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European Electric Outboard Engine Market revenue to reach $50.4 Mn by 2027
Published Date: 2021-03-24
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European Electric Outboard Engine Market size is projected to cross USD 50.4 million by 2027, according to a latest forecast report by Graphical Research. The growing prevalence of recreational boating activities and increasing disposable income will drive the market growth.
Increasing marine activities, such as fishing & water sporting for pleasure in conjunction with maritime industry transformation will reshape the electric outboard engine market outlook. The rising disposable income and an escalating number of billionaires and high & ultra-net worth individual in the region further augmenting the need for electric outboard engines. The integration and development of modern-technology based engines have enhanced the capabilities of boats and other marine vessels. Additionally, electric outboard motor manufacturers are devoting sufficient time and investment to develop innovative technologies, such as highly efficient electric steering and performance customization.
The inclining preference of consumers towards renewable-energy-driven equipment and rising awareness of the negative impacts of burning fossil fuels in an uncontrolled environment are some of the key factors significantly attributing to the rapid adoption of electric engines. This trend is compelling consumers to use electric outboard engines for recreational boats, pontoons, fishing boats, tender boats, and cruisers. Nominal engine noise, low vibration, and ease of handling are other hey factors substantially fuelling the demand for electric outboard engines.
On the other hand, the outbreak of the COVID-19 disease has hindered the growth of the European electric outboard engines market. In order to contain the contagious virus, several governments imposed nationwide lockdowns and restricted mobility, which severely affected the tourism sector of the region. This, in turn, had a severe toll on the electric outboard engine industry and resulted in the downfall of the market up to a certain level.
Browse detailed statistical insights from the report, “Europe Electric Outboard Engines Market Size By Applications (Recreational, Military, Commercial), By Power (50 – 150 kW, 25 – 50 kW, Below 25 kW), By Control (Remote, Tiller), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 – 2027” along with the table of contents (ToC) @
Below 25kW electric engines are the most preferred choice of consumers and contributed a significant share to the overall market size attributed to the increasing use of this product in recreational and fishing boats for short distance travels. Additionally, an emerging number of people participating in water sports events will bolster the demand for electric outboard engines. Market players are also investing to address the demand for high-power electric motors for individuals with high disposable income.
Based on control, the tiller control segment is anticipated to register significant growth in the coming years. This type of control system is primarily utilized in skiffs, Jon boats, and small flatboats. Also, it is the preferred choice for Pango boats, which are usually less than 25 feet in length. The operational flexibility of the system and cost-effectiveness are some of the key factors that augment the market demand.
Based on application, recreational boating segment is estimated to dominate the market throughout the study period, accounting 70% share by 2027. Increasing the high net worth population, improving boat technologies, growing economy, and rapidly growing tourism industry are some of the major factors positively impacting the market value in the region.
Some of the key players are 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.
The European 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:
Europe Market, By Power
- 50 – 150 kW
- 25 – 50 kW
- Below 25 kW
Europe Market, By Control
Europe Market, By Application
The above information has been provided for the following countries:
- Rest of Europe