BANGALORE from India, November 11, 2021 / PRNewswire / – The Electric vessels market is segmented By type (Battery electric vessels, Plug-in hybrid electric vessels, Hybrid electric vessels), Application (Work, Leisure). The report covers the analysis of global opportunities and industry forecast from 2021 to 2027. It is published in Evaluate reports under Automobile industry Category.

The global electric vessel market size is expected to reach 9361.4 million USD by 2027, from $ 5114.6 million in 2020, at a compound annual growth rate (CAGR) of 10.6% over the forecast period 2021-2027.

The major factors driving the growth of the Electric Vessels Market are:

The electric vessel market is expected to increase as maritime trade expands around the world and the marine tourism industry expands.

Electric vessels offer advantages such as easy maintenance, low cost operation and can accommodate more cargo and passengers due to the smaller size of the powertrain. This in turn is expected to drive the growth of the electric vessel market.

The need for an electrically powered vessel has grown in response to the growing need to reduce the carbon footprint and wasted fuel. In addition, the electric vessel market is growing due to the increased emphasis by shipbuilders on reducing the noise created by marine vessel propulsion systems.

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Trends Influencing the Growth of Electric Vessels Market:

The increase in maritime trade and the growth of the maritime tourism industry are two important factors driving the electric vessels market. By 2020, the maritime vehicle will carry over 80% of global trade by volume, making it the backbone of trade and the global economy. The maritime exchange continues to grow, bringing benefits to customers all over the world through lower freight costs. This is expected to propel the global electric vessel market during the forecast period.

Several government programs aimed at reducing carbon emissions, such as incentives to purchase electric transport vessels, are expected to drive the expansion of the electric vessel market throughout the forecast period.

Compared with a conventional system, the area required for the installation of electric propulsion machinery is relatively small and compact. Increased payload due to flexible placement of machine components. In addition, the propeller shaft and the primary motor are not connected directly, the transmission of severe stresses such as torsion and vibration is limited. Such benefits are expected to further increase the adoption of electric vessels, leading to the growth of the electric boat market.

Growing competition among various end-users, such as trade, transport and logistics, has forced service providers to reduce their operating costs, such as fuel consumption and huge crews, to improve their margins. beneficiary and achieve balance. Thus, the decision of the logistics and transportation service providers to reduce operating costs is expected to increase the growth of the electric vessels market.

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Electric Vessels Market Share Analysis:

Depending on the type, the battery-powered segment is expected to be the most lucrative segment. A battery-powered vessel contributes to more environmentally friendly maritime operations, as well as increased efficiency and reliability.

Depending on the region, the European market is expected to be the most lucrative. The rapid expansion of state-of-the-art electric vessels in Europe is the main reason for Europe leader in the electric vessel sector. The expansion of manufacturing industries in Europe, along with the burgeoning commercial and defense maritime industries, are motivating producers of electric vessels to introduce technologically innovative and efficient solutions on a wide range of vessel types.

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Major players in the electric vessel market

  • Boesch boot
  • Duffy electric boat
  • Blue Ribbon
  • Torqeedo
  • Triton submarines
  • CORVUS ENERGY
  • Electrovaya
  • Saft
  • Tamarack Lake Electric Boat Company
  • Others

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