Global Marine Electric Vehicle Market 2023-2028 | Updated February 2023 (2023)


The fast-growing electric vehicle market, valued at around $2.5 billion, is remarkably diverse. Includes electric vehicles on water and underwater for inland and marine waterways. Military electric vehicles dominate the value market today.

Global Marine Electric Vehicle Market 2023-2028 | Updated February 2023 (1)

Certain electric boats at sea are ahead of land and air electric vehicles, as they have the largest energy storage lithium-ion traction batteries, the latest flexible CIGS solar cells to charge traction batteries (predecessor of the multi-layer Smart Skin discussed in the text ) and in service For years without human intervention.


Marine EVs are of great interest to those who manufacture components, systems and powertrains for land and air electric vehicles, as well as specialists.

Electric powered guns and tethered vehicles are excluded from this category, as are large traditional military ships and submarines with diesel-electric and nuclear-electric power trains. Normally, they are not called electric vehicles, just as large diesel-electric land locomotives are not called.

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Civilian applications of electric marine vehicles will soon surpass the sales value of military applications as they include a rapidly expanding range of electric workboats such as tugboats, reflecting new environmental legislation.

This includes barges for up to 150 people, usually solar powered, as internal combustion engines are increasingly banned in these places, with Taiwan being the latest country to introduce such laws. In fact, there is now a growing range of electric recreational vehicles for both private and public use, for both indoor and marine use. This reflects both user pull and legal push.


Like all other sectors, the maritime industry is forced to gradually reduce its emissions. Legislation is one of the tools to exert this pressure and since January 1, 2020, it has focused on reducing the sulfur content in ships fueled with heavy fuel oil (HFO) to 0.5%. This was the first step towards priority improvements in Maritime Electric Vehicles in Foco Marítimo.

The aim of many regulatory authorities and organizations around the world is also to implement alternative technologies and fuels such as solar and wind. These technologies, combined with the benefits of digitalization and automation through integrated systems, can further reduce emissions for zero-emission vessels (ZEVs).

In European coastal areas, ship emissions contribute 1-7% of ambient air PM10, 1-14% of PM2.5 and at least 11% of PM1.

Contributions from shipping to surrounding NO2 levels range from 7 to 24%, with the highest levels recorded in the Netherlands and Denmark. Among alternative fuels, the most representative are biofuels, hydrogen, liquefied natural gas (LNG), liquefied petroleum gas (LPG) and methanol.

Marine engine manufacturers began producing dual-fuel gas engines to use both natural gas and conventional fuels. As far as new technologies are concerned, batteries, fuel cells and wind-assisted propulsion are heavily under consideration.

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It is estimated that between 2007 and 2012 ships around the world consumed an average of around 250 to 325 million tonnes of fuel per year, resulting in around 740 to 795 million tonnes of CO2 emissions.

According to another estimate, CO2 emissions from 45,620 ships in 2007 totaled 943 million tons, with total fuel oil consumption (FOC) of 297 million tons. The IMO's Marine Environment Protection Committee (MEPC) estimated in 2016 that air pollution from ships would contribute to over 570,000 additional premature deaths worldwide between 2020 and 2025 if the SOx limit for ships is not lowered from 2020 onwards


The marine electric vehicle market can be segmented into the following categories for further analysis.

By ship type

  • merchant ships
  • tankers
  • military ships
  • offshore supply ships
  • Fuel support and auxiliary ships
  • work ships
  • autonomous submarine ships
  • Leisure and tourism ships

By type of motive fuel

  • Based on battery-powered electric vehicles
  • Connect with electrical base
  • Fuel-based hybrid operation
  • Based on fuel cell

By operational application classification

  • surface water application
  • underwater application

By regional classification

  • Asia-Pacific Region - APAC
  • Middle East and Gulf Region
  • african region
  • North America region
  • Europe region
  • Latin America and Caribbean Region


But Timeline Chase developments
1 september 2021 torque Fassmer, a leading manufacturer of composite boats, has partnered with Toqeedo to launch an all-electric public transport ferry - the Fassmer CIT-E ferry.
2 september 2021 crow energy Corvus Energy and Sanmar Shipyards have signed a Memorandum of Understanding (MOU) to develop hybrid, zero-emission tugs.
3 July 2021 torque The Bangkok Metropolitan Authority has committed to 12 new all-electric, zero-emissions ferries as part of the city's plan to reduce traffic and emissions.
4 April 2021 crow energy Sumitomo Corporation and Corvus Energy announced a joint venture to develop zero-emission solutions for ships in Japan.

