Marine electric vehicle market to more than double over next decade

The rapidly growing US$2.6 billion market for marine electric vehicles (EVs) will reach US$6.3 billion in 2023. It is unusually varied with average unit prices increasing as larger craft are electrified to improve cost over life, performance, green credentials and for other reasons. The market includes on-water and underwater electric vehicles for inland waterways and the sea. Military electric craft are the largest market sector by value today but e-workboats and other, smaller market subsectors will increase their share of market by value through the coming decade.

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