Global Outboard Electric Motors Market Report and Forecast 2024-2032

Global Outboard Electric Motors Market Outlook

The global outboard electric motors market size is expected to grow at a CAGR of 5.20% between 2024 and 2032. The major market drivers include rising demand from the marine industry, environment friendliness of outboard electric motors, and increasing research and development activities by manufacturers.

Key Trends in the Market

An outboard electric motor is a self-contained propulsion system for a boat, that is used to power the boat as well as manoeuvre it. The self-contained unit is an actuation system that includes a gearbox, jet drive or propeller, and engine. Outboard electric motors are often preferred over gas motors because outboard electric motors are light, compact, reliable, and more powerful.

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• Use of electricity driven products is increasing rapidly across the globe owing to improved electrification and transformed mobility. This is expected to propel the demand for outboard electric motors with high power and efficient electric drive systems.

• The demand for outboard electric motors is expected to rise owing to the technological improvements and developments in the market, and increasing availability of outboard electric motors with different capacities and specialised features.

• Increasing investments from the governments of various countries towards supporting the development of electricity-driven products to reduce air pollution is contributing towards the expansion of the outboard electric motors market.

Market Analysis

Based on type, the market is bifurcated into outboard electric propulsion motors and outboard electric trolling motors. On the basis of application, the market is categorised into municipal application, civil entertainment, and commercial applications, among others. By region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global outboard electric motors market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Honda Motor Co., Inc.

• Torqeedo GmbH

• Johnson Outdoors Inc.

• Yamaha Motor Co., Ltd.

• Suzuki Motor Corporation

• Ray Electric Outboards Inc.

• Epropulsion

• CSM Tech Co., Ltd

• Others

Market Share by Type

Based on type, outboard electric propulsion motors are expected to account for a sizable share of the outboard electric motors market. Outboard electric propulsion motors offer greater power and speed as compared to outboard electric trolling motors, due to which they are suited for a wider range of applications. They also have higher dynamic horsepower, and are available in different capabilities. Growing prevalence of recreational boating and marine tourism are further increasing the adoption of outboard electric propulsion motors to provide boats with adequate power.

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Market Share by Region

North America is anticipated to account for a significant share in the outboard electric motors market because of the early adoption of these motors in the region by a large number of consumers. Moreover, widespread presence of outboard electric motor manufacturers and key players in the region is further supporting the growth of the market in North America. Fishing and recreational boating are prevalent in the region, supported by the vast coastline in North America and numerous water bodies, which is boosting the demand for outboard electric motors.

Competitive Landscape

Honda Motor Co., Inc. is a multinational company that has its headquarters in Tokyo, Japan. Founded in 1948, the company is known for manufacturing and supplying products such as automobiles, luxury vehicles, and scooters, among others.

Torqeedo GmbH was established in 2005 and is headquartered in Bayern, Germany. It is a commercial company that is involved in the designing, manufacturing, and marketing of electric boat motors.

Johnson Outdoors Inc. was founded in 1970 and is based in Wisconsin in the United States. The company is a global manufacturer of outdoor recreational products such as diving equipment, outdoor clothing, watercraft, and camping gear.

Other market players include Yamaha Motor Co., Ltd., Suzuki Motor Corporation, Ray Electric Outboards Inc., Epropulsion, and CSM Tech Co., Ltd, among others.

Key Highlights of the Report