PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1763801
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1763801
Global Marine Electric Vehicle Market Size Study & Forecast, by Technology, Vehicle Type, Mode of Operation, Transport Mode, Range and Regional Forecasts 2025-2035
The Global Marine Electric Vehicle Market is estimated to be worth approximately USD 11.76 billion in 2024 and is expected to surge at a remarkable CAGR of 16.40% from 2025 to 2035, ultimately reaching around USD 62.50 billion by 2035. Marine electric vehicles (MEVs) are redefining maritime propulsion by displacing conventional diesel-based systems with cleaner, more energy-efficient alternatives. Leveraging cutting-edge battery technology and integrated hybrid power systems, these vessels cater to an increasingly carbon-conscious world navigating the transition toward sustainable maritime transport. With ports and naval fleets pivoting towards zero-emission mandates and IMO 2050 goals, the demand for electric propulsion in ferries, defense ships, and unmanned maritime vehicles is rising rapidly, prompting an influx of public and private investment across the ecosystem.
The expansion of this market is further propelled by mounting regulatory pressure to reduce greenhouse gas emissions from the maritime sector, coupled with advancements in lithium-ion battery density, fast-charging infrastructure, and integration of AI-based navigation controls. Governments and shipbuilders are collaborating to electrify not only commercial vessels like passenger ferries and cargo ships but also naval platforms including destroyers, submarines, and reconnaissance UMVs. As ports embrace shore power integration and automated docking, the overall marine EV environment becomes increasingly favorable for end-to-end electrification. However, the challenge lies in overcoming constraints such as high initial investment, battery degradation over long hauls, and the logistical complexity of installing adequate charging grids at sea and onshore.
Regionally, Europe is expected to maintain dominance in the marine electric vehicle market, buoyed by stringent environmental regulations and proactive electrification initiatives from maritime nations like Norway, the Netherlands, and Germany. Norway, for instance, is at the forefront with policies mandating electric-only ferries in key fjords. Meanwhile, North America is steadily scaling up due to robust investments in hybrid military vessels and electric passenger transport along the coasts and inland waterways. The Asia Pacific region is anticipated to witness the fastest CAGR during the forecast period, driven by a massive shipbuilding base in China, Japan, and South Korea, along with rising defense modernization budgets. Countries such as India and Indonesia are also pushing electrification in their inland water transport systems. Latin America and the Middle East & Africa regions, though at a nascent stage, offer immense potential due to increasing port traffic and a gradual shift toward green fleet upgrades.
Major market player included in this report are:
- ABB Ltd.
- Siemens AG
- BAE Systems plc
- Wartsila Corporation
- Hyundai Heavy Industries
- General Dynamics Electric Boat
- Boesch Motorboote AG
- Kongsberg Gruppen ASA
- Duffy Electric Boat
- Man Energy Solutions
- Oceanvolt
- Rolls-Royce Holdings plc
- Torqeedo GmbH
- ASV Global
- Vard Group AS
Global Marine Electric Vehicle Market Report Scope:
- Historical Data - 2023, 2024
- Base Year for Estimation - 2024
- Forecast period - 2025-2035
- Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope - Free report customization (equivalent up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below:
By Technology:
- Fully Electric
- Hybrid
By Vehicle Type:
- Commercial
- Passenger Vessel
- Cargo Vessel
- Others
- Defense
- Destroyers
- Frigates
- Corvette
- Submarine
- Others
- UMV (Unmanned Marine Vehicles)
- UUV (Unmanned Underwater Vehicles)
- USV (Unmanned Surface Vehicles)
By Mode of Operation:
- Manned
- Autonomous
By Vessel Transport:
- Inland Waterways
- Coastal/Marine
By Range:
- <50 km
- 50-100 km
- 100 km
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2025 to 2035.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with country-level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market.
Table of Contents
Chapter 1. Global Marine Electric Vehicle Market Report Scope & Methodology
- 1.1. Research Objective
- 1.2. Research Methodology
- 1.2.1. Forecast Model
- 1.2.2. Desk Research
- 1.2.3. Top-Down and Bottom-Up Approach
- 1.3. Research Attributes
- 1.4. Scope of the Study
- 1.4.1. Market Definition
- 1.4.2. Market Segmentation
- 1.5. Research Assumption
- 1.5.1. Inclusion & Exclusion
- 1.5.2. Limitations
- 1.5.3. Years Considered for the Study
Chapter 2. Executive Summary
- 2.1. CEO/CXO Standpoint
- 2.2. Strategic Insights
- 2.3. ESG Analysis
- 2.4. Key Findings
Chapter 3. Global Marine Electric Vehicle Market Forces Analysis
- 3.1. Market Forces Shaping the Global Marine Electric Vehicle Market 2024-2035
- 3.2. Drivers
- 3.2.1. Stringent Emissions Regulations and Targets
- 3.2.2. Breakthroughs in Lithium-Ion Battery and Hybrid Technologies
- 3.3. Restraints
- 3.3.1. High Capital Expenditure for Vessel Electrification
- 3.3.2. Limited Charging and Shore-Power Infrastructure
