Electric Outboard Motors Market Gains Momentum – The Market to Reach USD 196.62 Million by 2029

Arizton is pleased to announce its latest report, Electric Outboard Motors Market - Global Outlook & Forecast 2024-2029, shedding light on the dynamic and rapidly evolving industry. The comprehensive report unveils valuable market trends, growth opportunities, and the competitive landscape of the business. With in-depth analysis and meticulous research, this report serves as a strategic guide for industry players, investors, and decision-makers, offering a comprehensive understanding of the current electric outboard motors market dynamics and future prospects. 

Browse 82 market data Tables and 74 Figures spread through 255 Pages and in-depth TOC on "the electric outboard motors market by power (5 KW – 50 KW, up to 5 KW, and above 50 KW), application (recreational, commercial, and military), boat length (less than 30 ft, 30 ft – 50 ft, and more than 50 ft) & geography (North America, Europe, APAC, Latin America, and Middle East & Africa) - global forecast to 2029. 

View the Detailed Table of Content Here - https://www.arizton.com/market-reports/electric-outboard-motors-market

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 more recreational boat users, contribute to the demand for marine infrastructure. 

Vendors can navigate the competitive market landscape by emphasizing the pricing and quality of their products. The influx of vendors, driven by low entry barriers, has expanded the provider options for customers, thereby intensifying competition. Therefore, players are focusing not only on acquiring customers but also on retaining them. Emerging economies like Brazil, Russia, India, and China are witnessing a growing number of products in the market, and customers in these economies are likely to prioritize prices in low-price segments. Recreational boaters are consistently affected by various macroeconomic developments worldwide. 

In addition, vendors are striving to produce cost-efficient electric outboard motors at affordable prices to navigate the intensely competitive environment. Fluctuations in the price of raw materials have the potential to reduce profit margins, thereby affecting the overall market growth. To mitigate production costs and overheads, vendors can relocate their manufacturing units to China and Taiwan. Despite the volatility in plastic prices in China, the economies of scale in production contribute to vendors earning profits. Vendors can also opt to outsource their manufacturing to Chinese players with assured quality guarantees. 

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, major tourist attractions, have witnessed substantial increases 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, is 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 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. Commercial watercraft offer sustainability and efficiency, with reduced noise levels for a pleasant experience. Low maintenance and zero emissions drive adoption, aligning with eco-friendly practices. As charging infrastructure improves, advanced battery technology extends the range, making them practical for diverse boating enthusiasts and commercial operators. 

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. 

Geographical Analysis 

The US is one of the biggest manufacturing hubs in North America. Over the past few years, it has attracted huge investments for expanding existing facilities or new facility setups. The presence of manufacturing facilities for Pure Watercraft and Vision Marine Technologies, among others, is a significant driver for the growth of this region's electric outboard motors market. 

With rising consumer confidence over the past few years, boat manufacturers are introducing new products and experiences to attract young boaters. New boat sales are increasing, driving the demand for electric outboard motors. In 2020, boat sales reached a 13-year high, continuing this trend through 2021. The rising interest in outdoor recreational activities and socializing methods has increased demand for new boats throughout the country. Rising disposable income, consumer spending, and healthy growth in the housing market are expected to positively impact boat sales during the forecast period. 

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