Due to increasing demand for ships and growing environmental concerns, the need for low and zero emission ships (ZEVs) is increasing. This, along with the emerging trend of digitization and automation and fossil fuel depletion, is one of the key factors driving the growth of the marine EV market.

While solar, wind, and green energy are often among the first to emerge when it comes to reducing emissions, there are countless other technologies that reduce emissions and improve efficiency.

Reducing emissions may be relatively new; However, in a sector as competitive as the maritime one, there has always been a need to improve efficiency, reduce fuel consumption and increase self-sufficiency. The technologies that help achieve these goals also help make ships more environmentally friendly.

A particularly good example of this technology is shaft generators (SG), which reduce fuel consumption and therefore emissions generated for power generation. For this technology to be understood by an audience unfamiliar with marine technologies, a better understanding of a ship's power system is needed.

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The idea of ​​powering ships with solar energy is not new. There are countless examples of research studies, experiments, and prototypes that have managed to do this. Among these prototypes there are ships that use solar energy as auxiliary energy to supply the ship's electrical needs along with other renewable sources and even as the sole source of energy. 328 solar panels were installed on top of the Auriga Leader, providing a maximum power of 40 KW.

Wind has also been used as an energy source in other industries such as windmills. The problem is that the same logic is not applied to modern freighters, ferries, freighters, etc. for decades.

The Japan Machinery Development Association (JAMDA) was involved in the development of rigid sail technology that could be adapted and was carried out within 12 to 14 JAMDA ships as needed. Rigid sails weren't the only technology that used wind energy to propel a ship, however. An equally important technology was rotor sails, also called Flettner spark plugs.

The main difference between the last developments of Rigid Sails Technology is that this time the sail is equipped with several sensors that, in combination with an automated system, give the sail the ability to turn to the specific angle for optimal propulsion to achieve the violence. .


One of the world's largest sports car manufacturers has committed to offering eight different electrified models in each of its trim levels to accelerate the transition to an electric future.

To focus on the “energy side” of its battery development, Bombardier Recreational Products Inc. (BRP) is establishing an electric vehicle development center based in Valcourt, Quebec, southeast of Montreal.

As BRP takes bold steps to expand its team of EV specialists in Canada, Austria, Finland and the United States, where a sister division of the electrification team will focus on other components of BRP's electric motors, the move comes at a price. $300 million connected a day and is expected to create more than 160 new jobs, including 110 in Quebec.

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All of BRP's electrical technology is developed in-house. Ski-Doo and Lynx snowmobiles, Sea-Doo personal watercraft, Can-Am on-road and off-road vehicles, Alumacraft, Manitou, Quintrex boats and Rotax marine propulsion systems and engines will all be available in an electric model from BRP, bringing the total to eight several powersports vehicles are available.

With its advances in battery module research and development, BRP is not only changing the direction of its fleet, but also creating and expanding an entirely new industry.


Electric transport is being implemented not only in Asia, but also in the European Union (EU). One of the first all-electric ferries has been launched in Sweden. To learn more about theelectric boat market, read our report There is a lot of interest in the city where these ferries were introduced.

The Swedish city of Gothenburg is a great example of a low-carbon city trying to implement any new technology that contributes to this goal through the ElectriCity project. The ferry is expected to enter commercial service at the end of 2020.

In China, the first electric cargo ship was launched in 2017 in Guangzhou, China. The 70.5 m long vessel navigates the inland section of the Pearl River and covers a distance of around 80 km on a single charge. In terms of battery capacity, this means 2.4 MWh and 2 hours of charge. The batteries are made of lithium and can power the transport of 2,000 tons of goods.

