Pune, India, Sept. 14, 2021 (GLOBE NEWSWIRE) -- The global electric outboard engines market size is estimated to witness healthy growth during the forecast period due to the growing recreational boating. Renewable energy-based equipment has forayed into the landscape, prompting boat owners to invest in electric engines. Outboard motors have become a common equipment considering their fuel efficiency, versatility, and flexibility attributes.
The electric outboard engines industry players are slated to cash in the following trends over 2021-2027:
- Tiller control outboard engines become a selling point in North America
Lately, increasing penetration of tiller-controlled systems has bolstered the adoption of electric outboard engines in the U.S. Dynamics such as simpler design and cost-efficiency have played a pivotal role in expediting the product demand. Tillers will continue to play an invaluable role in steering the boat. The tiller controlled electric outboard engines segment accounted for 60% share of the North America market in 2020 and will contribute significantly to the industry outlook.
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- Commercial sector to be the linchpin in the U.S.
Surging demand for environmentally friendly, low noise and high-performance engines has reinforced the commercialization of electric outboard engines across the U.S. Flourishing fishing industry and the expansion of passenger's vessels have bolstered the position of American suppliers. Recreational activities are expected to spur the revenue graph in the U.S. The commercial electric outboard engines segment in the North America landscape is likely to be valued at more than USD 10 million by 2027. Bullish projections could help the overall North America electric outboard engines market value surpass USD 60 million by 2027.
- Europe market to benefit from robust recreational boating
Recreational boating has become the trendsetter with a steady rise in boating events, trade shows and competitive racing. Ever since the lockdown restriction eased in Europe, there was an unprecedented rush to invest in leisurely activities of traveling by boat. The soaring popularity of recreational boating among the British population will create avenues of growth for electric outboard engine manufacturers. The recreational boating electric outboard engines segment captured more than 70% share of the Europe market in 2020, the trend is slated to continue in the ensuing period.
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- Below 25kW electric engines prosper in the U.K. and the EU
End-users are poised to inject funds into the 25kW outboard engines, attributed to the expanding market presence of recreational boating and fishing boats. Over the years, water sports events have become trendier in the EU region, also fueling the demand for below 25kW power engines. Electric outboard engines with less than 25kW power are being preferred for their cost-efficiency, effective torque delivery, portability, and low motor noise. Based on revenue, the total Europe electric outboard engines market size could reach USD 50.4 million by 2027.
- 50-150kW electric outboard engines to prosper in the Asia Pacific
Advanced economies such as Australia and developing countries such as China have emerged as a sought-after destination for 50-150 kW power outboard engine manufacturers. Robust dynamics are attributed to surging demand for high power delivery motors for higher safety standards, tremendous performance, and easy operability. With the penetration of recreational boating gaining momentum, the 50-150kW outboard engines could garner a substantial share in the ensuing period, largely due to the penetration of leisure boats and the need for upgrading and developing advanced engines. The Asia Pacific electric outboard engines industry is slated to exceed USD 36.6 million by 2027.
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- China industry provides avenues of growth
Amidst the ravage of the COVID-19 outbreak in the Asia Pacific, China has emerged as a lucrative hub for electric outboard engines suppliers. Chinese companies are infusing funds into electric boat motors as marine manufacturers continue to remain competitive in recreational boat building. Another contributor to the growth is likely to be the penetration in commercial and recreational settings. Developments in the travel and tourism sector will complement the regional growth as outboard engine suppliers inject funds into advanced technologies.
A surge in the number of boating events, trade shows and competitive racing has made outboard engines a key revenue driver. Fueled partially by the growth of recreational activities, engine manufacturers are striving to keep up with the demand for electric outboard engines. While the pandemic will have its say in the business forecast, an increasing number of billionaires will add fillip to the landscape. Although an uptick in the purchasing power parity (PPP) has spurred the business sentiments, there is a strong push to make boating accessible to the wider masses, boding well for the electric outboard engine market growth.
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