APAC Electric Outboard Engine Market size is anticipated to surpass USD 36.6 million by 2027, according to a latest forecast report by Graphical Research. The growth of the industry is supported by the rising prevalence of recreational boating activities and growing marine tourism.
Maritime industry transformation coupled with the growing marine activities, such as shipping and fishing for pleasure is expected to reshape the outboard engines market landscape. The increasing disposable income is further helping the industry expand more. Rising marine activities are propelling the demand for highly efficient engines, motors, boats, and other marine equipment that match the pace with rapid marine industry expansion. The rapid rate of technology adoption has had further developed the capabilities for boats and other marine vessels.
The shifting preference of consumers for renewable energy-based equipment is making the electric outboard engines the future of marine boats. Due to this, numerous boat owners are opting for electric engines to power recreating boats, fishing boats, pontoons, cruisers, and tender boats. The increasing popularity of electric outboard engines can also be attributed to the absence of engine noise, vibration, gas fumes, and ease of operations.
Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
Below 25kW electric outboard engines are the most favorable choice of consumers and registered the highest share in the market. The robust demand of the segment is ascribed to the predominant usage of the motor in recreational boating and fishing. Moreover, a rising number of youngsters emerging as users of the marine boats for watersports events are further stimulating the product demand. Also, market players are introducing new electric outboard engine designs like adjustable tiller handle to enhance the ease of operability and modern remote controls for limited-size boats.
Based on control, the tiller control method has been estimated to showcase strong growth and has acquired the largest share in the electric outboard engine market. The tiller control system is primarily used for small flats boats, skiffs, and Jon boats. Also, it is suitable for Pango boats, which are not longer than 25ft.
Among applications, the recreational segment has been predicted to account for a major share of the market. Rapidly evolving boat technologies, increasing high net worth population, growing economy, and rising tourism industry are some of the key parameters positively influencing the market revenue in the Asia Pacific.
On the other hand, the COVID-19 pandemic has significantly impacted the marine industry as the workforce in these sectors has been temporarily shut down to stop the spread of coronavirus. Following which the overall recreational boat market suffered a slight dip in the first quarter of 2020. However, the market is estimated to witness robust growth in the approaching years and is likely to eventually recover from the damage caused by the COVID-19 crisis.
Some of the major players operating in the market include EPROPULSION, Suzhou Parsun Power Machine Co., Ltd., Golden Motor, and LGM Co., Ltd., among others.
The APAC electric outboard engine market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Power
- 50 – 150 kW
- 25 – 50 kW
- Below 25 kW
Asia Pacific Market, By Control
Asia Pacific Market, By Application
The above information has been provided for the following countries:
- Asia Pacific
- New Zealand
- South Korea
- Rest of Asia Pacific