The Electric outboard engines market is anticipated to exceed 13 billion by 2027 while growing at a CAGR of 5% from 2021-2027, from a recorded valuation of 9 billion in 2020. Moreover, growing marine tourism, increased expenditure on recreational activities and water sports. along with supportive government initiatives is strongly influencing the progression of electric outboard engines market. Besides, increasing initiatives by various countries towards the strengthening of their naval capabilities are also supporting the market growth.
The Electric outboard engines market is observing considerable growth from military segment due to the increasing product demand fueled by growing naval expenditure across several countries to strengthen their costal security amid changing geopolitical conditions. As a result, various manufacturers across the world are making hefty investments in research and development to produce electric outboard engines designed specifically for military applications.
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Boats with remote steering engines help extend the console and control the steering system and the steering wheel. Some manufacturers are constantly investing in R&D to tailor and develop electric outboard engines precisely designed for military use.
The electric outboard engines that are predominantly used for recreational activities lie in the power range of 50 – 150 kW as these engines are capable of hauling larger vessels such as luxury yachts, recreational yachts tugboats and cruisers. With significant technological advancements, engines with higher efficiency, lower environmental emissions are also widely available which is positively influencing the business space.
Apart from recreational activities, electric outboard propulsion is massively adopted for military applications. Ongoing geopolitical issues have compelled countries to increase their naval expenditure in order to enhance their coastal security and strength their naval capabilities. Given that, manufacturers are also investing in research and development activities to develop electric outboard engines specifically for military purposes. For instance, in 2020, GE’s Power Conversion business inked an agreement with Damen Schelde Naval Shipbuilding for delivering electric propulsion package designed especially for new Combat Support Ship being used by Royal Netherlands Navy.
The electric outboard engines market of Asia Pacific may witness around 6% CAGR by 2027. Growing interest in marine tourism and upgraded economic situations could escalate the requirement for recreational boats. Rising income levels in the emerging countries might encourage consumer spending on premium recreation activities that involves boating and cruising. Initiatives taken by the government for creating policies to support coastal tourism will suggestively enhance market size across the region.
The prominent industry players include Golden Motor, PARSUN POWER, Combi outboards, Evoy, E-Tech, Aquawatt, MINN KOTA, Elco Motor Yachts, Pure Watercraft, Torqeedo GmbH, ePropulsion, and Stealth Electric Outboards.
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Partial Chapter of the Table of Content
Chapter 4 Electric Outboard Engines Market, By Power
4.1 Global electric outboard engines market power insights
4.2 Below 25 kW
4.2.1 Market estimates and forecasts, 2017-2027
4.2.2 Market estimates and forecast, by region, 2017-2027
4.3 25 to 50 kW
4.3.1 Market estimates and forecasts, 2017-2027
4.3.2 Market estimates and forecast, by region, 2017-2027
4.4 50 to 150 kW
4.4.1 Market estimates and forecasts, 2017-2027
4.4.2 Market estimates and forecast, by region, 2017-2027
Chapter 5 Electric Outboard Engines Market, By Control
5.1 Global market control insights
5.2.1 Market estimates and forecasts, 2017-2027
5.2.2 Market estimates and forecast, by region, 2017-2027
5.3.1 Market estimates and forecasts, 2017-2027
5.3.2 Market estimates and forecast, by region, 2017-2027
Chapter 6 Electric Outboard Engines Market, By Application
6.1 Global market application insights
6.2.1 Market estimates and forecasts, 2017-2027
6.2.2 Market estimates and forecast, by region, 2017-2027
6.3.1 Market estimates and forecasts, 2017-2027
6.3.2 Market estimates and forecast, by region, 2017-2027
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