According to Arizton's latest research report, the global electric outboard motors market is growing at a CAGR of 8.58% during the forecast period.
CHICAGO, Feb. 13, 2024 /PRNewswire/ -- Boating activities are experiencing high demand and adoption for reasons such as increased urbanization and rising living standards. This demand, both existing and anticipated, can be broadly classified into power, application, and boat length segments. The well-established markets of Europe and North America are expected to experience high demand for electric outboard motors during the forecast period due to the increased commercial adoption of boats in these regions. This presents numerous opportunities for vendors in the forecast period. In addition, changing market dynamics, such as a higher number of recreational boat users, contribute to the demand for marine infrastructure.
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Browse In-depth TOC on the Electric Outboard Motors Market
255 - Pages??????????
82 - Tables??????????
74 - Figures?????
Electric Outboard Motors Market Report Scope
Report Attributes | Details |
Market Size (2029) | USD 196.62 Million |
Market Size (2023) | USD 120 Million |
CAGR (2023-2029) | 8.58 % |
Historic Year | 2020-2022 |
Base Year | 2023 |
Forecast Year | 2023-2029 |
Market Segmentation | Power, Application, Boat Length, and Geography |
Geographic Analysis | North America, Europe, APAC, Latin America, and Middle East & Africa |
Market Dynamics | • Rising Participation in Leisure Boating Activities in Europe • Growing Demand for Outboard Power Boats • Sustainable Development in Electric Outboard Motors |
The electric outboard motors market faces intense competition driven by pricing and quality considerations, with emerging economies like Brazil, Russia, India, and China prioritizing lower-priced segments. Regulations, such as CE branding requirements in Europe, play a crucial role, while markets like Germany, the UK, and France witness growth in recreational boating. In the Middle East, infrastructure development and government support offer significant opportunities. Turkish manufacturers aim to compete globally, with a focus on pleasure vessels. Vendors strive for cost efficiency amidst fluctuating raw material prices, with some relocating manufacturing to China and Taiwan. Developed markets like Europe and North America host established vendors like Torqeedo and Brunswick.
Marine Tourism Boom Fuels Electric Outboard Motors Market Growth
The growing marine tourism industry has significantly contributed to the growth of the electric outboard motors market in recent years. States like California, Florida, and New York, which are major tourist attractions, have witnessed substantial growth in the US. While the COVID-19 pandemic initially led to a decline in tourism, the industry has seen a revival in recent years. These factors contribute to the upward trajectory of the marine tourism industry, consequently driving the electric outboard motors market. According to the OECD, marine and coastal tourism is anticipated to become the predominant sector within the global ocean-based economy by 2030, projecting a total revenue of $777 billion and employing 8.6 million individuals worldwide. Marine and coastal tourism play a crucial role in the economic sustainability of numerous island nations and coastal regions. For many of these areas, revenue generated from overseas tourists, particularly during peak vacation periods, serves as a primary source of income. Therefore, fostering the development of marine and coastal tourism is considered a significant national objective, as evidenced by initiatives like Ireland's integrated marine plan, "Harnessing our Ocean Wealth," and Scotland's National Marine Plan. At an international level, the EU Blue Growth strategy recognizes marine and coastal tourism as one of the five key sectors with substantial economic growth potential. Collectively, these factors provide significant opportunities for electric outboard motor manufacturers.
Recent Developments in the Global Electric Outboard Motors Market
- During the CES 2023 event held in Las Vegas, Mercury introduced its latest innovation, the Avator 7.5e electric outboard. By Mercury, it's the first electric outboard model and the first in a series to be unveiled officially in 2023.
- In 2021, Yamaha showcased its innovative engineering and design approach, known as CommandBlue, with the introduction of Yamaha Marine's HARMO electric outboard design in the US. This innovative design combines a 48-volt power supply with a high-efficiency, low-drag 3.7-kilowatt motor. HARMO's rim drive and a specially encased impeller deliver an impressive 225 pounds of static thrust, equivalent to that of a traditional 9.9-horsepower gas-powered motor.
