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Marine electric vehicle market to more than double over next decade

4 Jun 2013

Virtually all autonomous underwater vehicles are electric for practical reasons - the internal combustion engine (ICE) is not a realistic option. Not so on the surface, where the ICE is the favoured means of propulsion. However, even here, there is now a strong move to hybrid and pure-electric drivetrains for many powerful reasons.

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.

Read the full article on www.esi-africa.com.