Marine Electric Vehicle Market Share, Outlook, Future Growth and Opportunities by 2026

NEW YORK - March 9, 2021 - PRLog -- The global marine electric vehicle market grew at a CAGR of around 8% during 2015-2020. Looking forward, IMARC Group expects the market to exhibit moderate growth during the next five years.

Marine electric vehicles (EVs) refer to zero-emission transportation systems that rely on renewable sources of energy for electric propulsion. Compared to fossil fuel-powered maritime vessels, these vehicles are more environmentally friendly, require lesser maintenance, and incur lower running costs. Furthermore, as marine electric vehicles efficiently tackle high waves and control noise pollution, they are also considered suitable for marine wildlife tours.

Due to the growing number of marine-based activities coupled with rising environmental concerns, there is an increasing need for zero-emission vessels (ZEVs). This, coupled with the significant shift in preferences from diesel-powered to hybrid electric boats, is bolstering the sales of marine electric vehicles for commercial and recreational purposes. Additionally, the increasing popularity of water-based sports and leisure activities is also driving the demand for seagoing enclosed yachts, workboats, personal submarines, scuba sea scooters, ferries, autonomous underwater vehicles (AUVs), etc. Besides this, electric unmanned underwater vehicles (UUVs) are gaining traction in the oil and gas sector for offshore hydrocarbon extraction, scientific research, and detailed mapping of the ocean floor, which is anticipated to further augment the market growth in the coming years.

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Competitive Landscape:

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 Wärtsilä Oyj Abp.

Insights on Market Segmentaion:

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
Asia-Pacific
Europe
Latin America
Middle East and Africa

For more information about this report visit: https://www.imarcgroup.com/marine-electric-vehicle-market

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