Global Electric Outboard Motors Market Size Study, by Power (5 KW - 50 KW, Up to 5 KW, Above 50 KW), by Application (Recreational, Commercial, Military), by Boat Length (Less than 30 ft, 30 ft - 50 ft, More than 50 ft) and Regional Forecasts 2022-2032

PUBLISHED: August 2, 2024

PAGES: 285 Pages

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Description

The Global Electric Outboard Motors Market was valued at approximately USD 120 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 9.10% from 2024 to 2032. The increasing adoption of electric outboard motors in the boating industry is propelled by advancements in battery technology, improved motor efficiency, and a growing demand for eco-friendly boating options. Innovations in lithium-ion batteries have significantly extended the range and power of electric outboard motors, enhancing their reliability and cost-effectiveness. This, coupled with global initiatives to reduce emissions and promote sustainable technologies, supports the robust growth of the electric outboard motors market. As a result, these motors are becoming increasingly attractive to eco-conscious boaters seeking a quiet and environmentally friendly boating experience.

The market dynamics are driven by the development of lithium-ion batteries, which are essential for improving battery life and backup capacity. Li-ion batteries have a reduced environmental impact compared to traditional batteries, aligning with sustainability goals. The trend towards adopting a unified battery system for electric outboard motors is expected to further drive market growth. Additionally, the rise in recreational boating activities in Europe, particularly in countries like Belgium and Croatia, is significantly contributing to the market expansion. The European boating industry, known for its competitiveness and dynamic nature, plays a crucial role in the region's economic growth. However, the market faces challenges such as high initial costs associated with electric outboard motors and their battery systems. Despite these challenges, the benefits of electric outboard motors, including zero emissions, low maintenance, and quiet operation, are expected to drive their adoption across various applications. The market segmentation includes power ranges of 5 KW - 50 KW, up to 5 KW, and above 50 KW, with the 5 KW - 50 KW segment anticipated to dominate due to its suitability for mid-sized boats and commercial watercraft. The recreational application segment holds the largest market share, driven by the increasing popularity of eco-friendly and efficient propulsion systems for smaller vessels and day cruisers.

The key regions considered for the Global Electric Outboard Motors Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. , North America is the leading region, driven by the high adoption rate of advanced marine technologies, the presence of key market players, and a growing trend towards sustainable and eco-friendly boating solutions. The fastest-growing region in this market is the Asia-Pacific, fueled by increasing disposable incomes, rising interest in recreational boating, and supportive government initiatives promoting clean energy and environmental sustainability.

Major market players included in this report are:

Torqeedo
ePropulsion
Evoy
Pure Watercraft
Yamaha Motor
Brunswick Corporation
Vision Marine Technologies
Aquamot
Elco Motor Yachts
Krautler
Parsun
Aquawatt
Stealth Electric Outboards
MotorGuide
Minn Kota

The detailed segments and sub-segment of the market are explained below:

By Power:

5 KW - 50 KW
Up to 5 KW
Above 50 KW

By Application:

Recreational
Commercial
Military

By Boat Length:

Less than 30 ft
30 ft - 50 ft
More than 50 ft

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Electric Outboard Motors Market Executive Summary

1.1. Global Electric Outboard Motors Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Power
- 1.3.2. By Application
- 1.3.3. By Boat Length
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Electric Outboard Motors Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Electric Outboard Motors Market Dynamics

3.1. Market Drivers
- 3.1.1. Advances in Battery Technology
- 3.1.2. Increasing Demand for Eco-Friendly Boating Options
- 3.1.3. Rising Participation in Leisure Boating Activities
3.2. Market Challenges
- 3.2.1. High Initial Costs
- 3.2.2. Regulatory and Compliance Issues
3.3. Market Opportunities
- 3.3.1. Growth in Recreational Boating Sector
- 3.3.2. Technological Innovations in Electric Motors
- 3.3.3. Expansion in Emerging Markets

Chapter 4. Global Electric Outboard Motors Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Electric Outboard Motors Market Size & Forecasts by Power 2022-2032

