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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

Global Electric Outboard Motors Market Size Study, by Power (5...

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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
Global Electric Outboard Motors Market...
Report Code
RO2/103/1237

Publish Date
08/Aug/2024

Pages
200
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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.

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