Outboard Electric Motors Market
Outboard Electric Motors Market Size, Share & Trends Analysis Report by Motor Type (Propulsion Motors, and Trolling Motors), by Power (Below 25kW, 25 to 50kW, and 50 to 150kW), and by Application (Military, Commercial, and Recreational), Forecast Period (2023-2029)
Outboard electric motors market is anticipated to grow at a CAGR of 5.1% during the forecast period. The rising concern to minimize the increasing air pollution across the globe is the major factor that contributes to the growth of the market. The key players are inclined to launch electric-driven products to reduce air pollution and stay competitive in the market. For instance, in March 2022, Rim Drive Technology BV, offers a rim drive electric outboard motor; launched a 15-kilowatt (?25 HP) model to extend its current line-up of 4 outboards. The company also offers electric rim drives in pod motor and thruster configurations. The motor is specially designed for military/defense applications, its reduced vibrations and noise make it more difficult for monitoring technology to detect and track the vessels, which attract users to purchase electric rim outboard motor, thus increasing the electric outboard motor market.
In January 2023, Brunswick launches all-electric marine outboard. The Avator 7.5e will be the first in Mercury Marine’s full line of electric outboard motors. Further, in February 2022, Brunswick corp (Mercury Marine) announced the launching of an electric outboard motor called Avator at the Miami International Boat Show. The motor is designed for smaller boats and has a removable and interchangeable battery system that allows for easy and fast recharging. Additionally, the motor has a screen display that displays the battery level.
Segmental Outlook
The global outboard electric motors market is segmented based on the motor type, power, and application. Based on the motor type, the market is bifurcated into propulsion motors, and trolling motors. Based on the power, the market is segmented into below 25kW, 25 to 50kW, and 50 to 150kW. Based on the application, the market is further sub-segmented into military, commercial, and recreational. Among these, the below 25kW sub-segment is expected to hold a considerable share in the market due to growing customer inclination toward highly efficient and low-cost outboard electric motors. Moreover, factors such as portability, efficient torque delivery, and compact size further fuel the below 25kW sub-segment during the forecast period.
Regional Outlooks
The global outboard electric motors market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Asia-Pacific is expected to hold a considerable share in the outboard electric motors market during the forecast period, owing to the increasing population and investments in the marine industry in the region.
Global Outboard Electric Motors Market Growth, by Region 2023-2029
North America is Expected to Hold a Significant Share in the Global Outboard Electric Motors Market
Among all regions, North America is expected to hold a significant market share during the forecast period owing to the early adoption of technologies by consumers. The presence of outboard electric motors market players such as Brunswick Corp (motorguide), and others are further accelerating the growth of the outboard electric motors market. Additionally, people in the region are more tends towards fishing for which they adopt innovative technological equipment such as electric motor boats and others, thus increasing the demand for outboard electric motors in the region.
Market Players Outlook
The major companies serving the global outboard electric motors market include Torqeedo GmbH, Elco Motor Yachts, aquawatt Mechatronik und Yachtbau, Johnson Outdoors Inc. (MINN KOTA), RNW Energy Systems Corp Inc, Electric Propulsion Systems B.V., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in March 2020, Evoy AS produced outboard and inboard electric motors for boats between 25 and 50ft in length, and partnered with Hurtigruten and Frydenbø Marine to develop the strongest electric outboard motor. The outboard motor performs at 150 HP and is installed on all of Hurtigruten’s smaller Expedition tender boats. Moreover, the motor is specially designed to fit the Zodiac Milpro MARK 5 which is the standard for all exploration cruises in the Polar region.
The Report Covers
- Market value data analysis of 2023 and forecast to 2029.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global outboard electric motors market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
4. Market Segmentation
4.1. Global Outboard Electric Motors Market by Motor Type
4.1.1. Propulsion Motors
4.1.2. Trolling Motors
4.2. Global Outboard Electric Motors Market by Power
4.2.1. Below 25kW
4.2.2. 25 to 50kW
4.2.3. 50 to 150kW
4.3. Global Outboard Electric Motors Market by Application
4.3.1. Military
4.3.2. Commercial
4.3.3. Recreational
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. Aquamot GmbH
6.2. Aquawatt Green Marine Technologies
6.3. Brunswick Corp
6.4. Elco Motor Yachts
6.5. Electric Propulsion Systems B.V.
6.6. ePropulsion Technology Ltd.