The all-electric barges are being built by a Dutch company. The electric barge was originally planned to come into operation in August 2018, but has so far not been commercialized. However, the plan calls for the construction of five small and six large electric roofs for containers that will be used for travel between the Netherlands and Belgium. Not only are these ships fully electric, reducing emissions to zero, but they are also autonomous.



What is the global electric vehicle market forecast? ›

Revenue in the Electric Vehicles market is projected to reach US$457.60bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 17.02%, resulting in a projected market volume of US$858.00bn by 2027.

How many electric vehicles are projected to be in use by 2030? ›

The global electric car stock expands to almost 350 million vehicles by 2030, but future growth will hinge on efforts to diversify battery manufacturing and critical mineral supplies to reduce the risks of supply bottlenecks and higher prices.

What is the market share in the EV market? ›


India electric vehicle market size was valued at USD 1.45 billion in 2021 and market is projected to grow from USD 3.21 billion in 2022 to USD 113.99 billion by 2029, exhibiting a CAGR of 66.52% during the forecast period.

Who are the key players in EV? ›

The market is moderately consolidated due to the presence of significant players. Major players in the electric vehicle market are Toyota Motor Corporation, Tesla Motors Inc., Volkswagen AG, Honda Motor Company Ltd, General Motors Group, Hyundai Kia Automotive Group, and others.

Which are the fastest growing EV markets? ›

India is the fastest growing electric vehicle market.

Ideally, at least 1 charger is needed behind 10-15 cars, which is 1 for more than 58 vehicles now. However, India plans to take this number from 1,700 to 46,000 by 2026 by investing over $162 million.

Who is leading the EV market? ›

Tesla was ranked as the best-selling electric vehicle manufacturer worldwide after selling close to 936,200 units in 2021.

Will electric cars last 10 years? ›

The battery packs of electric vehicles are quite resilient, with the lithium-ion type used in most modern EVs capable of lasting at least a decade before needing replacement.

Will 2030 electric cars be cheaper? ›

Many experts are predicting there could be price equality between EVs and petrol cars by as soon as 2027. Battery costs are predicted to come down 58% by 2030, making them cheaper than combustion engines and they'll become an affordable option for all drivers.

What year will all vehicles be electric? ›

New gasoline-powered cars will be banned in California beginning with 2035 models under a new groundbreaking regulation unanimously approved today to force car owners to switch to zero-emission vehicles.

Who is the largest EV manufacturer in the world? ›

The 5 Biggest Global Electric Vehicle Companies
  • Tesla. With a market cap of over $400 billion, Tesla is the largest EV manufacturer in the world. ...
  • Li Auto. Li Auto, a China-based EV manufacturer, follows Tesla with a market cap of $22 billion. ...
  • NIO. ...
  • Lucid Motors. ...
  • Rivian. ...
  • The EV Market Is Growing. ...
  • More from Industry Trends.
Jan 25, 2023

Where is the largest EV market in the world? ›

China has the largest and fastest-growing EV market in the world: 2.4 million EVs were delivered to customers in mainland China in H1 2022, equating to 26% of all car sales in China.

Who is Apple partnering with for EV? ›

Since then, Apple has been in talks with Volkswagen, Hyundai, Lucid Motors, and Canoo, as recently as the start of 2022.

Who is most likely to buy an EV? ›

Men, Younger Adults More Likely EV Fans

Men were more likely than women.

Who is the Queen of electric car? ›

Padma is the US CEO of NextEV, an electric vehicle company. Prior, she was Cisco's Chief Technology and Strategy Officer and Motorola's CTO. Padma serves on the boards of Microsoft and Cornell University, and was named by Forbes as one of the world's 100 most powerful women.

Who is Tesla's biggest EV competitor? ›

Ford, GM, NIO, and Volkswagen are four of Tesla's main competitors. In 2022, the Chinese manufacturer BYD sold more than 1.85 million plug-in electric cars, more than tripling its 2021 result of 593,745.31 Another Chinese company, SGMW, surpassed 1.6 million units the same year, so both companies should be considered.

