Growing Concerns Regarding Environment to Drive Marine Electric Vehicle Market Forward

Marine Electric Vehicle Market is predicted to reach USD 764.2403 billion at a CAGR of 12.21% during the forecast period:

Market Research Future (MRFR) has published a cooked research report on the “Global Marine Electric Vehicle Market” that contains information from 2018 to 2030. The Marine Electric Vehicle market is estimated to register a CAGR of 12.21% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Marine Electric Vehicle market— Boesch Motorboote AG (Switzerland), Electrovaya (Canada), Corvus Energy (Canada), Duffy Electric Boat (US), Torqeedo GmBH (Germany), Triton Submarines (US), Ruban Bleu (France), Saft (France), Wärtsilä (Finland), Boeing (US), and Andaman Boatyard (Thailand).

Market Highlights

The global Marine Electric Vehicle market is accounted to register a CAGR of 12.21% during the forecast period and is estimated to reach USD 764.2403 billion by 2030.

The Marine Electric Vehicle Market pertains to the development and adoption of electric propulsion systems in waterborne vessels, including boats and ships. This market focuses on reducing emissions, improving efficiency, and promoting sustainable maritime transportation through the use of electric power sources such as batteries or fuel cells.

Segment Analysis

The global Marine Electric Vehicle market has been segmented based on Type, By Platform and Craft Application.

On the basis of Type, the market is segmented into battery, plug-in, and hybrid electric. Three years ago, the battery sub-segment had the biggest market share. Up to 2025, this sub-segment's CAGR will be the greatest. This is due to the affordability of underwater vehicles driven by batteries.

Based on By Platform, the global Marine Electric Vehicle market has been segmented into On-water, and Underwater. In 2022, the on-water segment's market share and valuation were at their highest. Up until 2030, the undersea sub-segment will have the highest CAGR.

Based on Craft Application, the global Marine Electric Vehicle market has been segmented into military, leisure tourist surface boat, work boats, autonomous underwater vehicle (AUVs), personal tourist submarine, and others. In 2022, the military subsegment held the largest market share. Up until 2030, the independent underwater submarine sub-segment will have the highest CAGR.

Regional Analysis

The global Marine Electric Vehicle market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Marine Electric Vehicle market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Marine Electric Vehicle market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Marine Electric Vehicle market comprises of Middle East, Africa, and Latin America.

The North American Marine Electric Vehicle Market dominated this market since the military and other sectors of the local economy are prospering. For a variety of uses, including military and research, they wish to purchase more potent and effective robotic underwater vehicles, which will spur market expansion in this region.

Due to a substantial movement in consumer preference from diesel-powered to hybrid electric boats, Europe's marine electric vehicle market holds the second-largest market share. Additionally, the UK Marine Electric Vehicle market had the highest rate of growth in the European Region, while the German Marine Electric Vehicle market had the greatest market share.

Moreover, From 2023 to 2030, the Asia-Pacific Marine Electric Vehicle Market is anticipated to experience the quickest CAGR growth. This is due to the growing wealth of the military and other companies in this region. They want to purchase stronger, more capable robotic underwater vehicles for use in the military and for research, among other things. Additionally, the Indian Marine Electric Vehicle market had the quickest rate of growth in the Asia-Pacific region, while China's Marine Electric Vehicle industry had the greatest market share.

Key Findings of the Study

• The global Marine Electric Vehicle market is expected to reach USD 764.2403 billion by 2030, at a CAGR of 12.21% during the forecast period.


• The North American Marine Electric Vehicle Market dominated this market since the military and other sectors of the local economy are prospering.


• Based on Type, the battery sub-segment had the biggest market share.


• Boesch Motorboote AG (Switzerland), Electrovaya (Canada), Corvus Energy (Canada), Duffy Electric Boat (US), Torqeedo GmBH (Germany), Triton Submarines (US), Ruban Bleu (France), Saft (France), Wärtsilä (Finland), Boeing (US), and Andaman Boatyard (Thailand).