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 observed in the historical period can be attributed to several factors, including environmental regulations, fluctuations in fuel prices, targets for emission reduction, and the influence of public perception and image. These factors collectively contributed to the development and adoption of marine electric vehicles as a more environmentally friendly alternative in the maritime industry during the specified historical timeframe.

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 anticipated growth in the forecast period can be attributed to various factors, including the influence of International Maritime Organization (IMO) regulations, the increasing cost competitiveness of marine electric vehicles, global sustainability initiatives, investments in research and development, and growing public awareness and pressure for environmentally friendly practices in the maritime industry. Major trends expected in the forecast period encompass the development of dynamic positioning systems, the adoption of energy-efficient electric propulsion systems, the introduction of solar-powered electric boats, the implementation of shore-to-ship electric charging infrastructure, the integration of advanced energy management systems, and the development of high-speed electric ferries. These trends reflect the industry's ongoing efforts to enhance efficiency, reduce emissions, and promote sustainable practices in marine transportation.

The surge in demand for cruises is expected to drive the expansion of the marine electric vehicle market in the future. Cruises, denoting vacations or journeys taken on cruise ships, are large passenger vessels designed to provide a distinctive and enjoyable means of exploring various destinations. Marine electric vehicles, specifically electric cruise ships, are utilized for passenger transportation, promoting leisure, tourism, and eco-friendliness by reducing greenhouse gas emissions. For instance, in April 2023, the Cruise Lines International Association reported that British and Irish holidaymakers embarked on approximately 1.7 million cruises, marking a substantial increase from the previous year's 479,000. Hence, the escalating demand for cruises is a key driver for the marine electric vehicle market's growth.

The burgeoning maritime tourism sector is anticipated to fuel the marine electric vehicle market's growth in the foreseeable future. Maritime tourism encompasses water-related activities such as yachting, boating, cruises, and water sports, coupled with associated infrastructure and land services. Marine tourism leverages marine vehicles for recreational, exploratory, and leisure experiences on the water. For instance, in December 2023, the NOAA Office for Coastal Management reported a noteworthy 27.3% growth in maritime tourism, contributing $49.8 billion to the marine economy and surpassing the national economic growth rate. Consequently, the expanding maritime tourism industry plays a pivotal role in propelling the growth of the marine electric vehicle market.

The predominant factor hampering the expansion of the marine electric vehicle market during the projected period is the substantial initial costs associated with these vehicles. This poses a hurdle for specific consumers, as the costs related to batteries, charging infrastructure, and maintenance may deter widespread adoption. The starting costs for marine electric vehicles often exceed those of traditional boats, encompassing expenditures on the acquisition of battery-powered propulsion systems and related equipment. Notably, a report from the New York Times Company, a US-based media outlet, in August 2023 highlighted that a significant majority of Americans face financial barriers in affording battery-powered vehicles. The elevated pricing is influenced by factors such as a scarcity of batteries, escalating raw material costs such as lithium, and the scarcity of components such as semiconductors. The strong demand from affluent consumers for electric vehicles further diminishes the incentive for automakers to produce more cost-effective alternatives. Consequently, the impediment posed by high initial costs remains a substantial restraint on the growth of the marine electric vehicle market.

Prominent companies engaged in the marine electric vehicle market are directing their efforts towards the creation of cutting-edge products, exemplified by the Cheetah R630, in a bid to deliver top-notch services to their clientele. The Cheetah R630 stands out as the pioneering electric RIB (rigid Inflatable Boat), featuring an exceptionally efficient lightweight hull that optimizes fuel efficiency when powered by a combustion engine and seamlessly transitions to electric propulsion. Notably, in June 2023, Cheetah Marine, a UK-based company renowned for designing and constructing power catamarans, successfully launched the Cheetah R630. This electric vessel, with a 6.3-meter (20 ft 6 in) rigid inflatable boat, epitomizes super-efficiency and eco-friendliness in the marine industry, aligning with sustainable boating practices. The Cheetah R630 offers versatility by running on diesel or gasoline and provides ample space for passengers and equipment. Additionally, its innovative design incorporates fuel storage beneath the deck, contributing to a clear and clean deck space.

In November 2021, General Motors, a leading US-based automotive manufacturing company, made a strategic investment by acquiring a 25% stake in Pure Watercraft for an undisclosed amount. This acquisition underscores General Motors' commitment to expanding the realm of all-electric marine transportation through the integration of innovative marine propulsion technology and the development of battery-electric watercraft. Pure Watercraft, a US-based company specializing in the manufacturing of electric propulsion systems and marine electric vehicles, including electric boats, has become a key player in General Motors' pursuit of advancements in this sector. The collaboration aims to drive progress and innovation in the field of electric marine vehicles.

Major companies operating in the marine electric vehicle market report are ABB Ltd., Torqeedo GmbH, Corvus Energy Ltd., Duffy Electric Boat Company, Electrovaya Inc, Ruban Bleu, Saft, Triton Submarines LLC, BAE Systems, Kongsberg Gruppen, Vision Marine Technologies, Boesch Motorboote AG, Echandia Marine AB, Leclanché, WEG, Echandia Marine AB, Triton Submarines LLC, Azura Marine, Ruban Bleu, Elco Motor Yachts, Aquawatt, Alfastreet Marine, Rand Boats, Duffy Electric Boat Company, Boesch Motorboote AG, Aquon One, Iguana Yachts, Vita Power, Zin Boats, Crown Electric Ships and Boats.

North America was the largest region in the marine electric vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the marine electric vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine electric vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Marine electric vehicles (MEVs) are watercraft designed with electric propulsion as their primary power source, aiming to reduce emissions and environmental impacts in the maritime industry. These vehicles operate on water bodies, including rivers, lakes, seas, and oceans, and leverage electrification and environmentally friendly alternatives instead of traditional internal combustion engines.

The main technologies employed in marine electric vehicles include electric propulsion systems, electric motors, energy storage systems, and charging infrastructure. Electric propulsion systems utilize electricity to generate thrust or propulsion for the vessels. Marine electric vehicles come in various sizes, such as small electric boats (up to 6 meters), medium-sized electric boats (6-10 meters), and large electric ships (over 10 meters), serving different purposes such as rental and charter services, as well as individual ownership. The vehicles can be categorized into types such as military vehicles, work boats, leisure and tourist surface boats, autonomous underwater vehicles, and others. These electric watercraft find applications in various sectors, including leisure and recreational activities, commercial operations, and military use.

The marine electric vehicle market research report is one of a series of new reports that provides marine electric vehicle market statistics, including marine electric vehicle industry global market size, regional shares, competitors with a marine electric vehicle market share, detailed marine electric vehicle market segments, market trends, and opportunities, and any further data you may need to thrive in the marine electric vehicle industry. This marine electric vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The marine electric vehicle market consists of revenues earned by entities by providing services such as charging infrastructure, repair services, and safety inspection. The market value includes the value of related goods sold by the service provider or included within the service offering. The marine electric vehicle market also includes sales of electric fishing boats, electric tugboats, and electric jet skis. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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