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2024 Update Coming Soon Published Date: Oct 2021 Number of Pages: 104
The electric outboard motor market is setting sail for a surge in the coming years. Analysts predict steady growth, with estimates ranging from a CAGR of 2.69% to 8.8%, reaching a market size between $265.8 million and $297.39 million by 2030.
This growth is driven by a confluence of factors. Environmental concerns are a major force, with stricter regulations pushing boaters towards cleaner electric options. Additionally, the popularity of recreational boating is rising, creating a larger market for electric motors.
Innovation is another key driver. Manufacturers are constantly developing new technologies, with a focus on powerful yet efficient motors that can compete with traditional gasoline models. This includes advancements in battery technology and improved range.
However, challenges remain. Cost is a major hurdle, as electric motors are currently more expensive than gasoline counterparts. Additionally, charging infrastructure for electric boats needs significant development, especially for larger vessels.
Despite these challenges, the future looks bright for electric outboards. Governments in some regions are offering subsidies and incentives to encourage adoption. Additionally, established boat manufacturers like Yamaha and Brunswick are entering the electric market, signifying a major shift.
The market landscape is fragmented, with established players like Torqeedo and ePropulsion sharing space with new entrants. This competition is fostering innovation and driving down prices, making electric outboards a more attractive option for boaters.
Geographically, North America and Europe are expected to remain the dominant markets due to their established boating cultures and growing environmental awareness. However, Asia-Pacific is expected to see significant growth, fueled by a rising middle class with increasing disposable income.
Overall, the electric outboard motor market is on the cusp of significant growth. As technology advances, costs decrease, and infrastructure improves, electric motors are poised to become the go-to choice for environmentally conscious boaters. This shift towards electric propulsion promises a cleaner and quieter future for our waterways.
An electric outboard motor is a propulsion system used in marine vessels that relies on electricity rather than traditional fuel, such as gasoline or diesel, to generate power and drive the boat forward. It typically consists of an electric motor, a battery or power source, and associated control systems. Electric outboard motors offer several types, including those powered by lithium-ion batteries, lead-acid batteries, or hybrid systems combining electric and other energy sources.
The benefits of electric outboard motors are manifold. They are environmentally friendly, producing zero emissions during operation, which helps mitigate air and water pollution in sensitive marine ecosystems. Electric motors also run quieter than their gasoline counterparts, reducing noise pollution and enhancing the overall boating experience. Moreover, electric propulsion systems require less maintenance, with fewer moving parts and no need for oil changes or fuel refills.
Despite their advantages, electric outboard motors come with certain risks and challenges. Range limitations remain a concern, particularly for long-distance cruising or commercial applications where extended operating hours are necessary. Additionally, the initial upfront cost of purchasing electric propulsion systems may be higher compared to conventional engines, although this is offset by lower operational costs over the long term.
Furthermore, the availability of charging infrastructure and the time required to recharge batteries pose logistical challenges, especially in remote or underdeveloped areas. Overcoming these obstacles requires continued investment in battery technology, infrastructure development, and policy support to incentivize adoption and address market barriers.
To learn more about Global Electric Boat Market, read our report
The Global Electric Outboard Moto Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Torqeedo GmbH introduced Travel 1103 C Electric Outboard Motor: The Travel 1103 C is a lightweight and efficient electric outboard motor designed for dinghies, tenders, and small boats. With a power output of 1,100W, it offers reliable propulsion while being environmentally friendly. Equipped with a high-capacity lithium-ion battery, it provides extended range for day trips on the water. The integrated GPS functionality allows for precise navigation, and its compact design makes it easy to mount and maneuver.
Minn Kota (Johnson Outdoors Inc.) introduced Ultrex i-Pilot Link Trolling Motor: The Ultrex i-Pilot Link is a cutting-edge trolling motor designed for anglers seeking precision and control. With thrust options ranging from 80 to 112 pounds, it offers powerful propulsion for navigating various water conditions. The spot-lock technology enables the motor to anchor the boat in place, while the wireless control and digital display make operation intuitive and convenient. Compatible with different battery types, it ensures quiet operation ideal for fishing.
Epropulsion Technology Ltd. introduced Spirit 1.0 Plus Electric Outboard Motor: The Spirit 1.0 Plus is a lightweight and efficient electric outboard motor suitable for a wide range of boats. With a power output of 1kW, it offers reliable performance for recreational boating and fishing. Featuring a brushless motor and compatibility with both lead-acid and lithium batteries, it provides versatility and flexibility. The variable speed control allows for precise maneuvering, while the regenerative braking enhances energy efficiency.
There are more than 15 players in electric outboard motor market and most of them are based in Europe. The competitive landscape of this market is lot more fragmented than gasoline powered marine outboard engine market. The global electric outboard motor market is dominated by European companies as 4 out of top 5 companies are based out of European countries
Currently, most of the players are focussed in <25HP motor product range as there are very few players in the market whose product portfolio ranges across all 3 types of motors (<25, 25-50, >50HP).
Torqeedo and Evoy are the most aggressive in new product development. Torqeedo aspires to cover all market segments, on the other hand Evoy wants to have the most powerful products in its portfolio. The gas outboard engine manufacturers are among the laggards in new product development. Apart from Torqeedo there aren’t many suppliers who provide integrated batteries in the motor products.
Evoy wants to be the Tesla of the marine electric outboard market with high-performance motors and in-sourcing of powertrain electronics. Yamaha on the other hand wants to leverage its advanced casting and processing technologies by selling motors to auto OEMs. Yamaha has already started sea trials of its twin electric boat motor unit with an integrated steering control system.
BellMarine is a historic leader in the electric marine propulsion market in Europe and has established leading grounds on both the marine and automotive industrial front post-merger.
Seattle, US-based Pure Watercraft is pursuing a strategy of partnering with well-known hull manufacturers to attract boaters who want electric propulsion but not sure how it will play out in the real world.
UK`s Equipmake supplies its APM line of electric motors and drive trains to various auto and transportation OEMs, and sees a lot of opportunity in marine electrification. A UK-based company called Lynch Motors when coupled with a large diameter slow-running propeller – is capable of providing very economical cruising, the thrust is comparable to a 10HP 4-stroke petrol outboard.
Parsun is the only outboard manufacturer to go public on the China Main Stock Exchange and has successfully ventured into heavy-duty as well as electric outboard motors to hold its prominence in the Asian market.
E-propulsion is a pioneer in the Asia-Pacific market with its complete focus on enhancing the electric boating experience and one-of-a-kind technology.
