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Electric Outboard Engines Market Share

Report ID: GMI4942
Published Date: Dec 2024
Report Format: PDF

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Electric Outboard Engines Market Share

Key players involved in the electric outboard engines industry are Schindler, TK elevator, Mitsubishi electric corporation, Kone and Hitachi, Ltd accounting market share of 30% in 2023. Manufacturers are constantly investing in R&D to build advanced electric outboard engines with technological advances such as hybrid propulsion systems. For instance, Mitsubishi launched a powerpack plus range in partnership with Linz electric. Power pack plus products involve supply of Mitsubishi diesel engine, radiator and Linz electric alternator.

Electric Outboard Engines Market Companies

Major companies operating in the electric outboard engines industry include:

Aqua watt
Combi Outboards
Elco Motor Yachts
EPROPULSION
E-TECH
Evoy
Golden Motors
Hitachi, Ltd.
KONE
MINN KOTA
Mitsubishi Electric Corporation
Parsun Power
Pure Watercraft
Schindler
Torqeedo GmbH

Authors: Avinash Singh , Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of electric outboard engines reached USD 854.1 million in 2023 and is set to grow at a 6.2% CAGR from 2024 to 2032, driven by the growing marine tourism industry.

The recreational segment accounted for 76.58% of the market in 2023 and is anticipated to grow at a 6.1% CAGR during the forecast period, led by rising environmental concerns and awareness.

The North America market was valued at USD 499 million in 2023 and is expected to reach USD 800 million by 2032, supported by the adoption of new technologies and the presence of leading manufacturers like Yamaha and Torqeedo.

The key players in the industry include Aqua watt, Combi Outboards, Elco Motor Yachts, EPROPULSION, E-TECH, Evoy, Golden Motors, Hitachi, Ltd., KONE, MINN KOTA, Mitsubishi Electric Corporation, Parsun Power, Pure Watercraft, Schindler, and Torqeedo GmbH.