Electric Outboard Motor Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Engine Type (2-Stroke, 4-Stroke, Electric), By Fuel Type (Diesel, Gasoline, Electric), By Power (Low, Mid, High), By Ignition Type (Electric, Manual), By Application (Commercial, Recreational, Military) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global electric outboard motor market was valued at USD 142.1 Million in 2022 and is anticipated to reach a value of USD 252 Million by 2030 expanding at a CAGR of 7.5% between 2023 and 2030.

A boat engine that runs on electricity rather than conventional fossil fuels such as gasoline or diesel is known as an electric outboard motor. These motors provide an emissions-free and effective substitute for conventional gasoline-powered engines by powering the boat with electricity that is stored in batteries. The market for electric outboard motors has a very promising future. The maritime sector is seeing an increase in demand for more sustainable and environmentally friendly options as ecological consciousness gains traction worldwide. Compared to conventional engines, electric outboard motors provide a number of benefits, including reduced emissions, quieter operation, and lower maintenance expenses. These elements are anticipated to fuel market expansion. The market for electric outboard motors is expected to grow in the near future. Stricter rules on emissions from maritime boats are being implemented by governments worldwide, which is fostering an atmosphere that is conducive to the use of electric motors. Furthermore, electric motors are now more powerful, have a longer range, and are more efficient owing to developments in battery technology. This has increased consumer demand even more.

Electric Outboard Motor Market Major Driving Forces

Increase in Leisure Time and Disposable Income: Recreational activities and water sports have expanded as a result of the development in marine and coastal tourism brought about by the significance of leisure time and disposable money.

Government Support: Due to increased marine fuel pollutants, an electric outboard engine is a preferable alternative, and rules facilitate the use of electric outboard. Hence, governments are encouraging the usage of electric outboard engines, which is propelling the global market for electric outboard engines.

Water Pollution: Electric outboard engines have replaced petrol motors since previous motors used fuel energy, which contributes to water pollution and marine fuel emissions.

Technological Advancements: Due to advancements in technology, an electric outboard engine can now propel itself quicker than a gasoline outboard engine. Electric outboard motors also offer reduced maintenance requirements, clean, sustainable functioning, and sustainability. Electric outboard motors eliminate unwanted disruption, emit no gas, and make no loud noise.

Electric Outboard Motor Market Key Opportunities

Eco-Friendly and Sustainable Options: The market for electric outboard motors has the potential to create and promote sustainable choices due to the growing demand for environmentally friendly products. Producers may benefit from this trend by providing electric outboard motors that are produced and sourced sustainably.

Government Support: An electric outboard engine is a better option due to increased marine fuel pollutants, and they are allowed by rules. The usage of electric outboard engines is being encouraged by governments, which is opening up an array of prospects for the global market for these engines.

Developments in Battery Technology: The market for electric outboard motors directly benefits from ongoing advancements in battery technology, which include increases in energy density, longer life cycles, and lower costs. Electric outboard motors can operate for longer periods of time and become more affordable as battery technology develops.

Electric Outboard Motor Market Key Trends

·         Growing pollution levels and public awareness of climate change have encouraged many companies worldwide to switch to using green technology in their operations.

·         Electric outboard motor performance and range are being improved by ongoing advancements in battery technology.

·         Performance and user experience are being improved by constant improvements in electric outboard motor technology, such as smart features and control systems.

·         Boat owners are finding electric outboard motors to be economically attractive due to their long-term economic benefits, which include reduced maintenance and fuel savings, regardless of whether their initial prices are greater.

·         In order to stimulate market growth, a number of governments are providing incentives and subsidies to encourage the use of electric propulsion in maritime applications.

Region-wise Market Insights

North America accounted for the largest market share at 32.8% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 8.3% between 2023 and 2030.

The North America region has the largest share of global electric outboard motor market which is 32.8%, accounting USD 46.6 Million. The use of electric outboard motors is spurred by government programs and a spike in environmental concerns in North America, namely in the United States and Canada. The use of electric boats is on the rise in the area, particularly for recreational boating. With its strict environmental laws and emphasis on sustainability, Europe has seen growth in the market for electric outboard motors. Inland rivers and a strong boating community also had a favorable role in the area's acceptance of electric drivetrains. The market saw considerable growth in Asia-Pacific with the fastest CAGR of 8.3%, fueled by increased awareness of eco-friendly technology, economic expansion, and an increase in boat ownership. By utilizing developments in battery technology, nations such as China and Japan were crucial in determining the characteristics of the industry. In other global regions, such South America and Africa, the market continues to be in its infancy, but as awareness grow and the economy improves, considerable development is predicted.

Market Competition Landscape

There is fierce rivalry among several producers in the global market for electric outboard motors. In order to get a competitive advantage, major competitors in the electric outboard motor industry employ certain tactics. In order to adapt to changing customer tastes, these methods include product innovation, design distinction, and the use of eco-friendly and sustainable materials. Established companies rely on their quality and dependability reputation to hold onto market share, while more recent competitors concentrate on disruptive technologies and USPs.

Prominent entities in the worldwide market for electric outboard motors employ diverse organic and inorganic tactics to fortify and enhance their market standing. Among the leading companies in the market are:

·         Torqeedo GmbH

·         Minn Kota (a brand of Johnson Outdoors Inc.)

·         ePropulsion

·         Aquamot Marine Electric Propulsion

·         Kräutler Elektromaschinen GmbH

·         Elco Motor Yachts

·         Ray Electric Outboards

·         MotorGuide (a brand of Brunswick Corporation)

·         Parsun Power Machine Co., Ltd.

·         Pure Watercraft

·         Aquawatt Electric Yacht Motors

·         E-Tech Electric Outboards

·         Lynch Motor Company

·         Dockstar Electric Outboards

·         ReGen Nautic USA, Inc.

Johnson Outdoors Inc. is the owner of Minn Kota, one of the top brands in the electric outboard marine engine industry. Minn Kota was founded in 1934 and has a long history of manufacturing superior electric motors for use in freshwater and marine environments. They are renowned for their cutting-edge features, robustness, and creative technology. Minn Kota has continuously concentrated on product development and growing its market presence throughout the years. Another well-known name in the market for electric outboard marine motors is Torqeedo. Since its founding in 2005, Torqeedo has emerged as a leading innovator in electric boating worldwide. Producing high-performance electric motors for sailboats, motorboats, and yachts is the company's area of expertise. Modern technology such as lithium-ion batteries and highly efficient propellers are the foundation of Torqeedo's fame.