Pune, India -- (SBWIRE) -- 01/22/2020 -- A recent report published by Infinium Global Research on Marine Electric Vehicles Market (Application - Military, Workboats, Leisure and Tourist Surface Boats, Automated Utility Vehicles, Personal and Tourist Submarines, and Other Applications; Platform - On-water, and Underwater; Hybridization - Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Hybrid Electric Vehicle): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025. According to the report, the global marine electric vehicles market is projected to grow at a CAGR of 9.86% over the forecast period of 2019-2025.

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Marine Electric Vehicles Market

The emergence of electric vehicles has disrupted the automotive industry. Technological advancements in the field of batteries and motor technology have evolved the electric vehicle industry. Many of the watercraft manufacturers are producing marine electric vehicles to expand their business. The marine electric vehicles market is relatively new and it is fragmented in nature. A number of market players compete with each other to maintain the competitiveness of the market. The key players in the market including Boesch Motorboote AG, Duffy Electric Boat Company, Ruban Bleu, Torqeedo GmbH, Tamarack Lake Electric Boat Co., Triton Submarines and others are focusing on investing in new technologies to develop cost-effective and high-performance vehicles.

Development of Electronic Unmanned Underwater Vehicles (UUVs) is Expanding the Demand for Marine Electric Vehicles

The growing awareness regarding increasing pollution and environmental protection are the major driving factors for the growth of the marine electric vehicles market. Most of the marine vehicles are powered by fossil fuels, which cause carbon emission and subsequently pollutes the environment. The marine electric vehicles are a better alternative to conventional fuel propelled marine vehicles. Moreover, the development of electronic Unmanned Underwater Vehicles (UUVs) is expanding the demand for marine electric vehicles.

The UUVs are generally small in size and consume less energy, which is easily electrified. Furthermore, the growing demand for cost-efficient, reliable, and eco-friendly vessels is anticipated to boost the growth of the marine electric vehicles market. However, the high cost of the vehicles is expected to hamper the growth of the marine electric vehicles market. Nevertheless, the increasing use of renewable energy resources for onboard power generation has posed lucrative business opportunities for the players in the market.

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Marine Electric Vehicles Market: Regional Analysis

In terms of region, North America dominates the marine electric vehicles market, accounting for the highest market share among the regions. The growth of North America's marine electric vehicles market attributes to the government initiatives to develop electric vehicles, the growing awareness regarding the reduction of carbon emissions, and volatile fuel costs. Moreover, the presence of the leading manufacturers including Electrovaya Inc. and Triton Submarines in the region is anticipated to boost the growth of the marine electric vehicles market in North America.

Marine Electric Vehicles Market: Segmentation

The report on the global marine electric vehicles market covers segments such as application, platform, and hybridization. On the basis of application, the sub-markets include military, workboats, leisure and tourist surface boats, automated utility vehicles, personal and tourist submarines, and other applications. On the basis of the platform, the sub-markets include on-water and underwater. On the basis of hybridization, the sub-markets include battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles.

Marine Electric Vehicles Market: Competitive Analysis

The report provides profiles of the companies in the market such as Boesch Motorboote AG, Corvus Energy Ltd., Duffy Electric Boat Company, Electrovaya Inc., Ruban Bleu, Torqeedo GmbH, Tamarack Lake Electric Boat Co., Triton Submarines, Andaman Boat Yard Co., Ltd., Wärtsilä Oyj Abp, and Other Companies.

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About us
The Infinium Global research comprises of a team of well-experienced analysts who have qualified in generating incisive reports. The marine electric vehicles market report offers trends, opportunities, challenges, market size, and forecast for major geographical regions and key countries. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the marine electric vehicles market.