Which company will dominate EV? ›

#1 – Tesla

The EV giant produced over 439,000 and delivered over 405,000 vehicles in the fourth quarter of 2022. In 2022, its deliveries were 1.31 million while production increased to 1.37 million, according to the firm's latest full-year results.

Who has the best EV technology? ›

The best Electric Car is the 2023 Chevrolet Bolt, with an overall score of 8.0 out of 10. The best Luxury Electric Car is the 2022 Mercedes-Benz EQS Sedan, with an overall score of 9.2 out of 10. What is the best electric SUV?

Who sells most EV in USA? ›

Tesla remains on top by a far margin, accounting for 65% of total EV sales in the United States in 2022.

What is the most sold EV in the world? ›

At the top of the list of electric car models sold is Tesla's Model 3, with approximately 501,000 sold in 2021. Sales of Model 3 and Model Y totaled 911,208 units and it holds the top three spots. Actual data for the electric car models 2022 is coming in the next quarter.

Who is the biggest manufacturer of EV charging stations? ›

The largest EV charging station companies in the world are EVBox (Netherlands), ChargePoint, Inc (USA), ABB (Switzerland), Teld New Energy (China), Star Charge (China)

What is the biggest problem with electric cars? ›

Battery issues, climate control, and in-car electronics are among the biggest problems in electric vehicles.

What happens to electric cars when the battery dies? ›

When batteries do reach the end of their working life, they'll be recycled, which typically involves separating out valuable materials such as cobalt and lithium salts, stainless steel, copper, aluminium and plastic.

What is the lifespan of an electric car? ›

Likewise, Tesla reports its vehicles to have an average lifespan of around 200,000 miles in the US and 150,000 miles in the EU. This is quite a bit more than the average life expectancy of a car, which is only 12 years.

Will electric cars last longer than gas? ›

While battery life used to be a concern for prospective EV owners, modern technology has allowed EVs to last as long if not longer than traditional gasoline-powered vehicles.

Is it worth buying an EV now? ›

There are definitely benefits to buying an EV nowadays, but you might want to wait. There's no question about it: electric vehicles are hot right now. Electric vehicle (EV) registrations were up by 60% during the first three months of 2022, even as overall car registrations were down by 18%.

What year will electric cars be affordable? ›

Demand. As demand for EVs ramps up, industry experts say prices will become cheaper. According to, experts anticipate that EVs and gas-powered cars will cost about the same by 2025.

What states are banning gas cars? ›

More States Join Sales Ban of New Gas-Powered Cars by 2035
  • California's New Law. Last week, California adopted rules that will ban the sale of new gas-powered cars by 2035. ...
  • Other States Often Follow California's Lead. ...
  • Massachusetts, Washington Have Trigger Laws. ...
  • California's Move Is Less Aggressive Than it Seems.
Aug 29, 2022

What will happen to gas cars after 2035? ›

The phaseout will allow people to continue driving gasoline-powered cars and purchase them on the used market after the 2035 deadline. However, automakers must hit their production targets requiring 35% of new vehicle sales in California to be powered by batteries or hydrogen by 2026.

How long will gas stations be around? ›

Quintessential small businesses that are often owned by immigrants, as many as 80 percent of stations could be unprofitable by 2035, when the state stops all new gas car sales. Already, fewer cars are gas-guzzlers, reducing demand for fuel. A growing number of cities are banning new station construction.

Who is the largest supplier of EV batteries? ›

The leading battery supplier, CATL, expanded its market share from 32% in 2021 to 34% in 2022. One-third of the world's EV batteries come from the Chinese company. CATL provides lithium-ion batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen, and Volvo.

Who is China's leading EV maker? ›

Other companies
RankCompanyNumber of sales (Q1 2022)
3SAIC Motor55,748
4Chery Automobile52,246
7 more rows

Who is China's biggest EV manufacturer? ›

Jan 30 (Reuters) - China's BYD Co , the world's biggest seller of battery electric vehicles (BEVs) and plug-in hybrids, expects its 2022 net profit to be more than five times the amount it booked a year earlier, it said on Monday.

