Dublin, June 13, 2025 (GLOBE NEWSWIRE) — The “Marine Electric Vehicle Market 2025-2034” has been added to ResearchAndMarkets.com’s offering.
The Marine Electric Vehicle (EV) market, valued at USD 10.1 billion in 2025, is forecasted to grow at a CAGR of 17.1%, reaching USD 41.5 billion by 2034
This market includes battery-powered and hybrid-electric systems used in various watercraft such as ferries, yachts, and cargo vessels. Growth is driven by global clean energy shifts, maritime decarbonization targets, and advances in battery storage and electric drivetrains.
Governments and port authorities are increasingly supporting marine electrification with grants, emissions regulations, and pilot projects, making Marine EVs attractive due to their low emissions, noise reduction, and operational cost savings in short-haul or urban maritime uses. Advances in lithium-ion and solid-state batteries are enabling electric propulsion for larger vessels. The maritime industry’s focus on reducing its environmental impact is making electric mobility pivotal for green shipping initiatives.
In 2024, the market is rapidly accelerating with significant strides in commercial adoption and infrastructure development. The popularity of electric ferries is rising in Scandinavia, China, and North America, driven by common public water transit. Ports invest in shore charging stations, adopting electrified dockside operations. The increase in private sales of luxury e-yachts and recreational electric crafts reflects growing sustainable leisure travel demand.
Hybrid-electric propulsion is gaining traction in offshore support and coast guard vessels to balance emissions goals with range. Collaborations among maritime manufacturers, battery developers, and energy providers are enhancing innovative cycles and providing customized solutions. Digital tools for battery management and real-time tracking are optimizing the efficiency and lifespan of onboard systems.
Looking beyond 2025, the Marine EV market will scale rapidly, supported by global clean transport mandates and reducing battery costs. Innovations in solid-state batteries and next-generation energy storage will facilitate larger vessels’ full-electric operations over longer distances. Electrification will extend to inland shipping, small cargo vessels, and autonomous drones, with renewable energy integration reducing fossil fuel dependency.
Governments are expected to implement stricter emissions regulations in sensitive marine zones, driving electrification. Advances in modular battery swapping, fast-charging technology, and AI-enhanced energy routing will improve feasibility. The Marine EV market will become integral to maritime sustainability, transforming marine transport design, operation, and economics.
Key Insights Marine Electric Vehicle Market
- Electric ferries and commuter boats support cities in meeting emissions targets and reducing noise pollution.
- Development in fast-charging and shore power infrastructure facilitates smooth EV integration at ports.
- Eco-friendly luxury e-yachts and boats are attracting environmentally conscious consumers.
- Battery advancements, notably solid-state and high-density lithium-ion, enhance electric range and performance.
- Port authorities and governments are offering incentives for electric marine fleet promotion.
- Market barriers include charging infrastructure limitations and high upfront costs.
Marine Electric Vehicle Market Segmentation
By Technology
- Electric Motors
- Energy Storage Systems
- Charging Infrastructure
By Vessel-Size
- Medium-Sized Electric Boats (6-10 meters)
- Large Electric ships (Over 10 meters)
By Ownership
By Vehicle Type
- Work Boat
- Leisure And Tourist Surface Boat
- Autonomous Underwater Vehicle
By Application
By Geography
- North America
- Europe
- Asia-Pacific
- The Middle East and Africa
- South and Central America
Key Attributes:
Report Attribute | Details |
No. of Pages | 150 |
Forecast Period | 2025 – 2034 |
Estimated Market Value (USD) in 2025 | $10.1 Billion |
Forecasted Market Value (USD) by 2034 | $41.5 Billion |
Compound Annual Growth Rate | 17.0% |
Regions Covered | Global |
Companies Featured
- ABB Ltd. (Switzerland)
- Boesch Motorboote AG (Switzerland)
- Electrovaya Inc. (Canada)
- Corvus Energy (Canada)
- Duffy Electric Boat Co. (US)
- Torqeedo GmbH (Germany)
- Triton Submarines LLC (US)
- Ruban Bleu (France)
- Wartsila Corporation (Finland)
For more information about this report visit https://www.researchandmarkets.com/r/bcj7vl
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- Marine Electric Vehicle Market