Marine Electric Vehicle Market Value, Industry Growth & Market Forecast

/EIN News/ -- Chicago, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The Marine Electric Vehicle Market by Technology (Fully electric, Hybrid), Ship Type (Commercial, Defense, UMV), Mode of Operation (Manned, Remotely Operated, Autonomous), Vessel Transport (Seafaring, Inland), Range and Region - Global Forecast to 2030", The rise in global regulations aimed at mitigating emissions and promoting sustainable maritime solutions is a pivotal factor driving the growth in Marine Electric Vehicle Market.

Marine Electric Vehicle Market Report Scope:

Report Matrics	Details
Market size available for years	2019-2030
Projected Value	$10.1 Billion in 2023
Expected Value	29.1 Billion by 2030
Growth Rate	16.4%
Base year considered	2022
Forecast period	2023-2030
Forecast units	Value (USD Million/Billion)
Segments  Covered	Technology, Ship Type, Mode of Operation, Vessel Transport, Range, and Region
Geographies Covered	North America, Europe, Asia-Pacific, Rest of the World
Companies Covered	ABB (Switzerland), Siemens AG (Germany), BAE Systems (UK), General Electric (US) and Kongsberg Gruppen (Norway).

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Marine Electric Vehicle Market Dynamics

Driver: Growing maritime tourism, including underwater and surface water sport industry

The growth of the global maritime tourism industry has led to an increased demand for cruises, ferries, motorboats, and other marine passenger transport vessels. In 2022, according to UNWTO (United Nations World Tourism Organization), international tourism receipts surged past the USD 1 trillion mark, registering a remarkable 50% growth in real terms compared to 2021. This impressive rebound in international travel fueled the resurgence of international visitor spending, which reached 64% of pre-pandemic levels, representing a decline of 36% compared to 2019. Europe emerged as the top-performing region, generating nearly USD 550 billion (EUR 520 billion) in tourism receipts, equivalent to 87% of pre-pandemic levels. Africa, the Middle East, and the Americas also showcased significant recovery rates, achieving 75%, 70%, and 68% of their pre-pandemic receipts. However, Asian destinations faced greater challenges due to prolonged border closures, resulting in a modest 28% of pre-pandemic earnings. These figures underscore the resilience and gradual revitalization of the global tourism industry.

Key Market Players in Marine Electric Vehicle Market

• ABB (Switzerland),
• Siemens AG (Germany),
• BAE Systems (UK),
• General Electric (US),
• Kongsberg Gruppen (Norway).

“Browse in-depth TOC on "Marine Electric Vehicle Market Trends, Market Value, Market Forecast, Market Growth"­­­­­­­­

287 – Tables
51 – Figures

299 – Pages

Opportunity: Increasing adoption of electric propulsion technologies into the UUV market

Improved operational capabilities, increased endurance, and improved environmental sustainability may result from the adoption of electric technology in the UUV market. In fields including environmental monitoring, offshore energy, underwater exploration, defense, and others, this creates chances for cooperation, knowledge transfer, and market expansion.

Challenge: High initial capital expenditure

Compared to conventional marine boats, MEVs may have higher initial expenditures, including the purchase of electric propulsion systems and related infrastructure. Particularly, the price of batteries continues to represent a sizeable amount of the overall cost of MEVs. Although the costs are anticipated to decline with time, it is currently difficult to match the costs of conventional boats.  Particularly, the price of batteries continues to represent a sizeable amount of the overall cost of MEVs. Even while economies of scale and technology developments are predicted to drive down costs over time, affordability is still a problem for many prospective users.

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Commercial Segment to dominate market share during the forecast period

Based on Ship Type, the Marine Electric Vehicle Market has been segmented into commercial and defense. Commercial Segment is witnessing high growth and market share due to the increasing adoption of electric vehicles for passenger transportation, recreational use, and other commercial usage such as fishing and research.

Hybrid electric segment is expected grow the highest during the forecast period

Based on technology, the hybrid electric segment is expected to grow the highest during the forecast period. In larger vessels, it becomes difficult to provide fully electric solutions due to lower load-bearing capacity and lower range. Also, since more adoption is being made in larger vessels to curb emissions, hybrid is being considered as the best option in larger maritime vessels.

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