Global Marine Electric Vehicles Market 2016-2020

Overview of the marine electric vehicles market

Technavio’s market research analyst predicts the global marine electric vehicles market to grow stupendously at an impressive CAGR of more than 9% during the forecast period. The growing demand for electric unmanned underwater vehicles (UUVs) has been a key growth driver for this market. UUVs have extensive applications in maritime operations like off-shore hydrocarbon extraction, detailed mapping of the ocean floor, and scientific research. Moreover, UUVs are fitted with high-definition cameras that efficiently transmit data from the UUV to the operator. With better images and improved control of the vehicle, a better inspection of the underwater environment is possible. The increasing activities related to seabed mapping from oil and gas and defense sectors will propel the market for marine electric vehicles during the forecast period.

In this industry research report, the analysts have estimated factors like the growing adoption of electric vehicles is expected to spur the growth of this market in the coming years. Electric vehicles offer numerous benefits to the operator such as cost saving over product lifecycle, reduced pollution, increased durability, and low maintenance. This recent shift in preference for the hybrid electric boat from diesel-powered boats is expected to bolster this market’s growth until the end of 2020.

Segmentation by vehicle type and analysis of the marine electric vehicles market

• Workboats
• Leisure and tourist surface boats
• Automated utility vehicles (AUVs)
• Personal and tourist submarines

In 2015, the work boats segment dominated the marine electric vehicles market and accounted for around 36% of the market share. The increasing pressure from International Maritime Organization to protect the environment from emissions produced by boats and vessels have made vendors think of ways to reduce the consumption of fuel. Therefore, they are opting for alternative forms of technology like work boats and AUVs in oil and gas industry, thereby propelling the growth prospects of this market segment in the coming years.

Geographical segmentation and analysis of the marine electric vehicles market

• Americas
• APAC
• EMEA

During 2015, the Americas dominated the market accounting for close to 51% of the market share. Factors like the continuous and extended support from the government to develop electric vehicles, the urgent need for the reduction of carbon emissions, and volatile fuel costs to impel this market’s growth in the Americas during the forecast period.

Competitive landscape and key vendors

The global marine electric vehicles market is highly fragmented and competitive owing to the presence of several small- and large-sized players in the market. As international players increase their footprint in the market with their massive infrastructure and R&D support, the regional vendors are finding it increasingly difficult to compete in terms of reliability and price. The competition is expected to intensify due to an increase in product extensions, technological innovations, and M&A.

The leading vendors in the market are -

• Boesch Motorboote
• Duffy Electric Boat
• Ruban Bleu
• Torqeedo
• Triton Submarines

Other prominent vendors in the market are CORVUS ENERGY, Electrovaya, Saft, and Tamarack Lake Electric Boat Company.

Key questions answered in the report include

• What will the marine electric vehicles marketsize and the growth rate be in 2020?
• What are the key factors driving the global marine electric vehicles market?
• What are the key marine electric vehicles market trends impacting the growth of the market?
• What are the challenges to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities and threats faced by the vendors in the global marine electric vehicles market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global marine electric vehicles market?

Technavio also offers customization on reports based on specific client requirement.

Related reports:

• Global Submarine Market 2016-2020
• Global Sonobuoy Market 2016-2020
• Global Hydrographic Equipment Market 2015-2019
• Global UAV Market 2016-2020