Global Electric Outboard Engines Market to hit $175 Mn by 2027
Published Date: February 12, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Electric Outboard Engines Market size to exceed USD 175 million by 2027, according to a new research report by Global Market Insights, Inc.
Growing regulations to minimize fuel emissions will prosper the product consumption
Growing regulations in Europe and North America to minimize fuel emissions to protect the marine ecosystem will augment the penetration of electric outboards engines market. Rising concerns regarding carbon footprint from marine vessels are compelling Europe and North America to formulate stringent regulations to minimize penetration of fuel-based outboard engines and to protect delicate marine ecosystem. Marine vessels are subjected to various emission standards, based on the vessel type used.
In Europe, pleasure craft must comply with the RCD while EPA Tier 3 in the U.S. These standards vary from each other. In some scenarios, an engine can comply with the relatively simple European standard but to comply with the U.S. EPA standard, it might require having a common rail fuel system and an electronic control rather than be a simple mechanically controlled engine.
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Commercial Inland waterways vessels have to comply with Regulation (EU) 2016/1628 – Stage V or CCNR. These standards are applicable for vessels in inland waterways such as passenger vessels on rivers; barges; tugs; and smaller vessels used as ferries and vessels operating in coastal waters. The growing pressure on outboard engine manufacturers to comply with stringent regulations is further propelling them toward switching to electric variants, which will propel the growth of the electric outboard engines industry in near future.
Browse key industry insights spread across 180 pages with 255 market data tables & 18 figures & charts from the report, “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” in detail along with the table of contents:
25 to 50 kW variant is likely to witness around 5.5% CAGR in electric outboard engines market through 2027. Flexibility and versatility coupled with an extended power range and fuel efficiency make 25 – 50 kW electric outboard engines a convenient option for recreational activities such as offshore fishing and day sailing. A steady increase in engine capability has also enabled 25 – 50 kW electric motors to haul larger vessels, being a contributing factor denoting a surge in the adoption. Manufacturers across the globe are also actively introducing the latest technology in their 25 – 50 kW offerings to fulfil the customer demand.
Remote controlled variants will hold substantial electric outboard engines market share by 2027. Remote steering cables and harnesses extend to the console that controls the steering system and the steering wheel. A remote steering control positively affects the longitudinal movement of the Bowden wire. Various modern electric boats replace the wheel with a toggle that can remotely control the rudder drive, which helps the helmsman to see the rudder angle in real-time.
Commercial application is poised to capture more than 15% of the electric outboard engines market share in 2027. Growing power output and efficiency of electric outboard engines have enabled the widespread adoption for commercial applications. Since commercial boats tend to experience demanding conditions and all-day operation, the companies across the world are relying on high-powered electric outboards for cost-effective and reliable operations.
Technological advancements in electric outboard engines have also been a prominent driving force in the adoption. For instance, Evoy launched the most powerful electric outboard engine. The new electric outboard engine known as Evoy Pro is specced at 90 kW nominal, 150 kW peak (120/200 hp), and weighs around 150 kg.
Europe will be lucrative regional market
Europe electric outboard engines market is expected to account for above 25% share by 2027 propelled by the implementation of stringent regulations to minimize the carbon emission from the use of fuel or gasoline-based engines. The rising number of green lakes in the region will positively influence the product demand in coming years. The rising demand for electric outboard engines in Europe can be attributed to the growing demand for luxury cruisers at water sporting events in the region.
Leisure sports and cruise shipping are set to have a huge potential for growth with minimum environmental impact. Rising coastal and maritime tourism in France, Germany, and the UK makes significant contribution toward the growth of the recreational boating market in Europe. Industry participants are frequently launching advanced product portfolio to cater to the market demand.
New product development and acquisitions to boost the market position
The major electric outboard engine market players include Elco Motor Yachts; Torqeedo GmbH; MINN KOTA; Aquawatt; ePropulsion; Evoy; Combi outboards; Pure Watercraft; E-Tech; Stealth Electric Outboards; Golden Motor, and PARSUN POWER.
Key manufacturers are primarily focusing on acquisitions and new product development along with research & development investment to prosper their competitive edge in the global market.