Dublin, April 17, 2026 (GLOBE NEWSWIRE) — The “Marine Electric Vehicle Market Report 2026” has been added to ResearchAndMarkets.com’s offering.
The marine electric vehicle market has shown significant growth, with its size expanding from $11.84 billion in 2025 to a projected $13.31 billion in 2026, reflecting a compound annual growth rate (CAGR) of 12.5%. This increase is largely attributable to several factors including environmental regulation compliance, advancements in electric propulsion technology, demand for vessels that operate with minimal noise, leisure boating expansion, and various government sustainability initiatives.
Looking ahead, the market is expected to continue this growth trend, reaching an estimated value of $21.27 billion by 2030. This anticipated expansion is supported by advancements in marine battery technology, the proliferation of electric ferries, increased adoption of autonomous electric vessels, investments in green ports, and the integration of fuel cell propulsion systems. Key trends include a rise in electric and hybrid marine propulsion, the increase of battery-powered leisure boats, enhancements in shore charging infrastructure, a surge in demand for zero-emission marine transport, and the assimilation of smart energy management systems.
The growing popularity of cruises, especially electric cruise ships known for reducing greenhouse gas emissions, further fuels this market’s expansion. Cruises experienced a substantial rise, with the Cruise Lines International Association reporting approximately 1.7 million cruisers from Britain and Ireland in April 2023, up from 479,000 the previous year. This increase in cruise demand underscores the expanding market for marine electric vehicles.
Leading companies in this sector are focusing on innovating and improving product offerings. An example is the Cheetah R630, an innovative electric rigid inflatable boat (RIB) introduced by Cheetah Marine. Launched in June 2023, the Cheetah R630, with its lightweight hull and dual compatibility with both combustion engines and electric propulsion, highlights advancements in eco-friendly marine technology. Cheetah Marine’s progress sets a benchmark for sustainable boating while offering ample space and operational versatility.
In line with the industry’s growth, Yamaha Motor Co. Ltd. acquired Torqeedo GmbH in January 2024, further extending its electric marine capabilities and accelerating its carbon neutrality goals. Torqeedo GmbH specializes in the development of electric and hybrid propulsion systems, making this acquisition a strategic move to fortify Yamaha’s marine sector.
The marine electric vehicle market features key players such as ABB Ltd., Torqeedo GmbH, Corvus Energy Ltd., and numerous other prominent companies. North America led the market in 2025, while the Asia-Pacific region is expected to surge during the forecasted period, with the covered regions including most major global economies such as Australia, Brazil, China, and several European nations.
The market encompasses revenues derived from services including charging infrastructure, repair services, and safety inspections, alongside sales of electric fishing boats, tugboats, and jet skis. The economic value constitutes the revenue that enterprises secure from selling these goods and services within the specified market and geographies. Overall, the marine electric vehicle market represents a dynamic and rapidly evolving segment, promising continued innovation and growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2026 – 2030 |
| Estimated Market Value (USD) in 2026 | $13.31 Billion |
| Forecasted Market Value (USD) by 2030 | $21.27 Billion |
| Compound Annual Growth Rate | 12.4% |
| Regions Covered | Global |
Companies Featured
- ABB Ltd.
- Torqeedo GmbH
- Corvus Energy Ltd.
- Duffy Electric Boat Company
- Electrovaya Inc
- Ruban Bleu
- Saft
- Triton Submarines LLC
- BAE Systems
- Kongsberg Gruppen
- Vision Marine Technologies
- Boesch Motorboote AG
- Echandia Marine AB
- Leclanche
- WEG
- Echandia Marine AB
- Triton Submarines LLC
- Azura Marine
- Ruban Bleu
- Elco Motor Yachts
- Aquawatt
- Alfastreet Marine
- Rand Boats
- Duffy Electric Boat Company
- Boesch Motorboote AG
- Aquon One
- Iguana Yachts
- Vita Power
- Zin Boats
- Crown Electric Ships and Boats
For more information about this report visit https://www.researchandmarkets.com/r/jxmuer
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- Marine Electric Vehicle Market
