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The Electric Outboard Motors Market is Set to Reach $196.62 Million by 2029, Increasing Adoption of Marine Tourism Reshaping the Market Growth - Arizton
255 – Pages
82 - Tables
74 - Figures
• Sustainable Development in Electric Outboard Motors
The electric outboard motors market faces intense competition driven by pricing and quality considerations, with emerging economies like Brazil , Russia , India , and China prioritizing lower-priced segments. Regulations, such as CE branding requirements in Europe , play a crucial role, while markets like Germany , the UK, and France witness growth in recreational boating. In the Middle East , infrastructure development and government support offer significant opportunities. Turkish manufacturers aim to compete globally, with a focus on pleasure vessels. Vendors strive for cost efficiency amidst fluctuating raw material prices, with some relocating manufacturing to China and Taiwan . Developed markets like Europe and North America host established vendors like Torqeedo and Brunswick.
The growing marine tourism industry has significantly contributed to the growth of the electric outboard motors market in recent years. States like California , Florida , and New York , which are major tourist attractions, have witnessed substantial growth in the US. While the COVID-19 pandemic initially led to a decline in tourism, the industry has seen a revival in recent years. These factors contribute to the upward trajectory of the marine tourism industry, consequently driving the electric outboard motors market. According to the OECD, marine and coastal tourism is anticipated to become the predominant sector within the global ocean-based economy by 2030, projecting a total revenue of $777 billion and employing 8.6 million individuals worldwide. Marine and coastal tourism play a crucial role in the economic sustainability of numerous island nations and coastal regions. For many of these areas, revenue generated from overseas tourists, particularly during peak vacation periods, serves as a primary source of income. Therefore, fostering the development of marine and coastal tourism is considered a significant national objective, as evidenced by initiatives like Ireland's integrated marine plan, "Harnessing our Ocean Wealth," and Scotland's National Marine Plan. At an international level, the EU Blue Growth strategy recognizes marine and coastal tourism as one of the five key sectors with substantial economic growth potential. Collectively, these factors provide significant opportunities for electric outboard motor manufacturers.
The global 5 kW–50 kW electric outboard motors market to reach $96.83 million by 2029.
Electric outboard motors ranging from 5 kW to 50 kW offer versatility across marine applications, catering to diverse boat sizes and types. They provide ample power for cruising and water sports, making them ideal for mid-sized boats and recreational pursuits. In commercial watercraft they offer sustainability and efficiency, with reduced noise levels for a pleasant experience. Low maintenance and zero emissions drive adoption, aligning with eco-friendly practices. Advanced battery technology extends the range, making them practical for diverse boating enthusiasts and commercial operators as charging infrastructure improves.
The global above 50 kW electric outboard motors market is growing at a CAGR of 9.15%.
Electric outboard motors with power ratings exceeding 50 kW offer high-performance solutions tailored for larger vessels and commercial watercraft. They provide substantial thrust and speed, making them ideal for applications requiring extended range and higher speeds. These motors find optimal use in larger boats, ferries, yachts, and various commercial vessels, offering efficiency and reliability. Their adaptability and advanced technology ensure precise control and navigation through different water conditions. Integration with advanced battery technology enhances performance, enabling extended journeys, while ongoing developments in charging infrastructure reinforce their practicality for larger vessels.
The global electric outboard motors market is provided for the forecast years 2024 to 2029 and the base year 2023. The market is segmented by power, application, boat length, and geography. The report provides a holistic approach to the global electric outboard motors market, enabling customers to analyze the market thoroughly.
This metric provides insights into the annual growth rate of the electric outboard motors market over the specified time frame.
The report offers in-depth information on the factors that will propel the electric outboard motors market growth from 2024 to 2029. This includes an analysis of various market influences.
Accurate assessments of the electric outboard motors market size and its contribution and focusing on key market segments.
The report offers insights into anticipated trends and shifts in consumer behavior that are likely to impact the electric outboard motors market, helping businesses prepare for future market dynamics.
The report covers the development of the electric outboard motors market across different regions, including
North America , Europe , APAC,
Latin America , the
Middle East , and Africa . This provides a comprehensive understanding of the market's global landscape.
A thorough examination of the market's competitive landscape is presented, including detailed information about companies operating in the electric outboard motors market. This includes an overview of key players, their market share, strategies, and key developments.
The report includes a comprehensive analysis of factors that may pose challenges to the growth of companies in the electric outboard motors market, providing a well-rounded view of the market dynamics.
How big is the electric outboard motors market?
What is the growth rate of the global electric outboard motors market?
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What are the significant trends in the electric outboard motors market?
Who are the key players in the global electric outboard motors market?
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