6.7. Evoy AS
6.8. Golden Motor Technology Co Ltd.
6.9. Johnson Outdoors Inc. (MINN KOTA)
6.10. Kräutler Elektromaschinen GmbH
6.11. Pure Watercraft, Inc
6.12. Ray Electric Outboards, Inc.
6.13. RNW Energy Systems Corp.
6.14. Stealth Electric Outboards.
6.15. Suzhou Parsun Power Machine Co., Ltd.
6.16. Torqeedo GmbH
1. GLOBAL OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2021-2029 ($ MILLION)
2. GLOBAL PROPULSION OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
3. GLOBAL TROLLING OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
4. GLOBAL OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY POWER, 2021-2029 ($ MILLION)
5. GLOBAL BELOW 25KW OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
6. GLOBAL 25 TO 50KW OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
7. GLOBAL 50 TO 150KW OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
8. GLOBAL OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
9. GLOBAL OUTBOARD ELECTRIC MOTORS IN MILITARY MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
10. GLOBAL OUTBOARD ELECTRIC MOTORS IN COMMERCIAL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION
11. GLOBAL OUTBOARD ELECTRIC MOTORS IN RECREATIONAL MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
12. GLOBAL OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2029 ($ MILLION)
13. NORTH AMERICAN OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2029 ($ MILLION)
14. NORTH AMERICAN OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2021-2029 ($ MILLION)
15. NORTH AMERICAN OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY POWER, 2021-2029 ($ MILLION)
16. NORTH AMERICAN OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
17. EUROPEAN OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2029 ($ MILLION)
18. EUROPEAN OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2021-2029 ($ MILLION)
19. EUROPEAN OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY POWER, 2021-2029 ($ MILLION)
20. EUROPEAN OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
21. ASIA-PACIFIC OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2029 ($ MILLION)
22. ASIA-PACIFIC OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2021-2029 ($ MILLION)
23. ASIA-PACIFIC OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY POWER, 2021-2029 ($ MILLION)
24. ASIA-PACIFIC OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
25. REST OF THE WORLD OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2029 ($ MILLION)
26. REST OF THE WORLD OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY MOTOR TYPE, 2021-2029 ($ MILLION)
27. REST OF THE WORLD OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY POWER, 2021-2029 ($ MILLION)
28. REST OF THE WORLD OUTBOARD ELECTRIC MOTORS MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2029 ($ MILLION)
1. GLOBAL OUTBOARD ELECTRIC MOTORS MARKET SHARE BY MOTOR TYPE, 2021 VS 2029 (%)
2. GLOBAL PROPULSION OUTBOARD ELECTRIC MOTORS MARKET SHARE BY REGION, 2021 VS 2029 (%)
3. GLOBAL TROLLING OUTBOARD ELECTRIC MOTORS MARKET SHARE BY REGION, 2021 VS 2029 (%)
4. GLOBAL OUTBOARD ELECTRIC MOTORS MARKET SHARE BY POWER, 2021 VS 2029 (%)
5. GLOBAL BELOW 25KW OUTBOARD ELECTRIC MOTORS MARKET SHARE BY REGION, 2021 VS 2029 (%)
6. GLOBAL 25 TO 50KW OUTBOARD ELECTRIC MOTORS MARKET SHARE BY REGION, 2021 VS 2029 (%)
7. GLOBAL 50 TO 150KW OUTBOARD ELECTRIC MOTORS MARKET SHARE BY REGION, 2021 VS 2029 (%)
8. GLOBAL OUTBOARD ELECTRIC MOTORS MARKET SHARE BY APPLICATION, 2021 VS 2029 (%)
9. GLOBAL OUTBOARD ELECTRIC MOTORS IN MILITARY MARKET SHARE BY REGION, 2021 VS 2029 (%)
10. GLOBAL OUTBOARD ELECTRIC MOTORS IN COMMERCIAL MARKET SHARE BY REGION, 2021 VS 2029 (%)
11. GLOBAL OUTBOARD ELECTRIC MOTORS IN RECREATIONAL MARKET SHARE BY REGION, 2021 VS 2029 (%)
12. GLOBAL OUTBOARD ELECTRIC MOTORS MARKET SHARE BY REGION, 2021 VS 2029 (%)
13. US OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
14. CANADA OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
15. UK OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
16. FRANCE OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
17. GERMANY OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
18. ITALY OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
19. SPAIN OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
20. REST OF EUROPE OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
21. INDIA OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
22. CHINA OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
23. JAPAN OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
24. SOUTH KOREA OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
25. REST OF ASIA-PACIFIC OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
26. REST OF THE WORLD OUTBOARD ELECTRIC MOTORS MARKET SIZE, 2021-2029 ($ MILLION)
