Continuous Support from Governments to Reduce Carbon Emissions to Bolster Global Marine Electric Vehicles Market


Published Date : Nov 07, 2016

ALBANY, NY, Nov 07, 2016: The 57-page research study, titled “Global Marine Electric Vehicles Market 2016–2020,” covers all the key trends and latest technologies that are playing a prominent role in shaping the market. It also sheds light on the key drivers, barriers, and opportunities of the global marine electric vehicles market and presents a holistic perspective on market’s growth throughout the forecast period across different geographies. 

As per the research study, the global market for marine electric vehicles is estimated to register a healthy 9.0% CAGR between 2016 and 2020. The consumer preference shift from diesel-powered to hybrid electric boats is projected to fuel the growth of the global marine electric vehicles market in the next few years. Moreover, the growing activities associated with seabed mapping from defense and oil and gas sectors are expected to accelerate the growth of the market. 

On the basis of vehicle type, the global market for marine electric vehicles has been categorized into automated utility vehicles, workboats, personal and tourist submarines, and leisure and tourist surface boats. Among these, the work boat segment led the global marine electric vehicles market and held a share of 36% in 2015. The growing focus of International Maritime Organization to safeguard the environment from harmful emissions that are being produced by vessels and boats is pushing vendors to introduce innovative ways to cut down on fuel consumption. This is expected to encourage the growth of the overall market in the next few years. 

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Among the key geographical segments, in 2015, the Americas led the global marine electric vehicles market with a 51% share. This region is estimated to remain in the leading position and register a significant growth rate throughout the forecast period. The extended and continuous support from the government for development of electric vehicles and the rising need for reducing carbon emissions are the primary factors augmenting the growth of the marine electric vehicles market in the Americas. In addition, the fluctuating cost of fuels is expected to accelerate the growth of this region in the next few years. 

The global marine electric vehicles market is highly competitive and fragmented in nature with a presence of several large- and small-sized players. The competitive scenario of the global market is likely to get intense with rising number of mergers and acquisitions, technological advancements, and new product development. The leading players in the market are emphasizing on research and development activities in order to increase their market penetration and develop massive infrastructure. 

Electrovaya, Saft, Tamarack Lake Electric Boat Company, Boesch Motorboote, Torqeedo, Triton Submarines, CORVUS ENERGY, Duffy Electric Boat, and Ruban Bleu are some of the prominent players operating in the marine electric vehicles market across the globe. Detailed profiles of these players have been discussed at length in the research study to offer a strong understanding of the market. 

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