Europe Electric Outboard Engines Market size exceeded USD 32,891.9 thousand in 2020 and is anticipated to expand at over 5.3% between 2021 and 2027. The growing popularity of recreational boating activities, rising yachts production, and the high rate of penetration of electric vehicles will drive the marketdemand.
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Electric outboard engines are battery-driven motors to power the boats used recreationally for water cruising and other water sports, such as duck hunting, fishing, water skiing skin diving, and swimming. These water boats can range in size from one-person miniature crafts to 100 feet or more.
Europe has been a major tourist attraction as it contains diverse countries, cuisines, and cultures. These tourist attractions are significantly encouraging recreational boating activities in the region. An increasing number of people are participating in leisure activities, such as recreational boating which is stimulating the need for electric outboard engines. Recently, Europe was listed as the second major tourist destination by the Travel & Tourism Competitive Index. Additionally, in 2019, travel & tourism generated around 3% of the European GDP. The rising disposable income and an increasing number of high-net-worth individuals are bringing out more people for out-of-door recreational activities.
The COVID-19 pandemic has been impeding industry growth in recent years. Many European countries are among the most affected nations and register a large number of deaths that occurred owing to the disease. The outbreak of coronavirus led to nationwide lockdowns resulting in a disrupted industry supply chain. The restricted mobility had a severe toll on the travel & tourism sector whose effects can be observed in the Europe electric outboard engines market. In 2020, the market witnessed a decline of over 3%. However, the industry is likely to regain its previous course of growth in the approaching years
European Market, By Power
Engines with less than 25kW power are the majorly used outboard motors and dominated over 74% of the total market share in 2020. The key factors supporting the segment growth include nominal engine noise, compact size, portability, and effective torque delivery. A shift in consumer preference for high-performing and cost-effective products for short-distance travels or activities in boats, canoe, or dingy is further augmenting the need for below 25kW electric outboard engines.
Moreover, the 50-150kW power segment is exhibiting signs of strong growth during the forecast period. The surge in demand for high power delivery motors by individuals with high-net-worth is the primary reason attributing to the market growth. This trend has compelled product manufacturers to develop advanced high-power delivering engines to cope up with the emerging demand.
European Market, By Control
The tiller control system segment held more than 60% of the industry share in 2020 due to factors, such as cost-efficiency and relatively simpler design. The manufacturing design of the tiller control system offers ease inoperability by the helmsman and is a relatively more economical option. Watercraft boats are a major application segment of the tiller control system, where it is installed with the outboard motor or rudder post to provide leverage to the helmsman to pilot the rudder conveniently.
European Market, By Applications
In 2020, the recreational boating application segment accounted over 70% market share. The increasing number of trade shows, boating events, and competitive racing in many countries of the continent have substantially attributed to the evolving market size. Also, improving marine & coastal tourism is luring an increasing number of people while making Europe one of the hotspots for international tourism.
Countries, including Germany, UK, France, Italy, and others are witnessing exponential growth in the electric outboard engines market on account of the factors, such as the rising number of billionaires, high & ultra-high net worth individuals, and growing per capita income. Additionally, favorable government norms supporting the development of coastal infrastructure in conjunction with rising spending on developing tourist attractions will significantly drive the demand for electric outboard engines.
Competitive Industry Landscape
Key market participants are heavily investing in R&D projects and taking strategic initiatives, such as product launches, production expansion, mergers, acquisitions, and joint ventures to reinforce their market foothold and improve the business profitability. For instance, in November 2020, Torqeedo GmbH launched new products, such as Saildrives, TorqLink interface, and Travel 603 motor to help them strengthen their market share and grow their revenue.
Some of the major manufacturers of electric outboard engines operating in the European region include Torqeedo GmbH, EPROPULSION, Combi Outboards, Evoy, Aquawatt, E-TECH, Parsun Power, Aquamot GmbH, Bellmarine – Transfluid North Europe B.V., E’dyn, Electro-Mobile Scandinavia Ab, HURACAN S.R.L., and Kräutler Elektromaschinen GmbH.