The report forecasts the global marine electric vehicles market to grow at a CAGR of 9.53% during the period 2016-2020.
The adoption of electric vehicles has increased considerably as they produce lower carbon emissions than fuel-powered vehicles. In addition, scarcity of fuel reserves has shifted the demand for the use of alternative energy sources, which in turn, propels the ships and boats market. There are three types of electric vehicles, which are as follows:
Battery electric vehicle
Plug-in hybrid electric vehicles
Hybrid electric vehicles
A trend which is helping to boost market growth is the implementation of marine plug-in hybrid vehicles. Plug-in hybrid electric vehicles or grid-enabled vehicles (GEV) have decreased the use of combustion engines, which in turn has reduced the generation of greenhouse gasses. These vehicles store electricity onboard within rechargeable packs.
According to the report, a key growth driver is the growing demand from commercial users. The demand for landing craft is growing steadily as these vessels are cost efficient, faster, reliable, easy to maintain, and eco-friendly. In commercial operations, the crafts provide logistic support for a broad range of equipment such as survey equipment, drilling rigs, cranes, and light vehicles. The crafts' main cabin can also be designed to carry passengers and crew. They can be equipped with seismic survey equipment that enables the operator to conduct research and search and rescue operations.
Further, the report states that one challenge that could curtail market growth is the limited range and high cost of batteries.
Duffy Electric Boat
Key Topics Covered:
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Global aerospace and defense supply chain system
PART 07: Global aerospace and defense value chain system