- In June 2022, Limestone Boat Company declared the successful completion of sea trials for its Aquasports 2100CC, featuring Vision Marine's electric outboard propulsion. Following closely in July, Groupe Beneteau revealed a collaboration with Vision Marine, outlining plans to incorporate these high-power electric outboards into various models within its extensive portfolio.
- Suzuki, the Japanese engine manufacturer, has announced the release of its first electric marine engine in 2024. By 2030, it plans to launch five models.
The 5 kW-50 kW Electric Outboard Motors Market to Lead, While Above 50 kW Segment Poised for Rapid Growth
The global 5 kW-50 kW electric outboard motors market to reach $96.83 million by 2029.
Electric outboard motors ranging from 5 kW to 50 kW offer versatility across marine applications, catering to diverse boat sizes and types. They provide ample power for cruising and water sports, making them ideal for mid-sized boats and recreational pursuits. In commercial watercraft they offer sustainability and efficiency, with reduced noise levels for a pleasant experience. Low maintenance and zero emissions drive adoption, aligning with eco-friendly practices. Advanced battery technology extends the range, making them practical for diverse boating enthusiasts and commercial operators as charging infrastructure improves.
The global above 50 kW electric outboard motors market is growing at a CAGR of 9.15%.
Electric outboard motors with power ratings exceeding 50 kW offer high-performance solutions tailored for larger vessels and commercial watercraft. They provide substantial thrust and speed, making them ideal for applications requiring extended range and higher speeds. These motors find optimal use in larger boats, ferries, yachts, and various commercial vessels, offering efficiency and reliability. Their adaptability and advanced technology ensure precise control and navigation through different water conditions. Integration with advanced battery technology enhances performance, enabling extended journeys, while ongoing developments in charging infrastructure reinforce their practicality for larger vessels.
About the Report
The global electric outboard motors market is provided for the forecast years 2024 to 2029 and the base year 2023. The market is segmented by power, application, boat length, and geography. The report provides a holistic approach to the global electric outboard motors market, enabling customers to analyze the market thoroughly.
The Electric Outboard Motors Market Report Encompasses Crucial Data, Including:?
CAGR (Compound Annual Growth Rate) during the forecast period: This metric provides insights into the annual growth rate of the electric outboard motors market over the specified time frame.????
Detailed information on growth drivers: The report offers in-depth information on the factors that will propel the electric outboard motors market growth from 2024 to 2029. This includes an analysis of various market influences.????
Precise estimation of market size: Accurate assessments of the electric outboard motors market size and its contribution and focusing on key market segments.????
Predictions about upcoming trends and changes in consumer behavior: The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the electric outboard motors market, helping businesses prepare for future market dynamics.????
Geographical market growth: The report covers the development of the electric outboard motors market across different regions, including North America, Europe, APAC, Latin America, the Middle East, and Africa. This provides a comprehensive understanding of the market's global landscape.????
Competitive landscape analysis: A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the electric outboard motors market. This includes an overview of key players, their market share, strategies, and key developments.????
Analysis of growth challenges: The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the electric outboard motors market, providing a well-rounded view of the market dynamics.??
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Key Company Profiles
- Torqeedo
- ePropulsion
- Evoy
- Pure Watercraft
- Yamaha Motor
- Brunswick Corporation
- 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
Market Segmentation
Power
- 5 KW - 50 KW
- Up to 5 KW
- Above 50 KW
Application
- Recreational
- Commercial
- Military
Boat Length
- Less than 30 ft
- 30 ft - 50 ft
- More than 50 ft
Geography
- North America
- The US
- Canada
- Europe
- The UK
- Netherlands
- Germany
- France
- Italy
- Spain
- Norway
- Poland
- APAC
- Japan
- China
- South Korea
- Australia
- India
- New Zealand
- Malaysia
- Middle East & Africa
- South Africa
- The UAE
- Latin America
- Mexico
- Brazil
- Argentina
Key Questions Answered in the Report:
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?
Get the Detailed TOC @ https://www.arizton.com/market-reports/electric-outboard-motors-market?details=tableOfContents
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