The Marine Electric Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Marine Electric Vehicle Global Market Report 2024, The marine electric vehicle market size has grown rapidly in recent years. It will grow from $8.97 billion in 2023 to $10.36 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to environmental regulations, fuel price volatility, emission reduction targets, public perception and image.
The marine electric vehicle market size is expected to see rapid growth in the next few years. It will grow to $17.27 billion in 2028 at a compound annual growth rate (CAGR) of 13.6%. The growth in the forecast period can be attributed to international maritime organization (imo) regulations, cost competitiveness, global sustainability initiatives, research and development investments, public awareness and pressure. Major trends in the forecast period include development of dynamic positioning systems, adoption of energy-efficient electric propulsion systems, introduction of solar-powered electric boats, implementation of shore-to-ship electric charging infrastructure, integration of advanced energy management systems, development of high-speed electric ferries.
The increasing demand for cruises is expected to propel the growth of the marine electric vehicle market going forward. Cruises refer to vacations or trips taken on cruise ships or cruise liners, which are large passenger vessels designed to offer a unique and enjoyable way to explore various destinations. Electric cruise ships are used as marine electric vehicles for passengers to provide and promote leisure, tourism, and transportation, encouraging eco-friendliness and reducing greenhouse gas emissions. For instance, in April 2023, according to the Cruise Lines International Association, a US-based trade association, British and Irish holidaymakers took around 1.7 million cruises, up from 479,000 the previous year. Therefore, the increasing demand for cruises is driving the growth of the marine electric vehicle market.
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The marine electric vehicle market covered in this report is segmented –
1) By Technology: Electric Propulsion Systems , Electric Motors , Energy Storage Systems, Charging Infrastructure
2) By Vessel-Size: Small Electric Boats (Up to 6 meters), Medium-Sized electric Boats (6-10 meters), Large Electric ships (Over 10 meters)
3) By Ownership: Rental And Charter Services, Individual Ownership
4) By Vehicle Type: Military Vehicle, Work Boat, Leisure And Tourist Surface Boat, Autonomous Underwater Vehicle, Other Vehicle Types
5) By Application: Leisure And Recreational , Commercial , Military
Major companies operating in the marine electric vehicle market are focusing on the development of innovative products such as the Cheetah R630 to provide high-quality services to customers. The Cheetah R630 is the first electric RIB (rigid Inflatable Boat) with a highly efficient lightweight hull that saves fuel when propelled by a combustion engine but is easily converted to electric propulsion. For instance, in June 2023, Cheetah Marine, a UK-based company that designs and constructs power catamarans launched Cheetah R630. The Cheetah R630 is an electric vessel with a 6.3-meter (20 ft 6 in) rigid inflatable boat that is super-efficient and eco-friendly for the marine industry with sustainable boating. The Cheetah R630 electric vessel can also run on diesel or gasoline. It provides ample room for both passengers and equipment. The Cheetah R630 has fuel storage under the deck, which keeps the deck clear and clean.
The marine electric vehicle market report table of contents includes:
1. Executive Summary
2. Marine Electric Vehicle Market Characteristics
3. Marine Electric Vehicle Market Trends And Strategies
4. Marine Electric Vehicle Market – Macro Economic Scenario
5. Global Marine Electric Vehicle Market Size and Growth
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31. Marine Electric Vehicle Market Other Major And Innovative Companies
32. Global Marine Electric Vehicle Market Competitive Benchmarking
33. Global Marine Electric Vehicle Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Marine Electric Vehicle Market
35. Marine Electric Vehicle Market Future Outlook and Potential Analysis
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