5.1. Segment Dashboard
5.2. Global Electric Outboard Motors Market: Power Revenue Trend Analysis, 2022 & 2032 (USD Million)
- 5.2.1. 5 KW - 50 KW
- 5.2.2. Up to 5 KW
- 5.2.3. Above 50 KW

Chapter 6. Global Electric Outboard Motors Market Size & Forecasts by Application 2022-2032

6.1. Segment Dashboard
6.2. Global Electric Outboard Motors Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Million)
- 6.2.1. Recreational
- 6.2.2. Commercial
- 6.2.3. Military

Chapter 7. Global Electric Outboard Motors Market Size & Forecasts by Boat Length 2022-2032

7.1. Segment Dashboard
7.2. Global Electric Outboard Motors Market: Boat Length Revenue Trend Analysis, 2022 & 2032 (USD Million)
- 7.2.1. Less than 30 ft
- 7.2.2. 30 ft - 50 ft
- 7.2.3. More than 50 ft

Chapter 8. Global Electric Outboard Motors Market Size & Forecasts by Region 2022-2032

8.1. North America Electric Outboard Motors Market
- 8.1.1. U.S. Electric Outboard Motors Market
  - 8.1.1.1. Power breakdown size & forecasts, 2022-2032
  - 8.1.1.2. Application breakdown size & forecasts, 2022-2032
  - 8.1.1.3. Boat Length breakdown size & forecasts, 2022-2032
- 8.1.2. Canada Electric Outboard Motors Market
8.2. Europe Electric Outboard Motors Market
- 8.2.1. U.K. Electric Outboard Motors Market
- 8.2.2. Germany Electric Outboard Motors Market
- 8.2.3. France Electric Outboard Motors Market
- 8.2.4. Spain Electric Outboard Motors Market
- 8.2.5. Italy Electric Outboard Motors Market
- 8.2.6. Rest of Europe Electric Outboard Motors Market
8.3. Asia-Pacific Electric Outboard Motors Market
- 8.3.1. China Electric Outboard Motors Market
- 8.3.2. India Electric Outboard Motors Market
- 8.3.3. Japan Electric Outboard Motors Market
- 8.3.4. Australia Electric Outboard Motors Market
- 8.3.5. South Korea Electric Outboard Motors Market
- 8.3.6. Rest of Asia Pacific Electric Outboard Motors Market
8.4. Latin America Electric Outboard Motors Market
- 8.4.1. Brazil Electric Outboard Motors Market
- 8.4.2. Mexico Electric Outboard Motors Market
- 8.4.3. Rest of Latin America Electric Outboard Motors Market
8.5. Middle East & Africa Electric Outboard Motors Market
- 8.5.1. Saudi Arabia Electric Outboard Motors Market
- 8.5.2. South Africa Electric Outboard Motors Market
- 8.5.3. Rest of Middle East & Africa Electric Outboard Motors Market

Chapter 9. Competitive Intelligence

9.1. Key Company SWOT Analysis
9.2. Top Market Strategies
9.3. Company Profiles
- 9.3.1. Torqeedo
  - 9.3.1.1. Key Information
  - 9.3.1.2. Overview
  - 9.3.1.3. Financial (Subject to Data Availability)
  - 9.3.1.4. Product Summary
  - 9.3.1.5. Market Strategies
- 9.3.2. ePropulsion
- 9.3.3. Yamaha Motor
- 9.3.4. Pure Watercraft
- 9.3.5. Evoy
- 9.3.6. Brunswick Corporation
- 9.3.7. Vision Marine Technologies
- 9.3.8. Aquamot
- 9.3.9. Elco Motor Yachts
- 9.3.10. Krautler
- 9.3.11. Parsun
- 9.3.12. Aquawatt
- 9.3.13. Stealth Electric Outboards
- 9.3.14. MotorGuide
- 9.3.15. Minn Kota

Chapter 10. Research Process

10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
10.2. Research Attributes