Top 15 Companies in Marine Electric Vehicle Market: Statistics Report Till 2035
RELEASE DATE: Sep 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Marine Electric Vehicle Market Size is projected To Grow from USD 438.96 Billion in 2024 to USD 1808.34 Billion by 2035, at a CAGR of 13.74% during the forecast period 2025–2035. The market for marine electric vehicles is experiencing substantial expansion, fueled by rising environmental awareness and the drive for sustainability in maritime transportation. Governments globally are encouraging the transition to electric vessels via regulations, financial incentives, and support for the advancement of green technology. Moreover, improvements in battery technology and electric powertrain efficiency are rendering these ships more feasible and cost-effective.
Introduction
Electric boats, also known as marine electric vehicles (MEVs), are boats with electric motors that run on fuel cells or batteries. They provide greener alternatives to conventional combustion-powered boats and come in a variety of forms, such as battery electric boats (BEVs), hybrid electric boats (HEVs), and plug-in hybrid electric boats (PHEVs). Rather than internal combustion engines, electric motors power these electric automobiles. These motors use fuel cells or onboard batteries, which are charged externally, to generate electricity. MEVs reduce emissions and noise pollution, making them a more sustainable and cleaner alternative to conventional vessels that run on fossil fuels. Electric workboats, electric yachts, and electric ferries are a few types of MEVs. Defense, research, oil and gas exploration, passenger transportation, fishing, and environmental monitoring comprise its end-user business.
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Marine Electric Vehicle Market Size & Statistics
- The Market Size for Marine Electric Vehicle Was Estimated to be worth USD 438.96 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 13.74% between 2025 and 2035.
- The Global Marine Electric Vehicle Market Size is anticipated to reach USD 1808.34 Billion by 2035.
- North America is expected to generate the highest demand during the forecast period in the global marine electric vehicle Market.
- Asia Pacific is expected to grow the fastest during the forecast period in The Global Marine Electric Vehicle Market.
Regional growth and demand
Asia Pacific is expected to grow the fastest during the forecast period in the global marine electric vehicle market.
China's emphasis on cutting emissions in its vast inland waterways and port activities has driven considerable uptake of electric propulsion technologies. Japan and South Korea are investing in cutting-edge battery technologies and hybrid electric ships to improve efficiency and minimize pollution. Southeast Asian emerging economies are investigating electric options for short-distance travel and tourism. Moreover, the area enjoys a strong manufacturing foundation and economical production of electrical components, establishing Asia-Pacific as an essential center for the marine electric vehicle sector.
North America is expected to generate the highest demand during the forecast period in the global marine electric vehicle market.
The regional market expansion is highlighted by the United States and Canada through efforts to decarbonize rivers and lessen reliance on fossil fuels. Further, electric ferries, cargo vessels, and leisure boats are becoming more popular as both governments and private entities invest in greener options. Moreover, incentives at both federal and state levels, including tax credits and financing for sustainable infrastructure, are facilitating the shift toward electric propulsion systems. Moreover, improvements in battery technology and the establishment of charging facilities at major ports are boosting market feasibility.
Top 10 trends in the Marine Electric Vehicle Market
- Hybrid Propulsion Systems
- Advancements in Battery Technology
- Expansion of Charging Infrastructure
- Stringent Environmental Regulations and Incentives
- Surge in Electric Ferries and Recreational Boats
- High-Power Electric Motors & Dynamic Positioning
- Emerging Solar- and Renewable-Powered Vessels
- Use of Hydrofoil Design for Efficiency
- Growth of Autonomous and Electric Workboats
- Operational Challenges: Battery Constraints, Costs & Skills Shortage
1. Hybrid Propulsion Systems
Electric motor-driven vessels that incorporate conventional engines (such as fuel cells or internal combustion engines) are growing increasingly common. They grant operating versatility and lower emissions while managing range restrictions.
2. Advancements in Battery Technology
Electric propulsion is being driven toward bigger ships and longer routes by research and development in lithium-ion and developing solid-state batteries, which are boosting energy density, safety, and efficiency.
3. Expansion of Charging Infrastructure
Shore-to-ship charging facilities are being installed in ports, marinas, and ferry docks more frequently due to regulatory requirements and public-private investments.
4. Stringent Environmental Regulations and Incentives
Emissions regions, incentives, and international regulations (such as those from the IMO) encourage ship operators to transition to electric motors.
5. Emerging Solar- and Renewable-Powered Vessels
Vessels that operate on sunlight, like India's "Indra," are growing more popular. Transportation using electricity from renewable energies, such as solar power and wind power, is becoming more prevalent.
