Dublin, April 03, 2024 (GLOBE NEWSWIRE) -- The "Global Electric Outboard Motors Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global electric outboard motors market was valued at $120 million in 2023 and is expected to reach a value of $196.62 million by 2029, growing at a CAGR of 8.58%
The global electric outboard motors market is fragmented, with the presence of many local and international players. The competition among these players is intense. The rapidly changing technological environment could adversely affect vendors as customers expect continuous innovations and upgrades in the manufacturing of electric outboard motors.
The key players in the global electric outboard motors market include Torqeedo, ePropulsion, Evoy, Pure Watercraft, Yamaha Motor, and Brunswick Corporation. There is intense competition in the market as all the players compete to gain more market share. The market will witness consolidation due to the intensely competitive environment. These factors make it imperative for vendors to distinguish their products and service offerings through a clear and unique value proposition, or they will not survive the highly competitive environment.
The global electric outboard motors market is well-developed in North America and Europe. The established markets of Europe and North America are expected to witness high demand for electric outboard motors during the forecast period since the commercial adoption of boats has increased in these regions. Such factors offer vendors many opportunities during the forecast period. In addition, the demand for marine infrastructure arises due to changing market dynamics, such as a higher number of recreational boat users.
The global electric outboard motors market is undergoing several transformations regarding research on innovative products. The demand and adoption of boating activities are high for numerous reasons, such as increased urbanization and a rise in living standards. The U.S. is one of the biggest manufacturing hubs in North America. Over the past few years, it has attracted huge investments for expanding existing facilities or new facility setups. The presence of manufacturing facilities for Pure Watercraft and Vision Marine Technologies, among others, is a major driver for the growth of this region's electric outboard motors market.
Developing Lithium-ion Batteries
The increasing need for extended battery life has driven significant advances in enhancing backup capacity. Li-ion batteries have less harmful environmental effects. As most vendors try to achieve sustainability, most electric outboard motors have Li-ion batteries that are better for the environment. The adoption of battery systems and battery technology will play a pivotal role in influencing purchasing decisions. Professional users are increasingly encouraged to adopt a unified battery system for electric outboard motors.
This trend is expected to propel the reliance on Li-ion batteries further, driving market growth. The longevity and performance of Li-ion batteries have prompted vendors in the global electric outboard motors market to expand their product offerings with Li-ion battery options. Electric outboard motors are mostly equipped with Li-ion batteries, giving tough competition to lead acid batteries.
Rising Participation in Leisure Boating Activities in Europe
The European boating industry is one of the world's most dynamic and competitive industries that significantly contributes to the growth of the European economy. The leisure boating market in Europe has witnessed impressive growth over the past five years. Countries such as Belgium, Croatia, and many others have seen significant increase in the recreational boat market.
High Initial Costs
The electric outboard motors market faces a significant challenge in the form of high initial costs, which can act as a restraining factor for its widespread adoption and market growth. The upfront expenses associated with electric outboard motors, including the motor itself and the required battery systems, often surpass the costs of traditional gasoline-powered alternatives.
Several factors contribute to these high initial costs, including advanced technology embedded in electric outboard motors and the cost of high-quality, high-capacity batteries, which represent a significant portion of the overall expense.
Segmentation by Power:5 KW - 50 KW, Up to 5 KW, Above 50 KW
The 5 KW - 50 KW power segment is expected to be the largest revenue segment of the global market. This power range is suitable for various vessels, including mid-sized boats, pontoons, and specific types of commercial watercraft. Environmental sustainability is the key driver for adopting electric outboard motors in the 5 kW to 50 kW range.
With zero emissions during operation, these motors play a crucial role in promoting cleaner air and water environments, addressing concerns about pollution in marine ecosystems. This aligns with the growing demand for sustainable boating practices, appealing to boat owners and operators prioritizing environmental protection. As charging infrastructure continues to improve, electric outboard motors within the 5 KW to 50 KW range become increasingly practical for a diverse range of boating enthusiasts and commercial operators.
Segmentation by Application: Recreational, Commercial, Military
The recreational application segment holds the most prominent share of the global electric outboard motors market in 2023. Electric outboard motors have transformed the landscape of recreational boating, providing numerous advantages that appeal to both environmentally conscious individuals and those seeking an enhanced on-water experience. In the realm of smaller vessels like kayaks, canoes, and dinghies, electric outboard motors offer a quiet and efficient mode of propulsion.
Furthermore, electric outboard motors have gained popularity for day cruisers and weekend boaters due to their user-friendly nature, low maintenance requirements, and eco-friendly operation. The instant torque delivery of electric motors improves maneuverability, simplifying tasks such as docking and navigating in tight spaces. These aspects collectively contribute to a more relaxed and enjoyable boating experience for recreational users. As technology advances and the infrastructure supporting electric boating expands, the prevalence of electric outboard motors in the recreational sector is likely to grow.
Segmentation by Boat Length:Less than 30 ft, 30 ft - 50 ft, More than 50 ft
The less than 30 ft boat segment is expected to be the largest revenue segment of the global market. The rising popularity of electric outboard motors for boats measuring less than 30 feet is driven by several benefits catering to both recreational and practical needs. A significant advantage is the quiet operation of these electric motors, enhancing the overall boating experience.
The demand for electric outboard motors in the less than 30 ft boat segment is driven by several factors, including supportive government policies, environmental awareness, cost considerations, and technological advancements. Due to the rising adoption of sustainable practices in the marine industry, the electric outboard motors market in smaller boats is estimated to witness sustained growth.
KEY QUESTIONS ASNWERED:
- How big is the electric outboard motors market?
- What is the growth rate of the global electric outboard motors market?
- Which region dominates the global electric outboard motors market share?
- What are the significant trends in the electric outboard motors market?
- Who are the key players in the global electric outboard motors market?
MARKET LANDSCAPE
Market Opportunities & Trends
- Developing Li-Ion Batteries
- Growing Opportunities in the Electric Boat Industry
- Growth in the Marine Tourism Industry
Industry Overview
- Rise of Electric Outboard Motors
- Functioning of Electric Outboard Motors
- Advantages of Electric Outboard Motors
- Type of Control System
- Evolution of Electric Outboard Motors
- Future of Electric Outboard Motors
- Dawn of Electric and Hybrid Engines
- Value Chain Analysis
- Material Suppliers
- Manufacturers
- Distributors
- Application
Market Growth Enablers
- Rising Participation in Leisure Boating Activities in Europe
- Growing Demand for Outboard Power Boats
- Sustainable Development of the Electric Outboard Motors
Market Restraints
- High Initial Costs of Electric Outboard Motors
- Limited Charging Infrastructure
- Emergence of Trolling Motors
Key Company Profiles
- Torqeedo
- ePropulsion
- Evoy
- Pure Watercraft
- Yamaha Motor
- Brunswick Corporation
Other Prominent Vendors
- Aquamot
- Aquawatt
- Elco Motor Yachts
- ELECTRINE
- Electro-Mobile
- E-TECH
- Flux Marine
- Golden Motor
- KARVIN
- Krautler
- RAD Propulsion
- Rim Drive Technology
- Stealth Electric Outboards
- Stream Propulsion
- E'dyn
- TEMO
- Vision Marine Technologies
- Wolong Electric Group
- Molabo
For more information about this report visit https://www.researchandmarkets.com/r/gj0cqn
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