Electric Outboard Engines Market Size By Power (Below 25kW, 25 to 50 kW, 50 to 150 kW), By Control (Tiller, Remote), By Application (Commercial, Recreational, Military), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027

Electric Outboard Engines Market Size

Electric Outboard Engines Market size valued at USD 118.6 million in 2020 and is estimated to exhibit over 5% CAGR from 2021 to 2027. Electric outboard engines are battery driven to power the boats used for recreational, commercial, and other applications. Increasing regulations pertaining to marine fuel emissions coupled with rising recreational boating activities owing to strong economic growth and shifting consumer preferences toward boating to spend quality time with family and friends will support the market growth. According to the National Marine Manufacturers Association (NMMA), the gross output of outdoor recreational boating, fishing, and other water activities accounted for USD 42 billion in 2019. Outdoor recreational boating accounts for the highest gross output amongst outdoor recreational activities.
 

Growing Ultra-High Net Worth (UHNW) individual population will further augment industry expansion. Rising government interest toward developing boating infrastructure to increase recreational activities and thereby enhancing tourism is likely to spur the market growth. For instance, in April 2019, the U.S. Fish and Wildlife Service’s Boating Infrastructure Grant program announced a USD 20.6 million funding for aiding boating amenities across the U.S. Several advantages offered by electric outboard motors including high performance, easy maintenance, and upgradability provide a positive market outlook. The development of high-performance engines that offer excellent power-to-weight ratio will also drive the growth of the electric outboard engines market.
 

On the other hand, high product cost and complex technology might hamper the growth of the electric outboard engines industry demand. The ongoing COVID-19 pandemic has significantly affected the tourism industry specially in Europe and Asia Pacific. The pandemic has resulted in supply-chain disruption across various industries. Restrictions imposed by the government in various countries in terms of international travel, mobility of citizen, temporary shutdown of manufacturing facilities, etc., will also hinder the product demand.
 

Electric Outboard Engines Market Analysis

In 2020, the below 25 kW variant generated more than USD 88 million in the electric outboard engines market, driven by predominant usage in fishing and recreation boating. The growing demand for below 25 kW electric outboard engines can be attributed to the growing customer inclination toward highly efficient and low-cost motors ideal for completing short haul operations in boats, dingy, or canoe. Quiet operation, portability, efficient torque delivery, and compact size are some of the important factors, making below 25 kW options ideal for day to day recreational activities done on small boats.
 

Rising water sports events and the use of small boats by youngsters are further fueling the market revenue. Industry players are launching electric outboard engines with several technologies, such as adjustable tiller handle, to enhance comfort and advance remote control for small boat users.
 

Tiller control segment is predicted to account for around 60% of the electric outboard engines market share in 2027. Tiller control method is mainly used for small flats, Jon boats, and skiffs. It is also used in Pango boats, which are not more than 25 ft in length. Tiller steering is mainly available on outboard engines and are referred to as controlling boats with a handle, which attaches directly to the engine of the boat; as opposed to remote steering where only steering wheel is used. Ease of handling and lower maintenance will boost the growth of this control segment.
 

Recreational application accounted for approximately 70% of the overall electric outboard engines market volume. Recreational boating is increasingly becoming popular among tourists propelled by a growing number of trade shows, competitive racing, and boating events hosted in different parts of the globe. Rising marine and coastal tourism has attracted tourists from various countries across the U.S. and Europe. Moreover, Asia Pacific countries, such as China, Thailand, India, and Australia, are witnessing rapid growth opportunities propelled by growing per capita income in these countries.
 

Increasing government initiatives to boost marine tourism have fueled the market. Various factors, such as growing investment in the tourism industry, developing coastal infrastructure, and easing regulations in favor of the industry, are also expected to spur the market.
 

North America electric outboard engines market is poised to witness above 5.5% CAGR by industry volume through 2027. Rising disposable income along with growing watercraft sports activities will primarily drive product consumption in the region. The proliferating marine industry due to various activities, such as pleasure voyages, sightseeing, entertaining, swimming, and nature observation, is further driving the business revenue.
 

The U.S. recreational boating market is increasing on account of technological developments in commercial boats and naval vessels. Manufacturers are investing in research and development to introduce more affordable electric outboard engines with enhanced technical features to attract young population. With growing R&D activities, the demand for electric outboard engines will further grow.
 

Electric Outboard Engines Market Share

Some major players in electric outboard engines market are Torqeedo GmbH; Elco Motor Yachts; Aquawatt; MINN KOTA; ePropulsion; Combi outboards; Evoy; Pure Watercraft; Golden Motor; E-Tech; PARSUN POWER; and Stealth Electric Outboards. These players have adopted various aggressive strategies such as new product development, focused research & development activities, and acquisitions to strengthen their market position. In March 2020, Evoy launched the world’s most powerful electric outboard motor known as Evoy Pro, which is specced at 90 kW nominal, 150 kW peak (120/200 hp), and weighs around 150 kg. It has helped the company to bolster its competitive advantage in the market.
 

This market research report on electric outboard engines includes in-depth coverage of the industry with estimates & forecast in terms of volume in Units and revenue in USD Million from 2017 to 2027 for the following segments:

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Market, by Power

• Below 25kW
• 25 to 50 kW
• 50 to 150 kW

Market, by Operation

• Tiller
• Remote

Market, by Application

• Commercial
• Recreational
• Military

The above information is provided on a regional and country basis for the following:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Netherlands
  • Norway
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • New Zealand
  • Thailand
  • Indonesia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Peru
  • Columbia
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Turkey