Selbyville, Delaware, Feb. 17, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the electric outboard engines market which estimates the market valuation for electric outboard engines will cross US$ 175 million by 2027. Stringent regulations to minimize marine fuel emission, rising marine tourism, and recreational activities will propel product usage.
The marine tourism industry is growing globally due to the improved costal infrastructure and various government initiatives to further develop coastal areas for trade as well as for tourism. According to Ocean Wealth, more than 350 million people worldwide travel to coral reef coast. The coral reef tourism sector is expected to be valued at over USD 35 billion in 2019. Water sports is increasingly becoming a major attraction for the marine leisure and entertainment industry. Increasing inclination of youth population toward engaging in leisure water sports activities, such as sailing, watersports, and fishing trips, is primarily augmenting the demand for recreational boats, thereby increasing electric outboard engines market demand.
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The 50 – 150 kW electric outboard engines industry are experiencing an exponential demand growth as these are capable of hauling larger vessels such as recreational yachts, luxury yachts, cruisers, and tugboats. Significant technological advancements and advent of lighter engines have resulted in efficient engines with better reliability and reduced environmental emissions.
Remote steering is poised to witness around 5.5% growth rate during 2021 to 2027. These have cables and harnesses that extend to the console and control the steering system and the steering wheel. This requires constant maintenance and might have the possibility to fail at one point. Tiller control system keeps it simple and inexpensive and will dominate the market. Rising naval expenditure from various countries to further enhance their costal security with rapidly changing geopolitical conditions has compelled countries to strength their naval capabilities. Manufacturers around the world are investing in research and development to develop and tailor electric outboard engines specifically designed for military use. Due to rigorous R&D efforts to upgrade the operational parameters of electric outboard engines, significant development has been achieved in advanced electronic propulsion systems.
Asia Pacific electric outboard engines market is projected to grow at more than 6% CAGR through 2027. Growing income levels in the developing countries of APAC aid in consumer spending on premium recreation activities involving boating and cruising. Improved economic conditions along with growing marine tourism will support the market growth over the forecast timeframe. Improving boating infrastructure and supportive government policies promoting coastal tourism will significantly augment the market size across the region.
Some major findings of the electric outboard engines market report include:
- Below 25kW power variant to dominate the market owing to extensive usage in recreational applications.
- Tiller controlled electric outboard engines are more popular owing to the ease of use and less maintenance.
- Recreational applications will dominate the market throughout the forecast timeframe.
- North America will lead the electric outboard engines market owing to strong recreational and boating industries.
- Prominent industry players include Aquawatt, Torqeedo GmbH, MINN KOTA, Elco Motor Yachts, PARSUN POWER, Combi outboards, Pure Watercraft, ePropulsion, Golden Motor, Evoy, E-Tech, and Stealth Electric Outboards.
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Chapter 2 Executive Summary
2.1 Electric outboard engines industry 360⁰ synopsis, 2017-2027
2.1.1 Business trends
2.1.2 Power trends
2.1.3 Control trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Electric Outboard Engines Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Profit margin analysis
3.2.2 Value addition analysis
3.2.3 Distribution channel analysis
3.2.4 Vendor matrix
3.3 Pricing analysis (with impact of COVID-19)
3.4 Cost structure analysis
3.5 Technology landscape
3.6 Regulatory landscape
3.7 Patent analysis
3.8 Industry impact forces
3.8.1 Growth driver
3.8.1.1 Increasing recreational boating activities
3.8.1.2 Growing marine regulation to drive electric penetration in outboard engines
3.8.1.3 Growing marine tourism
3.8.2 Industry pitfall & challenges
3.8.2.1 High product cost and complex technology
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 Competitive landscape
3.11.1 Top players overview
3.11.2 Strategy dashboard
3.12 PESTEL analysis
3.13 Impact of COVID-19
3.13.1 Marine industry
3.13.2 Recreational boating industry
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.