- 3.4. Opportunities
- 3.4.1. Government Incentives and Green Subsidies
- 3.4.2. Expansion of Unmanned Marine Vehicle Applications
Chapter 4. Global Marine Electric Vehicle Industry Analysis
- 4.1. Porter's Five Forces Model
- 4.1.1. Bargaining Power of Buyers
- 4.1.2. Bargaining Power of Suppliers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's Five Forces Forecast Model 2024-2035
- 4.3. PESTEL Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top Investment Opportunities
- 4.5. Top Winning Strategies 2025
- 4.6. Market Share Analysis 2024-2025
- 4.7. Global Pricing Analysis and Trends 2025
- 4.8. Analyst Recommendation & Conclusion
Chapter 5. Global Marine Electric Vehicle Market Size & Forecasts by Technology 2025-2035
- 5.1. Market Overview
- 5.2. Fully Electric
- 5.2.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.2.2. Market Size Analysis, by Region, 2025-2035
- 5.3. Hybrid
- 5.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 5.3.2. Market Size Analysis, by Region, 2025-2035
Chapter 6. Global Marine Electric Vehicle Market Size & Forecasts by Vehicle Type 2025-2035
- 6.1. Market Overview
- 6.2. Commercial
- 6.2.1. Passenger Vessel
- 6.2.2. Cargo Vessel
- 6.2.3. Others
- 6.3. Defense
- 6.3.1. Destroyers
- 6.3.2. Frigates
- 6.3.3. Corvette
- 6.3.4. Submarine
- 6.3.5. Others
- 6.4. UMV (Unmanned Marine Vehicles)
- 6.4.1. UUV (Unmanned Underwater Vehicles)
- 6.4.2. USV (Unmanned Surface Vehicles)
Chapter 7. Global Marine Electric Vehicle Market Size & Forecasts by Region 2025-2035
- 7.1. Market Snapshot by Region
- 7.2. Top Leading & Emerging Countries
- 7.3. North America Marine EV Market
- 7.3.1. U.S. Marine EV Market
- 7.3.1.1. Technology Breakdown & Forecasts, 2025-2035
- 7.3.1.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.3.2. Canada Marine EV Market
- 7.3.2.1. Technology Breakdown & Forecasts, 2025-2035
- 7.3.2.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.3.1. U.S. Marine EV Market
- 7.4. Europe Marine EV Market
- 7.4.1. UK Marine EV Market
- 7.4.1.1. Technology Breakdown & Forecasts, 2025-2035
- 7.4.1.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.4.2. Germany Marine EV Market
- 7.4.2.1. Technology Breakdown & Forecasts, 2025-2035
- 7.4.2.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.4.3. France Marine EV Market
- 7.4.3.1. Technology Breakdown & Forecasts, 2025-2035
- 7.4.3.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.4.4. Spain Marine EV Market
- 7.4.4.1. Technology Breakdown & Forecasts, 2025-2035
- 7.4.4.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.4.5. Italy Marine EV Market
- 7.4.5.1. Technology Breakdown & Forecasts, 2025-2035
- 7.4.5.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.4.6. Rest of Europe Marine EV Market
- 7.4.6.1. Technology Breakdown & Forecasts, 2025-2035
- 7.4.6.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.4.1. UK Marine EV Market
- 7.5. Asia Pacific Marine EV Market
- 7.5.1. China Marine EV Market
- 7.5.1.1. Technology Breakdown & Forecasts, 2025-2035
- 7.5.1.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.5.2. India Marine EV Market
- 7.5.2.1. Technology Breakdown & Forecasts, 2025-2035
- 7.5.2.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.5.3. Japan Marine EV Market
- 7.5.3.1. Technology Breakdown & Forecasts, 2025-2035
- 7.5.3.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.5.4. Australia Marine EV Market
- 7.5.4.1. Technology Breakdown & Forecasts, 2025-2035
- 7.5.4.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.5.5. South Korea Marine EV Market
- 7.5.5.1. Technology Breakdown & Forecasts, 2025-2035
- 7.5.5.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.5.6. Rest of Asia Pacific Marine EV Market
- 7.5.6.1. Technology Breakdown & Forecasts, 2025-2035
- 7.5.6.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.5.1. China Marine EV Market
- 7.6. Latin America Marine EV Market
- 7.6.1. Brazil Marine EV Market
- 7.6.1.1. Technology Breakdown & Forecasts, 2025-2035
- 7.6.1.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.6.2. Mexico Marine EV Market
- 7.6.2.1. Technology Breakdown & Forecasts, 2025-2035
- 7.6.2.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.6.1. Brazil Marine EV Market
- 7.7. Middle East & Africa Marine EV Market
- 7.7.1. UAE Marine EV Market
- 7.7.1.1. Technology Breakdown & Forecasts, 2025-2035
- 7.7.1.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.7.2. Saudi Arabia Marine EV Market
- 7.7.2.1. Technology Breakdown & Forecasts, 2025-2035
- 7.7.2.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.7.3. South Africa Marine EV Market
- 7.7.3.1. Technology Breakdown & Forecasts, 2025-2035
- 7.7.3.2. Mode of Operation Breakdown & Forecasts, 2025-2035
- 7.7.1. UAE Marine EV Market
Chapter 8. Competitive Intelligence
- 8.1. Top Market Strategies
- 8.2. ABB Ltd.
- 8.2.1. Company Overview
- 8.2.2. Key Executives
- 8.2.3. Company Snapshot
- 8.2.4. Financial Performance (Subject to Data Availability)
- 8.2.5. Product/Services Portfolio
- 8.2.6. Recent Development
- 8.2.7. Market Strategies
- 8.2.8. SWOT Analysis
- 8.3. Siemens AG
- 8.4. BAE Systems plc
- 8.5. Wartsila Corporation
- 8.6. Hyundai Heavy Industries
- 8.7. General Dynamics Electric Boat
- 8.8. Kongsberg Gruppen ASA
- 8.9. Rolls-Royce Holdings plc
- 8.10. Torqeedo GmbH
- 8.11. ASV Global
