Northbrook, IL 60062 -- (SBWIRE) -- 12/06/2023 -- The Marine Electric Vehicle Market size is projected to grow from USD 10.1 Billion in 2023 to USD 29.1 Billion by 2030, at a CAGR of 16.4% from 2023 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
The prominent companies are ABB (Switzerland), Siemens AG (Germany), BAE Systems (UK), General Electric (US), and Kongsberg Gruppen (Norway). Commercial Passenger vessel operators, Cargo and tanker operators, defense organizations, private watercraft users, fishing organizations, oil and gas exploration companies, and research companies are some of the major consumers of marine electric vehicles.
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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.
The inland vessels segment is to witness higher growth during the forecast period
Based on vessel transport, the Marine Electric Vehicle Market has been segmented into seafaring and inland vessels. Inland vessels are either being converted into electric or more users are opting for electric vessels to reduce localized emissions in waterways closer to civilization.
Europe is projected to witness the highest market share during the forecast period.
Europe leads the Marine Electric Vehicle Market due presence of key players, vessel manufacturers, and component manufacturers, which are a few factors expected to boost the growth of the Marine Electric Vehicle Market in the region. These players invest in extensive R&D to develop electric maritime solutions with improved efficiency and reliability. Major manufacturers and suppliers of Marine Electric Vehicles in this region include ABB (Switzerland), Leclanché S.A. (Switzerland), Siemens AG (Germany), Wartsila (Finland), and Kongsberg Gruppen (Norway).