electric Vehicle due to less fuel than similar conventional vehicles.