Electric Outboard Motors Market by Type (by Type, Outboard Electric Propulsion Motor, Outboard Electric Trolling Motor, by Power, Below 25kW, 25kW-50kW, 50-150kW), By Application (Civil Entertainment, Municipal Application, Commercial Application, Other), Region (North America, Europe, Asia Pacific, South America, Middle East and Africa),forcast 2021-2031

One of the key reasons propelling the growth of the electric outboard motor market is the rise in demand for electric outboard motors for civil entertainment and municipal applications. Over the projected period, the demand for electric outboard motors for civil entertainment applications is anticipated to be driven by rising living standards and disposable incomes as well as a growing inclination for leisure pursuits like fishing and boating.

The market for electric outboard motors is anticipated to grow as electric propulsion satellite technology continues to progress. Over the projected period, the demand for electric outboard motors is anticipated to increase due to the development of more sophisticated and effective electric propulsion systems. The market for electric outboard motors is also anticipated to gain from the rising emphasis on the creation of effective and environmentally friendly goods. The market for electric outboard motors is also anticipated to benefit from the rising efforts made by governments throughout the world to encourage the adoption of clean energy products.

The advantages of electric outboard motors are low noise and vibration levels, low fuel consumption, and minimal pollutants. The electric outboard motors are also easy to use and maintain. These factors are predicted to increase demand for electric outboard motors over the projection period. The market for electric outboard motors is anticipated to expand quickly due to the growing awareness of the advantages that using electric outboard motors has for the environment.

Electric outboard motors are propulsion devices that power a boat's propeller with electricity. Batteries that need to be frequently charged power these motors. In comparison to conventional petrol or diesel-powered outboard motors, electric outboard motors have a variety of benefits, including reduced noise and vibration levels, reduced fuel consumption, and reduced pollutants.

At a CAGR of 14.92% from 2021 to 2031, the market for electric outboard motors is anticipated to increase from USD 1.10 billion in 2021 to USD 2.81 billion by 2031.

The increase in demand for electric outboard motors for civil enjoyment, governmental applications, commercial applications, and other uses around the world is responsible for the expansion of the market for electric outboard motors.

One of the main things preventing the market for electric outboard motors from expanding is their expensive price. Over the projection period, it is anticipated that the market growth will be hampered by the high initial expenditure required for the procurement of electric outboard motors. Additionally, the lack of knowledge about electric outboard motors in emerging nations is anticipated to impede market expansion throughout the anticipated time frame. However, the steps done by governments all over the world to promote the usage of clean energy goods are anticipated to support the market.

Covid-19 Impact & Market Status

The global market for electric outboard motors is expected to be impacted by the COVID-19 pandemic. The pandemic outbreak has drastically reduced global economic activity. The automotive sector has been particularly harmed by the COVID-19 pandemic. Lockdown restrictions imposed by the government have significantly decreased the number of vehicles produced globally. This is anticipated to have a negative impact on the market for electric outboard motors over the course of the projection period. But by 2023, the market is anticipated to bounce back from the pandemic-caused downturn and return to its pre-pandemic level.

Segment Analysis

The market will be dominated by outboard electric propulsion motors.

During the forecast period, the market for electric outboard propulsion motors is anticipated to grow at the highest CAGR. Small boats like sailboats and inflatable boats frequently employ outboard electric propulsion motors. These motors have a number of benefits, including minimal vibration and noise levels, minimal fuel consumption, and minimal emissions.

The market is predicted to be dominated by civil entertainment

The civil entertainment market is predicted to expand at the quickest CAGR throughout the course of the forecast period. Electric outboard motor demand is rising for recreational uses like boating and fishing, which is why the market is expanding. Traditional petrol or diesel-powered outboard motors have a number of advantages over electric outboard motors, including low noise and vibration levels, low fuel consumption, and low emissions.

The market will be dominated by Asia Pacific

The CAGR for the market in Asia Pacific is anticipated to be the highest during the forecast period. The rise in demand for electric outboard motors in China, Japan, and India is responsible for the expansion of the Asia Pacific market. The continued efforts made by governments in these nations to encourage the use of clean energy products can be credited with the rise in demand. Additionally, it is anticipated that the rapid economic development of these countries will raise demand for electric outboard motors over the course of the forecast period.

Yamaha Motor Co., Ltd., Torqeedo GmbH, Minn Kota Motors LLC, MotorGuide, Inc., and Newport Vessels are some of the major companies in this market. These companies are putting their efforts into expanding their geographic and product reach in order to gain a competitive edge in the market. Over the coming years, it is anticipated that the market for electric outboard motors will grow significantly as a result of ongoing technological advancements in electric propulsion systems. Over the projected period, the demand for electric outboard motors is anticipated to increase due to the development of more sophisticated and effective electric propulsion systems. The market for electric outboard motors is also anticipated to gain from the rising emphasis on the creation of effective and environmentally friendly goods. The market for electric outboard motors is also anticipated to benefit from the rising efforts made by governments throughout the world to encourage the adoption of clean energy products.

Latest Innovations in the Global Electric Outboard Motors Market: A Snapshot

• The Deep Blue Hybrid could 40kW, a brand-new electric outboard motor with a 40kW power output, was introduced by Torqeedo in November 2020. The motor is intended for use in both industrial and governmental settings.

• The Tohatsu Corporation introduced the EFI 25hp outboard motor in September 2020. A fuel injection system that is electronically controlled and attached to the motor has a number of benefits, including minimal emissions and fuel economy.

• In July 2020, Yamaha Motor Corporation launched the F25LMHA outboard motor. The motor is equipped with an advanced combustion system that offers a number of advantages, such as improved fuel efficiency and reduced emissions

Electric Outboard Motors Market Scope

Key Segments of the Global Electric Outboard Motors Market

By Type Overview (USD Billion)
• Outboard Electric Propulsion Motor
• Outboard Electric Trolling Motor

By Power Overview (USD Billion)
• Below 25kW
• 25kW-50kW
• 50-150kW

By Application Overview (USD Billion)
• Civil Entertainment
• Municipal Application
• Commercial Application
• Other

By Regional Overview (USD Billion)

North America
• U.S
• Canada

Europe
• Germany
• France
• UK
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific

South America
• Mexico
• Brazil
• Rest of South America

Middle East and Africa