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Our latest research report entitled Marine Electric Vehicles Market (by application (military, leisure and tourist surface boats, automated utility vehicles, personal and tourist submarines), platform (on-water, and underwater), hybridization (battery and, plug-in hybrid electric vehicle)) provides complete and deep insights into the market dynamics and growth of Marine Electric Vehicles.

The latest information on market risks, industry chain structure Marine Electric Vehicles cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Marine Electric Vehicles growth factors.

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Growing Awareness Regarding Increasing Pollution and Environmental Protection are the Major Driving Factors for the Growth

The emergence of electric vehicles has disrupted the automotive industry. Technological advancements in the field of batteries and motor technology have evolved the electric vehicle industry. Many of the watercraft manufacturers are producing marine electric vehicles to expand their business. The marine electric vehicles market is relatively new and it is fragmented in nature. A number of market players compete with each other to maintain the competitiveness of the market. The key players in the market including Boesch Motorboote AG, Duffy Electric Boat Company, Ruban Bleu, Torqeedo GmbH, Tamarack Lake Electric Boat Co., Triton Submarines and others are focusing on investing in new technologies to develop cost-effective and high-performance vehicles.

The growing awareness regarding increasing pollution and environmental protection are the major driving factors for the growth of the marine electric vehicles market. Most of the marine vehicles are powered by fossil fuels, which cause carbon emission and subsequently pollutes the environment. The marine electric vehicles are a better alternative to conventional fuel propelled marine vehicles. Moreover, the development of electronic Unmanned Underwater Vehicles (UUVs) is expanding the demand for marine electric vehicles. The UUVs are generally small in size and consume less energy, which is easily electrified.

Furthermore, the growing demand for cost-efficient, reliable, and eco-friendly vessels is anticipated to boost the growth of the marine electric vehicles market. However, the high cost of the vehicles is expected to hamper the growth of the marine electric vehicles market. Nevertheless, the increasing use of renewable energy resources for onboard power generation has posed lucrative business opportunities for the players in the market.

North America Dominates the Marine Electric Vehicles Market

In terms of region, North America dominates the marine electric vehicles market, accounting for the highest market share among the regions. The growth of North America’s marine electric vehicles market attributes to the government initiatives to develop electric vehicles, the growing awareness regarding the reduction of carbon emissions, and volatile fuel costs. Moreover, the presence of the leading manufacturers including Electrovaya Inc. and Triton Submarines in the region is anticipated to boost the growth of the marine electric vehicles market in North America.

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Report on Global Marine Electric Vehicles Market Covers Segments such as Application, Platform, and Hybridization

On the basis of application, the sub-markets include military, workboats, leisure and tourist surface boats, automated utility vehicles, personal and tourist submarines, and other applications. On the basis of the platform, the sub-markets include on-water and underwater. On the basis of hybridization, the sub-markets include battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles.

Competitive Analysis:

The report provides profiles of the companies in the market such as Boesch Motorboote AG, Corvus Energy Ltd., Duffy Electric Boat Company, Electrovaya Inc., Ruban Bleu, Torqeedo GmbH, Tamarack Lake Electric Boat Co., Triton Submarines, Andaman Boat Yard Co., Ltd., Wärtsilä Oyj Abp, and Other Companies.

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Reasons to Buy this Report:

  • Comprehensive analysis of global as well as regional markets of the Marine Electric Vehicles.
  • Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2025.
  • Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
  • Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.