Marine Electric Vehicle Market Research Report - Forecast till 2027

Marine Electric Vehicle Market Research Report: By Vehicle Type (Battery Electric, Plug-In Hybrid Electric and Hybrid Electric), by Platform (On-water and Underwater), by Craft Application (Military, Leisure & Tourist Surface Boat, WorkBoat, Autonomous Underwater Vehicle (AUV), Personal & Tourist Submarine and others) and by Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2027

ID: MRFR/A&D/1084-CR | September 2019 | Region: Global | 134 pages

Marine Electric Vehicle Market Overview


Marine Electric Vehicle Market is projected to reach USD 7,652.13 Million by 2025, growing at 10.21% CAGR during the forecast period. The Marine Electric Vehicle Market is experiencing unprecedented growth because the demand for unmanned marine vehicles is growing exponentially.


These vehicles have many uses in seafaring and marine operations. They are also useful in charting and mapping the ocean floor, extracting precious resources near beaches - a good example of this is a hydrocarbon, and doing valuable and vital scientific research. They are helping oil companies find new and useful sources of oil underground. Their excellent underwater cameras make this possible.


COVID-19 Analysis of Marine Electric Vehicle Market


COVID-19 became a global pandemic last year. Governments were alarmed at the speed at which the virus spread. Most people recover from the virus with no long-term effects. However, some people had to be hospitalized because of the virus.


Governments around the world sought to contain this virus with temporary lockdowns and quarantines. These had limited effect in terms of containing the virus. They did, however, negatively impact many markets and industries. The Marine Electric Vehicle Market was one of these. Many manufacturers of these vehicles found the raw materials needed to make them hard to find. This raised the cost of producing them. They were forced to sell these vehicles at a higher price on the market.


Market dynamics


Drivers


Major oil and gas companies are constantly looking at new areas to mine more crude oil and natural gas in. since their traditional sources are starting to ‘dry up’ they are looking to the sea for resources. The sea is largely unexplored and has many resources to offer companies in many industries. This is a major driver of growth in the Marine Electric Vehicle Market.


The United States Navy is also buying and using these underwater robotic vehicles more often for various naval exercises. This is also expected to drive growth in the next few years.


Opportunities


Manufacturers of these vehicles see real money-making opportunities in terms of the types of companies that are willing to buy their products. They are investing heavily in research and development. The objective is to create a new generation of underwater robotic vehicles that have far more uses than the present generation does. These vehicles (the new generation) are also expected to be cost-efficient and have a greater ROI.


Restraints


There is one factor that may hold back growth in the market. This is the fact that manufacturing these underwater robotic vehicles is very expensive. This forces manufacturers to pass on the extra costs to those who buy them in the form of higher prices. It discourages many would-be customers from purchasing.


Challenges


Perhaps the greatest challenge that those companies in unmanned marine vehicles face lies in making a new generation of vehicles that have far more diverse applications and are environmentally friendly while keeping the prices for these vehicles in the affordable range for most customers.


Cumulative Growth Analysis


The CAGR for the unmanned marine vehicles market is 10.21% for the short term. The market will be worth USD 7,652.13 million by 2025.


Technology Analysis


Triton Submarines is a leading American company in the Marine Electric Vehicle Market. It has managed to retain a superior position and build a sustainable competitive advantage by investing heavily in research and development. Thus, it has been able to manufacture a new generation of unmanned marine vehicles that are affordable, more effective, and efficient in what they do, and have far more uses than the previous generations did.


Segment Overview


By Vehicle Type


The Marine Electric Vehicle Market can be separated into the following sub-segments based on vehicle type:



  • Battery-electric

  • Plug-in hybrid

  • Hybrid electric


The battery-electric sub-segment held the largest market share three years ago. This sub-segment will have the highest CAGR until 2025. This is due to the fact that battery-electric powered underwater vehicles are cost-effective. They are also affordable, easy on the environment, and easy to maintain. The cost of maintaining these vehicles isn’t very high either.


By platform


The Marine Electric Vehicle Market can be separated into the following sub-segments based on platform:


On-water


Underwater


Of the two sub-segments, the on-water sub-segment had the highest market share and valuation in 2018. The underwater sub-segment will have the highest CAGR until 2025. New investments in research and development result in better and more technologically advanced unmanned marine vehicles with many more uses and applications than previous generations of unmanned marine vehicles.


