Advancements In Electric Outboard Engines Market To Boost Re...| MENAFN.COM

Thursday, 29 September 2022 12:47 GMT

Advancements In Electric Outboard Engines Market To Boost Revenues Through 2021-2027


(MENAFN- Ameliorate Digital Consultancy)

Stern rules imposed by governments to lessen naval fuel emission and mounting demand for marine tourism activities are expected to propel the requirement for electric outboard engines in the coming years. The marine tourism industry is expected to expand and grow on the back of supportive government initiatives to develop coastal infrastructure and coastal areas for trade as well as for tourism. According to Ocean Wealth, approximately 350 million people globally travel to the coral reef coast.

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Given to such aspects, Global Market Insights estimates the electric outboard engines industry is expected to surpass its share up to USD 175 million by 2027. The prominent industry players include Golden Motor, PARSUN POWER, Combi outboards, Evoy, E-Tech, Aquawatt, MINN KOTA, Elco Motor Yachts, Pure Watercraft, Torqeedo GmbH, ePropulsion, and Stealth Electric Outboards.

Highlighting some key trends emerging in the electric onboard engines market:

  • Budding tourism sector

The trend of vacations to coastal destinations have risen significantly and is becoming one of the major business drivers for marine leisure and entertainment industry. Younger population is increasingly getting inclined to leisure water sports activities such as sailing and fishing trips. These activities mainly involve use of recreational boats that are rigged with electric outboard engines. Rise in number of tourist choosing coastal holiday destinations could spark the demand for such engines in newer boats.

  • Rising use of remote steering boats

The remote steering electric outboard engines market is projected to witness a 5.5% CAGR. Boats with remote steering engines help extend the console and control the steering system and the steering wheel. Some manufacturers are constantly investing in R&D to tailor and develop electric outboard engines precisely designed for military use.

  • Improving consumer spending in APAC

The electric outboard engines market of Asia Pacific may witness around 6% CAGR by 2027. Growing interest in marine tourism and upgraded economic situations could escalate the requirement for recreational boats. Rising income levels in the emerging countries might encourage consumer spending on premium recreation activities that involves boating and cruising. Initiatives taken by the government for creating policies to support coastal tourism will suggestively enhance market size across the region.

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Partial Chapter of the Table of Content

Chapter 1 Methodology and Scope

1.1 Market definitions

1.2 Base estimation & working

1.2.1 North America

1.2.2 Europe

1.2.3 Asia Pacific (APAC)

1.2.4 Latin America (LATAM)

1.2.5 Middle East & Africa (MEA)

1.3 Forecast calculations

1.3.1 COVID-19 impact calculations on industry forecast

1.4 Data sources

1.4.1 Primary

1.4.2 Secondary

Chapter 2 Executive Summary

2.1 Electric outboard engines industry 3600 synopsis, 2017-2027

2.1.1 Business trends

2.1.2 Power trends

2.1.3 Control trends

2.1.4 Application trends

2.1.5 Regional trends

Chapter 3 Electric Outboard Engines Industry Insights

3.1 Industry segmentation

3.2 Industry ecosystem analysis

3.2.1 Profit margin analysis

3.2.2 Value addition analysis

3.2.3 Distribution channel analysis

3.2.4 Vendor matrix

3.3 Pricing analysis (with impact of COVID-19)

3.4 Cost structure analysis

3.5 Technology landscape

3.6 Regulatory landscape

3.7 Patent analysis

3.8 Industry impact forces

3.8.1 Growth driver

3.8.1.1 Increasing recreational boating activities

3.8.1.2 Growing marine regulation to drive electric penetration in outboard engines

3.8.1.3 Growing marine tourism

3.8.2 Industry pitfall & challenges

3.8.2.1 High product cost and complex technology

3.9 Growth potential analysis

3.10 Porter's analysis

3.11 Competitive landscape

3.11.1 Top players overview

3.11.2 Strategy dashboard

3.12 PESTEL analysis

3.13 Impact of COVID-19

3.13.1 Marine industry

3.13.2 Recreational boating industry

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