The global marine electric vehicle market will reach USD 4.2 billion in 2022. Looking ahead, AMR Group expects the market to reach $7.2 billion by 2028, with a CAGR of 9.3% from 2023 to 2032. 
Marine electric vehicles (EVs) are zero-emission transportation systems that utilize renewable energy sources (RES) for electric propulsion. These vehicles require less maintenance, have lower operating costs, and are more environmentally friendly compared to fossil fuel-powered ocean-going vessels. Marine electric vehicles are also considered suitable for wildlife tours, as they shed waves, increase speed and make less noise. Additionally, a significant shift in preference from diesel-powered boats to hybrid-electric boats is having a positive impact on sales of commercial and recreational marine electric vehicles. 
 

 
Rising demand for transporting goods and growing environmental concerns have increased the need for low-emission and zero-emission vessels (ZEV). Together with the emerging trends of digitization and automation and depletion of fossil fuels, it is one of the key factors supporting the growth of the electric marine vehicle market. Additionally, rising disposable incomes are driving increased sales of closed yachts, ferries, workboats, civilian submarines, diving scooters and autonomous underwater vehicles (AUVs). This is also underpinned by a booming travel and tourism sector, with increased use of watercraft for leisure and recreation. 
 
Additionally, electric unmanned underwater vehicles (UUVs) are gaining importance in the oil and gas industry for marine hydrocarbon exploration, detailed seafloor mapping, and scientific research. These can be integrated with high-definition (HD) cameras that transmit data to enable efficient inspection of underwater environments.