What country is banning gas cars? ›

Helped by government incentives, Norway became the first country to have the majority of new vehicles sold in 2021 be electric. In January 2022, 88 percent of new vehicles sold in the country were electric, and based upon current trends, they would most likely hit the goal of no new fossil fuel cars being sold by 2025.

How big is EV market in USA? ›

Electric Vehicles - United States

Revenue in the Electric Vehicles market is projected to reach US$61.18bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 22.79%, resulting in a projected market volume of US$139.10bn by 2027.

What company is Amazon using for electric vehicles? ›

Since first rolling out in July, Amazon's zero-emissions vehicles from Rivian have delivered more than 5 million packages to customers in the U.S. Amazon is ready for its first-ever holiday season with its fleet of custom electric delivery vehicles designed by Rivian.

Who will supply Apple Car with batteries? ›

LG has reportedly crafted a working group to entertain Apple's supply request for everything from batteries to the cameras needed for an eventual Apple Car autonomous driving kit.

Which EV stock has the most potential? ›

  • The Best EV Stocks of 2023.
  • Tesla Inc (TSLA)
  • NIO Inc. ( NIO)
  • Li Auto Inc. ( LI)
  • XPeng Inc. ( XPEV)
  • ChargePoint Holdings (CHPT)
  • Proterra Inc. ( PTRA)
  • Rivian Automotive, Inc. ( RIVN)
Feb 9, 2023

Why is no one buying electric cars? ›

In addition to the myths, there are also some obvious reasons many car shoppers simply aren't yet buying into EVs, such as the high sticker price, range anxiety and the fear of battery degradation and potential fires.

Where should I invest in the EV market? ›

The two key ways to invest in electric vehicles are to buy the stock of automakers that focus on making EVs, such as Tesla, or buy an exchange-traded fund that invests primarily in companies tied to EVs.

Who had the faster electric car? ›

The Rimac Nevera has set a top speed of 412kph (258mph), making it the fastest electric production car in the world. The record-breaking feat follows on from the Nevera's independently verified 8.582-second quarter-mile run in 2021, which made it the world's fastest accelerating production car.

What percentage of cars will be electric by 2025? ›

Electric vehicle adoption to 2025

Bloomberg NEF projects that plug-in vehicle sales will rise from 6.6 million in 2021 to 20.6 million in 2025. Plug-in vehicles are predicted to make up 23% of new passenger vehicle sales globally in 2025, up from just under 10% in 2021.

What is the market share for electric vehicles 2023? ›

The consumer research firm is still compiling data for its 2023 forecasts, which it expects to release in January. However, its analysts have preemptively revealed that they expect the market share of EVs to reach 12% next year, while it currently remains at 7%.

How long will gas cars be around? ›

Cars last around 15 years, so it will take us to 2050 before we get rid of most of the gasoline-powered cars.

What Year Will electric cars take over? ›

“Between 2025 and 2030, we will have enough (electric) cars around us to understand where the market goes,” Tal said. “People will not be like today, where many people don't know if the electric car is for real.” There's also the concern that electric vehicles will remain out of reach for the average consumer.

How many EVs are coming out in 2023? ›

Coming up are around 50 EVs expected to be produced and sold from 2023 onward. With supply issues and other delays, expected release dates can change. From the highly anticipated Apple Car to the Canoo pickup truck and all-electric Bronco, there's an EV that appeals to every car enthusiast.

How many EVs will be produced in 2023? ›

Lucid Group was aiming for just 6,000 to 7,000 EVs in 2022 after halving its production goals late in the summer. S&P Global Mobility expects drivers around the world to snap up 10 million EVs in 2023, almost 14% of the entire market, but they won't come cheap.


2. Advanced Clean Fleets Regulation Workshop to Discuss Proposed Changes to Draft Regulation Language
(California Air Resources Board)
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6. ENT Committee Session, 2/23/2023 #1


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