Newark, NJ, Oct. 25, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global electric outboard engine market is expected to grow from USD 117.2 million in 2020 and to reach USD 178.50 million by 2020, growing at a CAGR of 5.4% during the forecast period 2021-2028.
The electric outboard engine market is witnessing significant growth from the past years. This growth is attributed to advanced technologies rise in the recreational, commercial, and military sector where the electric outboard engine is primarily used. Rules & regulations pertaining to marine fuel emission have increased due to the rise in marine tourism, and recreation activities have raised the market for electric outboard engines. Similarly, the government supports the electric outboard engine as it does not couple water pollution, and the electric outboard engine is clean and sustainable. Electric outboard engine is highly used for fishing and water sports activities.
Electric outboard engines are operated on a battery system and give the ability to angle the boat on a drift. Electric outboard engines have become a substitute for petrol motors as previous motors functioned on fuel energy which adds to water pollution and marine fuel emission. With the technology change, the electric outboard engine provides faster speed and thrust than the fuel outboard engine. Electric outboard engines provide sustainable & clean operation along with low maintenance. The outboard engine is essential for the boat as it changes the direction of the boat. Electric outboard engines do not produce a loud noise, emit gas, and reduce unwanted disturbance.
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There is significant growth in the electric outboard engine in the recreational, commercial, and military sectors due to the efficiency and low maintenance costs. The rise in disposable income and the importance of leisure time has led to an increase in marine, and coastal tourism, which has, in turn, increased recreational activities and water sports. Electric outboard engines are used in boats for recreational activities as they are cost-effective, strong motor and better speed that is necessary in water sport activities. Due to rising marine fuel emissions, an electric outboard engine is a better choice, and regulations permit an electric outboard engine. Governments are promoting the use of electric outboard engines which is driving the global electric outboard engine market. However, the high cost of the product, lack of awareness, and complexity in the technology of electric outboard engine is restraining the demand of the electric outboard engine.
Some notable players in the electric outboard engine market are Elco Motors Yachts, Torqeedo GmbH, MINN KOTA, Combi outboards, Golden Motor, E-Tech, Evoy, Pure Watercraft, ePropilsion, PARSUN POWER, and Stealth Electric Outboards. To gain a significant market share in the global electric outboard engine market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Below 25kW segment dominated the market and held the largest market share of 40% in the year 2020
On the basis of power, the global electric outboard engine market is segmented into below 25kW, 25 to 50kW, and 50 to 150kW. Below 25kW segment dominated the market and held the largest market share of 40% in 2020. This growth is attributed to the high efficiency derived from the low-cost motor ideal for short hauls and recreational activities. In addition, below 25kW is portable, compact, quiet, and effective torque delivery highly impacted the market.
Recreational segment dominated the market and held the largest market share of 42% in the year 2020
On the basis of application, the global electric outboard engine market is segmented into military, commercial, and recreational. Recreational segment dominated the market and held the largest market share of 42% in the year 2020. This growth is attributed to the rise in coastal tourism and watercraft sports activities preferred by tourists. The government promotes coastal tourism, which has driven the market for recreational activities and electric outboard engines.
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Tiller segment dominated the market and held the largest market share of 60% in the year 2020
On the basis of control, the global electric outboard engine market is segmented into tiller and remote. Tiller segment dominated the market and held the largest market share of 60% in the year 2020. This growth is attributed to ease in handling and low maintenance.
Regional Segment of Electric Outboard Engines Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global electric outboard engine market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region held the largest market share of 25.16% in the year 2020. This growth is attributed to a rise in disposable income, preference for leisure time, and watercraft sports activities in North America. In addition, many manufacturers in North America are conducting research and development to enhance the technical aspects of the electric outboard engine.
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About the report:
The global electric outboard engine market is analysed on the basis of value (USD billion). All the segments have been analysed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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