Empower your strategic planning:
Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the marine electric vehicle market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 15 Companies Leading the Marine Electric Vehicle Market
- Boesch Motorboote AG
- Electrovaya
- Candela Technology AB
- Duffy Electric Boat
- Torqeedo GmbH
- Triton Submarines
- Ruban Bleu
- Saft
- Wärtsilä
- Boeing
- Andaman Boatyard
- Twin Vee
- ABB
- Wartsila
- Corvus Energy
- Others
1. Corvus Energy
Headquarters: Nesttun, Bergen, Norway
Corvus Energy is a worldwide frontrunner in supplying Energy Storage Systems (ESS) for the marine sector. Since its establishment in 2009, the company has led the way in employing battery technology on vessels to lower emissions. It asserts that it holds the largest global installed base of marine ESS, with more than 1300 installations. Over half of the global ships utilizing zero-emission technology are fitted with a Corvus system. Corvus Energy boasts significant expertise in the electric and hybrid ferry industry, having provided battery systems for more than 150 ferries globally. Their technology fueled the "Ampere," the globe's initial fully electric ferry. The products of the company are utilized for various types of vessels, such as cruise ships, tugs, offshore vessels, tankers, and fishing boats. They have participated in pioneering initiatives, like the initial all-electric offshore ship.
2. Duffy Electric Boat
Headquarters: Adelanto, California, USA
Duffy Electric Boat is well-known as a trailblazer and the leading global seller of electric boats. The company's beginnings trace back to 1966 when founder Marshall "Duffy" Duffield developed a prototype by utilizing a golf cart motor within a boat hull. This positions Duffy as one of the most seasoned and oldest players in the electric boating sector. At their factory in Adelanto, California, they create and custom-build various electric boats, including runabouts and cruisers. Their items are marketed worldwide and are recognized for their timeless design, longevity, and minimal upkeep. The company's origins extend before the contemporary environmental movement; its fundamental principle of offering a serene, zero-emission boating experience coincides seamlessly with today's trends in the marine EV market.
3. Andaman Boatyard
Headquarters: Sattahip, Chonburi Province, Thailand
Andaman Boatyard is a skilled boat construction firm located in Thailand. An experienced Italian boat builder and architect, Luigi Innamorati, leads it. The business focuses on creating custom and semi-custom boats and catamarans constructed from fiberglass/composite materials and sells its products to Europe, Australia, and North America. Andaman Boatyard's main connection to the marine EV sector is its boat designs that provide electric or hybrid propulsion choices. The company is not solely an electric boat manufacturer, but rather a classic boat maker that has integrated EV technology into its offerings. Andaman Boatyard's approach is to provide electric propulsion as a versatile option for its clients, targeting markets experiencing increased demand for eco-friendly boating alternatives, including the Netherlands, Canada, and areas with limits on fossil fuel-powered vessels.
4. Saft
Headquarters: Levallois-Perret, France
Saft is a leading worldwide battery firm that creates and produces advanced technology batteries for industrial and challenging uses, encompassing land, sea, air, and space. A primary emphasis is placed on sophisticated lithium-ion (Li-ion) battery systems. Saft plays a crucial role in the marine electric vehicle sector, providing fully integrated, comprehensive battery systems for various types of vessels, including large cruise ships, ferries, private yachts, and workboats. They collaborate with navies, shipyards, and original equipment manufacturers (OEMs) globally to deploy their battery technology for electric and hybrid electric marine uses. Saft's batteries are utilized in hybrid and fully electric propulsion systems. Hybrid systems utilize diesel or gas turbine generators to enhance fuel efficiency and minimize emissions, especially in workboats such as harbor tugs that function with brief intervals of high power.
5.Twin Vee
Headquarters: Fort Pierce, Florida, USA
Twin Vee Powercats Co. is a business that creates, produces, and sells power catamarans. In a tactical effort to penetrate the marine electric vehicle sector, the firm declared the establishment of a new division named Twin Vee Electric in late 2020. Twin Vee made an important decision to separate its electric boat development into an independent, wholly owned subsidiary called Forza X1, Inc. This strategic shift enabled Twin Vee to concentrate on its primary gas-powered boat operations while establishing a dedicated company to create, produce, and promote a complete range of electric boats. Boats from Forza X1 come equipped with a completely integrated electric power system, comprising a sophisticated battery pack, power electronics, a highly efficient motor, and comprehensive control software. They have collaborated with firms such as Garmin and Osmosis Telematics to develop an all-encompassing digital system for their vessels, featuring range monitoring, battery analysis, and mobile app integration.
Are you ready to discover more about the marine electric vehicle market?
The report provides an in-depth analysis of the leading companies operating in the global marine electric vehicle market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Boesch Motorboote AG
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- Electrovaya
- Candela Technology AB
- Duffy Electric Boat
- Torqeedo GmbH
- Triton Submarines
- Ruban Bleu
- Saft
- Wärtsilä
- Boeing
- Andaman Boatyard
- Twin Vee
- ABB
- Wartsila
- Corvus Energy
- Others
Conclusion
The Worldwide Marine Electric Vehicle (MEV) Market Size sector is undergoing significant change, set for outstanding expansion from USD 438.96 Billion in 2024 to USD 1808.34 Billion by 2035. This growth is fueled by a strong merging of environmental regulations, technological advancements, and a change in consumer and industry demands for cleaner, quieter, and more efficient maritime solutions. Further, North America and the Asia Pacific are the regional marketplace that highlights industry expansion. The market features a varied ecosystem of businesses. From trailblazers such as Duffy Electric Boat, which launched the leisure segment, to major companies and innovators like Saft, Corvus Energy, and ABB that are electrifying substantial commercial and military ships, the expansion of the industry is extensive.
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