Global Marine Electric Vehicle Market Research Report Covers Historical Market Trends, Current Market Dynamics, Market Valuation by Segmentation as Well as Region, Risk and Opportunity Assessment, Country-level Analysis for Every Segment, Key Player’s Market Share Analysis, Competitive Landscape and Supply Chain Analysis.
Market Research Future (MRFR) reports that the Global Marine Electric Vehicle Market is set to expand at a compound annual growth rate (CAGR) of 10.21% during the forecast period (2019-2025).
The market is benefiting from the rising demand for electric unmanned underwater vehicles (UUVs). These vehicles find widespread maritime application, which include offshore hydrocarbon extraction, conducting scientific research and ocean floor mapping.
UUV come with high-definition (HD) cameras that are user for capturing high-quality images underwater. Such capabilities are driving the popularity of marine electric vehicles. Demand for such vehicles is on the rise also due to the increased oil and gas exploration activities. At the same times, these vehicles are being in utilized in military activities. For example, in April 2019, a contract to provide four Orca Extra Large Unmanned Undersea Vehicles (XLUUVs) worth USD 43 Mn was allotted to Boeing by the US Navy. The numerous advantages (low-maintenance, augmented sturdiness and energy-efficiency) of electric vehicles is driving their adoption of in the military sector. Growing adoption of electric vehicles owing to increased concern over Co2 emissions is creating opportunities for the global marine electric vehicle. These is a rapid shift towards hybrid electrical boat owing to its greater viability as compared to diesel-powered boats. Such trends are expected to govern the rate market expansion during the forecast period. On the flipside, high-cost of the manufacturing continues to undermine the market potential to some extent.
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Global Marine Electric Vehicle Market: Competition Analysis
Boesch Motorboote AG (Switzerland), Corvus Energy (Canada), Torqeedo GmBH (Germany), Ruban Bleu (France), Wärtsilä- (Finland), Andaman Boatyard (Thailand), Electrovaya (Canada), Triton Submarines (US), Boeing (US), Saft (France) and Duffy Electric Boat (US) are some of the leading market players operating in the global market for marine electric vehicle.
- Marine electric vehicle manufacturers
- Marine companies
- Related components providers
- Government organizations
- Defense contractors
Global Marine Electric Vehicle Market: Segmental Analysis
The segmental analysis of the market has been conducted on the basis of vehicle type, platform, and craft application.
Based on vehicle type, the market has been segmented into hybrid electric, plug-in hybrid electric and battery electric. The battery electric segment currently holds the dominant share of the market in terms of value. It is projected that the segment will demonstrate a strong CAGR during the forecast period. Battery electric vehicles are witnessing a fast uptake owing to their high efficiency and convenience (eco-friendly, cost-effective, low maintenance, etc.) On the basis of platform, the market has been segmented into underwater and on-water. In 2018, the on-water segment accounted for a larger market share whereas the underwater segment is projected to witness a relatively higher CAGR over 2025.
On the basis of craft application, the market has been segmented into leisure & tourist surface boat, autonomous underwater vehicle (AUV), military, personal & tourist submarine, workboat and others. In 2018, the military segment commanded the largest market share in terms of revenue. The segment is expected to witness a steady growth over the next couple of years. Meanwhile, the AUV segment is anticipated to witness the fastest CAGR during the forecast period. This is mainly owing to the increased application of AUV in sectors such as oil & gas, environmental protection and military & defence.
Global Marine Electric Vehicle Market: Regional Analysis
Based on region, the global market for marine electric vehicle has been segmented into Europe, North America, the Middle East & Africa (MEA), Asia Pacific and Latin America. The market in North America has witnessed a relatively higher growth in recent years. This is likely to continue throughout the assessment period. The US remains the key destination for market players in North America. The US is home to some of the leading market players such as Triton Submarines and Boeing, which puts it on a favourable position.
- Market sizing, forecast, and analysis: detailed coverage of the market segment and sub-segments
- Regional/country trends and forecast: detailed analysis of the market in North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America, along with key countries in each region
- Market dynamics intelligence: market drivers, opportunities, trends, restraints, Porter’s five forces, supply chain, and value chain analysis
- Technology trends, regulatory landscape, and patent analysis outlook
- Competitive intelligence: market share analysis, financial analysis, product benchmarking, and strategic developments including joint ventures, product launches, and mergers & acquisitions
- Regional attractiveness and related growth opportunities
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Table of Contents
1 Executive Summary
1.1. Market Attractiveness Analysis
1.1.1. Global Marine Electric Vehicle Market, by Vehicle Type
1.1.2. Global Marine Electric Vehicle Market, by Platform
1.1.3. Global Marine Electric Vehicle Market, by Craft Application
1.1.4. Global Marine Electric Vehicle Market, by Region
2 Market Introduction
2.1. Market Definition
2.2. Scope of the Study
2.3. Market Structure
2.4. Key Buying Criteria
2.5. Market Factor Indicator Analysis
3 Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List of Assumptions
4 Market Insights
List of Tables
Table 1 Global Marine Electric Vehicle Market, by Region, 2019–2025
Table 2 North America: Marine Electric Vehicle Market, by Country, 2019–2025
Table 3 Europe: Marine Electric Vehicle Market, by Country, 2019–2025
Table 4 Asia-pacific: Marine Electric Vehicle Market, by Country, 2019–2025
Table 5 Middle East & Africa: Marine Electric Vehicle Market, by Country, 2019–2025
Table 6 Latin America: Marine Electric Vehicle Market, by Country, 2019–2025
Table 7 Global Marine Electric Vehicle Market Size, by Region, 2019–2025
List of Figures
Figure 1 Research Process of Mrfr
Figure 2 Top-down and Bottom-up Approaches
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter’s Five Forces Analysis
Figure 7 Value Chain Analysis
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