By Craft Application


The Marine Electric Vehicle Market can be separated into the following sub-segments based on craft application:



  • Military

  • Leisure and tourist surface boat

  • Industry workboat

  • Independent underwater submarine

  • Submarines for wealthy people and tourists

  • Others


The military sub-segment had the highest market share in 2018. That said, the independent underwater submarine sub-segment is expected to register the highest CAGR until 2025. The reason for this is that many sectors and industries like the American military and defense, the oil and gas, and the environmental protection industries are driving up demand for these vehicles at an exponential rate.


By Region


The Marine Electric Vehicle Market can be separated into the following regions:



  • North America

  • The European Union

  • Asia-Pacific

  • The Middle East and North Africa

  • Latin America


Regional Analysis


The North American region will have the highest regional CAGR until 2025. This explains why it will have the highest regional market share as well. America, especially, is home to many large unmanned marine vehicles. These include Triton and Boeing.


The Asia-Pacific and Latin American regions are also expected to see healthy CAGR. Indeed, their market shares will be increasing substantially for the time period being studied. What is accounting for this is the fact that most countries in the Asia-Pacific and Latin American regions are urbanizing rapidly. The militaries and other industries in these regions are getting richer. They want to buy more effective and powerful underwater vehicles that are robotic for a variety of purposes including naval and research-based.


Many countries in Latin America and the Asia-Pacific region are seeing the explosion of a middle class. This is especially true in India, Mexico, Brazil, and China. As these people become wealthier, their demand for seafood increases. These middle classes are willing to pay a premium for specialty seafood like crab and lobster. Underwater robotic vehicles are needed to find these reserves of sea animals. This is a huge factor that has been driving the high CAGRs in the Latin American and Asia-Pacific regions.


Also, the economies of India and China are growing rapidly. This is creating immense growth in the shipbuilding industry. Japan is also witnessing a huge rise in the demand for shipbuilding infrastructure. All of this accounts for a higher CAGR in the Asia-Pacific region as well.


Competitive Landscape


The Marine Electric Vehicle Market remains highly competitive. The reason is that the market has a high CAGR and is seen by many big manufacturing companies as being lucrative. This is the reason why new companies are entering the industry despite high barriers to entry.


All companies in the Marine Electric Vehicle Market are finding that they have to resort to doing one or more of three things to survive:



  • Invest heavily in research and development

  • Merge with/acquire other companies

  • Enter into strategic partnerships


Companies invest in their futures when they invest heavily in research and development. This is especially true in the Marine Electric Vehicle Market. Companies are finding that intensive investments in research and development allow them to come up with the new generation of more powerful and efficient vehicles with far more diverse applications. It also allows them to justify charging much more for these vehicles.


Companies that merge with/acquire other companies expand their resource base. They have more resources with which they can do quality research and development. They can also do extensive marketing. It’s marketing that will bring in more customers in the short and long term. This also translates into more revenue for them - all companies need a strong revenue base in order to survive.


Mergers and acquisitions do to companies what mergers and acquisitions do. Companies that do mergers and acquisitions and/or enter into strategic partnerships are also in a much better position to develop the new generations of vehicles that will help them create a sustainable competitive advantage. This will also ensure that they retain their superior market positions and remain profitable.


Boeing is a major player in the Marine Electric Vehicle Market. It has managed to remain competitive by investing heavily in research and development.


List Of Companies



  • 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


Recent developments


Triton Submarines builds an underwater robotic vehicle to explore the remains of the Titanic


Report Overview


The CAGR for the Marine Electric Vehicle Market is 10.21%. This is expected to remain constant until 2025. The North American region dominates in terms of market share and CAGR.



Frequently Asked Questions (FAQ) :


Marine electric vehicle market can rise at 10.21% CAGR by 2025.

By 2023, the marine electric vehicle market can worth USD 4,910 million.

Triton Submarines (US), Torqeedo GmBH (Germany), and Ruban Bleu (France) are some well-established marine electric vehicle market players.

Increase in demand of aviation services to support the marine electric vehicle market.

Europe marine electric vehicle market to rise at decent pace in the assessment period.