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Asia Pacific Electric Outboard Engines Market Size By Control (Remote, Tiller), By Power (50 – 150 kW, 25 – 50 kW, Below 25 kW), By Applications (Recreational, Military, Commercial), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027
Published Date: March 2021 | Publisher: Graphical Research Report ID: GR1714 | Delivery : PDF  Request Free Sample

Asia Pacific Electric Outboard Engines Market size surpassed USD 22,663.5 Mn in 2020 and is predicted to register a growth of over 6% between 2021 and 2027. Increasing recreational boating activities and growing marine tourism in the region will drive the market demand.

Electric Outboard Engines Market

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The rise in recreational boating activities due to growing per capita income and an increasing number of people spending leisure time with friends & family through the medium of boating are likely to support the electric product demand. The Asia Pacific is one of the hotspots for international tourism and acquired the second position travel & tourism competitive index 2019. The total travel & tourism revenue accounted for some 3% of the regional GDP in the same year. And recreational boating among the out-of-doors recreational activities is attracting more people, creating an increasing number of growth opportunities for the market.

APAC Market, By Power

Electric Outboard Engines Market

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Electric outboard engines with less than 25 kW power are the most preferred engines and acquired over 75% market share in 2020. This can be ascribed to the rising consumer inclination towards cos-efficient and highly performing motors for short-haul activities in a canoe, boats, or dingy. Low motor noise, effective torque delivery, compact size, and portability ease are among the key factors making this kind of engine an ideal choice for daily recreational activities executed on limited size boats. Additionally, the 50-150 kW power bracket is also expected to showcase tremendous growth over the coming years majorly owing to the rising preference for large leisure boats by boat users. Growing recreational boating has compelled industry participants to invest in developing, upgrading, and launching advanced engines to cater to the growing demand for large boats.

APAC Market, By Control

Electric Outboard Engines Market

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Tiller control has witnessed tremendous favor from the electric outboard engine consumers and helped the segment to attain almost 62% revenue share in 2020 owing to factors, such as relatively simple design and cost-effectiveness. The Tiller control system is easy to operate by the helmsman and is a relatively more economical option. The primary application of triller is in watercraft, where it's attached to the outboard motor or rudder post to offer leverage to the helmsman to steer the rudder by applying torque.

APAC Market, By Applications

Among the applications, recreational boating emerged as the major shareholder with more than 70% of the electric outboard engines market share in 2020 attributed to the increasing number of boating events, trade shows, and competitive racing across diverse parts of the region. Additionally, boosting coastal and marine tourism is attracting a rising number of tourists from around the world and making the Asia Pacific one of the hotspots for international tourism. Countries, such as Australia, China, India, and Thailand are observing lucrative growth opportunities in the market due to factors like the growing number of high net wealth individuals and rising per capita income. Moreover, government norms including the development of coastal infrastructure along with regulations favoring the industry are likely to further create growth opportunities for market participants in the coming years.

On the other hand, COVID-19 has been a major disrupter to the industry growth. In 2020, it witnesses a contraction of over 3.5% on account of factors, such as travel bans, restricted mobility, and disrupted supply chain, among others. However, the region has entered into a recovery phase and is likely to support the growth in the approaching years.

APAC Market, By Country

The growing number of high net worth individuals (HNWIs) in the Asia Pacific is driving the electric outboard engines market expansion. However, China is the leading country that is changing the landscape of wealth in the region. It has witnessed exponential growth in the number of individuals with high net worth since 2016. According to the report Global Wealth Report 2019, Asia Pacific contributed almost 39.1% to the global wealth of USD 360.6 trillion. The count of Chinese adults between USD 100,000 to USD 1 million wealth grew by over 80.8 million between 2016 and 2019 while registering a growth of 287% and contributed 46.7% to the total wealth of Asia Pacific. Attributing to these significant factors China has been anticipated to emerge as the fastest-growing segment during the forecast period.

Competitive Industry Landscape

Market players are continuously investing in R&D activities and adopting several strategic initiatives, such as mergers, acquisitions, and joint ventures to develop new products or strengthen their position in the market. For instance, in Sep 2020, PULSION and EFOY a methanol fuel cell company announced that they are working on developing a fuel cell that can be used to extend the range of the motor. Some of the key manufacturers include EPROPULSION, Suzhou Parsun Power Machine Co., Ltd., Golden Motor, and LGM Co., Ltd., among others.
 

Frequently Asked Question(FAQ) :

The market for electric outboard engines in Asia Pacific was valued at over USD 22,663.5 Mn in 2020 and will grow at a rate of over 6% through 2027 owing to expanding marine tourism and recreational marine activities.
Less than 25kW electric outboard engines accounted for 75% of market share in 2020 and will grow with a rising preference for affordable and high-performance motors for short haul activities.
Tiller control segment captured 62% of Asia Pacific market share in 2020 due to its cost-effectiveness and simple design.
Recreational boating was responsible for 70% of the regional market share in 2020 owing to the rising number of trade shows, boating events and competitive racing.

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