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Electric Outboard Engines Market Trends

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

Electric Outboard Engines Market Trends

The electric outboard engines industry is experiencing a trend towards hybrid propulsion systems driven by environmentally sustainable factors and operational efficiency. The hybrid propulsion systems integrate the engines with electric motors with traditional engines with alternative sources such as gasoline and diesel engines. The hybrid propulsion system not only enhances energy and fuel efficiency but also lowers the overall operating costs. This trend is strongly driven by the evolving changing environmental regulations where hybrid propulsion has emerged as a solution to these regulatory challenges.
 

Manufactures are heavily investing in research and development to enhance boats with hybrid propulsion systems to reduce the environmental impact. For instance, In March 2024, Baglietto has announced its new hybrid propulsion system for yacht. Baglietto have partnered with siemens engines to get certified from Lloyd’s register. This new system is fit for mounting on vessels built with bzero hydrogen-based technology.

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.

Electric Outboard Engines Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 200
  • Countries covered: 18
  • Pages: 170
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