Global Electric Outboard Motor Market 2024-2030

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    Published- Oct 2021 Number Of Pages -104

    COVID updated report
    2023 Update




    1. The market is in growth mode but in the short-medium term, <25 HP will dictate the volume growth whereas the 25-50 HP and >50 HP motors will dictate value growth
    2. The price per kW power for a motor decreases with the increase in the overall power output of the motor. In simpler words, a 7kW costs $3k whereas a 37kW motor costs $9kW
    3. The 5-50kW motor segment constitutes 60% of overall electric outboard motor revenue.
    4. The products offered by electric outboard manufacturers vary immensely in characteristics. For instance, the difference between the efficiency of entry-level and premium segment products is ~8%. The steering offered also varies and can range from just lockable to remote operating
    5. Compared to other regions Europe has a high number of >50 HP motors
    6. The US has the 2nd highest number of electric outboard motors after Europe. And cumulatively, US and Europe account for ~90% of the global electric outboard market by volume
    7. The majority of the boats equipped with electric outboard motors are <30 Ft in length. Approximately, 90% of the total electric outboard motors are equipped to sub 30 Ft boats
    8. Torqeedo, the global market leader`s high-end ‘Deep Blue System’ is the world’s first high-voltage propulsion system to go for series production and has 9 year warranty on Battery.
    9. Evoy is working with Norwegian dealerships and marinas to vend and install its line of turnkey electric propulsion systems. It will begin its international dealership expansion in 2021. All major players have distribution touchpoints in significant markets and are on the verge of continuously expanding its sales and distribution spread
    10. Torqeedo is the market leader both in terms of volume & value followed by Elco Motors. Cumulatively, Torqeedo and Elco account for XX% of global market
    11. In the ~170,000 unit per annum PWC market, electrification is happening in the premium end which will allow electric motor suppliers to provide premium products with better NVH.



    The viability of electric propulsion rests on the notion that a smaller motor can achieve the same power, torque and efficiency as a gas/ diesel motor.


    infographic: Electric Outboard Motor Market, Electric Outboard Motor Market Size, Electric Outboard Motor Market trends and forecast, Electric Outboard Motor Market Market Risks, Electric Outboard Motor Market report

    The torque characteristics of electricity is much better than diesel. A diesel engine develops peak torque between 1,600-2,000rpm, whereas electric motors deliver it from 0 RPM making it far more efficient.


    The high initial torque from electric motors facilitates the usage of slimmer, higher-efficiency propellers that are more steeply pitched.


    To learn more about Global Electric Boat Market, read our report



    Europe region accounted for the highest percentage of the volume of boats run by electric outboard motors. Beaches across Europe that attract the tourists from different parts of the world can be attributed to a high volume of outboard motors. Europe alone accounts for ~60% of the overall market volume 


    Stealth E18KW offers an all-in-one complete electric outboard system to power most smaller lightweight boats at planning speeds of 18-20MPH for at least an hour.


    Torqeedo offers a broad selection of outboard motors ranging from 1HP to 80HP. It has continuously innovated and improved its products and also offers a complete package including batteries and other power electronics for complete boat electrification


    Norway’s Evoy is about to complete the development of one of the most powerful electric outboard motors on the market. The electric Evoy Pro is rated at 150 HP. Compared to other regions Europe has a high number of >50 HP motors.


    Post 2021, the number of high-powered electric motors such as 75,100,150 and >175 HP ones are expected to increase faster.


    The outboard motors’ inability to pull loaded large boats has led to the fitment of motors in smaller boats. The low-powered outboard motors are very popular in dinghies, inflatable boats, tender boats, and small sailboats where all are <30 ft.


    Small ferries constitute the majority of the boats in the 30-40 ft segment. Rescue boats, Big yachts as long as 80 ft occupy the majority of the fleet size in the >40ft segment.


     In terms of power output, <25 HP electric outboard motors segment occupies lion’s share. The large volume is attributed to the high percentage of boat rental operators. In countries like Thailand and Australia the percentage of outboard motors with <25 HP power is higher compared to Europe and US.




    Electric Outboard Motor Market By Power output

    • Under 25hp
    • 25hp-50hp
    • More than 50hp


    Electric Outboard Motor Market By Boat length

    • Under 35 ft
    • 36-60ft
    • More than 60 ft


    Electric Outboard Motor Market By Region

    • US
    • Europe
    • Asia
    • Rest of the world



    A HARMO electric outboard system prototype was unveiled by Yamaha Marine in Europe. The corporation said the new system is now accessible in the United States, albeit an upgraded version is already available in Europe.


    The new technology is already being tested by American boat makers to determine which of their models will receive it, and according to Yamaha, HARMO-equipped boat packages will soon be available to consumers. For internal combustion or horsepower-restricted rivers, HARMO is the ideal system.


    HARMO is a full-featured electric outboard system, according to Yamaha. An electric motor with rim drive provides propulsion. The uniquely constructed four-blade aluminum impeller has the motor positioned around the outside edge. With a 48-volt power source, the 3.7 kW motor generates 225 pounds of static thrust.


    The 121-pound motor unit runs with almost complete silence. Helm Master EX joystick control and integrated digital-electric steering are both elements of HARMO. The mechanism offers the capacity to spin on demand.


    The motor may be tilted up to 74 degrees, which fully removes it from the equation. HARMO can be installed as a single unit or two units. A boat up to 32 feet in length can be maneuvered using the twin arrangement.


    It’s nothing new for Yamaha to use electric propulsion. Among its offerings are personal mobility aids, electric motorcycles, power-assisted bicycles, electric wheelchairs, and electric golf carts.




    The global Electric Outboard Motor market is estimated at $XX Billion in 2023, growing at –% CAGR till 2030.



    As boat sales have been growing up in the US and EU due to the pandemic, we expect a similar growth in interest for electric outboard motors.


    In H1 2020, alone there was an increase of XX% in the sales of Torqeedo’s outboard motors Y-o-Y. After 9 months in 2020, it had sold 24,057 motors.


     In US, although the tourist population has reduced significantly, the local population has embraced the boat rides.


    There was a steep rise in sales of <25 HP outboard motors post-pandemic especially in the US.



    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.



    1. Torqeedo
    2. Yamaha Motor
    3. Pure Watercraft
    4. Oceanvolt
    5. KARVIN
    6. Floren Marine Technik
    7. Elva Electric Boat Motors
    8. Bellmarine
    9. Aquamot
    10. BIxpy
    11. Stealth Motors
    12. Parsun
    13. Navigaflex
    14. Combi Outboards
    15. e’dyn
    16. Elco Motor Yachts
    17. E-Propulsion



    1. Market Size and Forecast (2024-2030), Units and $M
    2. Market split by region, end-use segment, and generator Power output
    3. Market share of leading vendors, 2024
    4. COVID impact on Electric Outboard Motor market and suppliers` earnings
    5. Electric Outboard Motor Technology trends
    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2023-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2023-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2023-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2023-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
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