Outboard Electric Motors Market Size to Grow USD 214 Million by 2027 at a CAGR of 8% | Valuates Reports
BANGALORE, India, Nov. 6, 2023 /PRNewswire/ -- The Outboard Electric Motors Market is Segmented by Type (Outboard Electric Propulsion Motor, Outboard Electric Trolling Motor), by Application (Commercial Application, Civil Entertainment, Municipal Application): Global Opportunity Analysis and Industry Forecast 2027. It is Published in Valuates Reports Under the Category of Boats & Watercraft.
Outboard Electric Motors market size was USD 125 Million and it is expected to reach USD 214 Million by the end of 2027, with a CAGR of 8.0% during 2021-2027.
Major Factors Driving the Growth of Outboard Electric Motors Market:
Because more and more goods are being powered by electricity worldwide, the market for onboard electric motors is expanding rapidly. Furthermore, because onboard electric motors are simple to use, charge, install, and are ecologically benign, the market for them is anticipated to grow in the near future.
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TRENDS INFLUENCING THE GROWTH OF THE OUTBOARD ELECTRIC MOTORS MARKET:
These engines are frequently used for pleasure boating and water sports in the civic entertainment industry. Electric outboard motors are used in government-owned boats for municipal purposes, such as emergency services, law enforcement, and patrolling. The advancement of efficient and large-capacity battery technology is a major driver of outboard electric motor growth. With the advancement of lithium-ion batteries, electric motors can now operate at higher power outputs and longer ranges thanks to their increasing strength, lightweight, and affordability. Electric outboard motors are becoming more competitive with their gasoline-powered equivalents as battery technology advances, lowering the constraints related to battery capacity and longevity.
The advancement of efficient and large-capacity battery technology is a major driver of outboard electric motor growth. With the advancement of lithium-ion batteries, electric motors can now operate at higher power outputs and longer ranges thanks to their increasing strength, lightweight, and affordability. Electric outboard motors are becoming more competitive with their gasoline-powered equivalents as battery technology advances, lowering the constraints related to battery capacity and longevity.
Comparing electric outboard motors to conventional gasoline engines reveals cost savings. Because electric motors have fewer moving components, maintenance expenses are lower. Additionally, boaters' operational costs are reduced since electricity is typically less expensive than petrol. Electric outboard motors are becoming more and more popular because of these cost benefits, which appeal to both commercial and leisure customers.
Incentives and subsidies are provided by several governments and municipal authorities to encourage the use of electric boats and outboard motors. These financial aids for the purchase of electric propulsion systems may take the form of tax breaks, subsidies, and refunds. These financial incentives play a major role in encouraging people and companies to transition to electric propulsion and driving market growth.
A notable feature of an outboard electric motor that contributes to its comfort is its light weight and manageability. This motor can be readily shifted to suit the demands of the moment and operates fluidly in a variety of situations. One intriguing feature is that the engine can be entirely lifted, which enables the ship to enter shallow water regions without the need for a foothold.
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OUTBOARD ELECTRIC MOTORS MARKET SHARE ANALYSIS
Key companies in the global outboard electric motor market include CSM Tech, Minn Kota, Torqeedo, MotorGuide, and AquaWatt, among others. Around 64% of the world's top five manufacturers are represented.
With a market share of almost 34%, the Americas is the largest, followed by Europe and Asia Pacific, each with a share of more than 61 percent.
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Key Companies:
- Minn Kota
- Torqeedo
- AquaWatt
- CSM Tech
- MotorGuide
- Krautler Elektromaschinen
- Aquamot
- Suzhou Parsun Power Machine
- Ray Electric Outboards
- Russia
- EPropulsion Technology
- Elco Motor Yachts
- Haibo
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