Press release
Thriving Marine Tourism Industry To Propel Electric Outboard Engines Market Over 2021-2027
Electric Outboard Engines Market
Speaking of marine tourism, a report by Ocean Wealth suggests that over 350 million people around the world travel to coral reef coast. Water sports have become a major attraction for marine leisure and entertainment industry. With the growing inclination of youth towards leisure water activities, such as watersports, sailing and fishing trips is propelling the adoption of electric outboard engines for boats.
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The electric outboard engines that are predominantly used for recreational activities lie in the power range of 50 – 150 kW as these engines are capable of hauling larger vessels such as luxury yachts, recreational yachts tugboats and cruisers. With significant technological advancements, engines with higher efficiency, lower environmental emissions are also widely available which is positively influencing the business space.
Taking the mounting demand for engines in this power range into consideration, industry players are focusing on developing and delivering improved offerings to gain to effectively meet the consumer demand. Citing an instance, in 2020, Torqeedo signed an agreement with ZF to develop an electric sail drive system with steerable joystick docking which will be incorporated in Torqeedo’s Deep Blue propulsion system. According to the company, these 50- and 100-kW systems will provide joystick docking and maneuverability along with efficient hydro-generation performance.
The most popular electric outboard engines are the ones that are remotely controlled. These engines harnesses and cables which extend to the console and control the steering system and the wheel. Remote control segment across the overall electric outboard engines market is expected to observe a substantial CAGR of 5.5% through 2027.
The elevating product demand for marine tourism and recreational activities is apparently the major reason for the considerable growth of electric outboard engines in Asia Pacific region. Growing disposable income in the regional countries has increased the consumer expenditure on recreational activities involving cruising and boating. Enhanced boating infrastructure coupled with favorable government policies promoting coastal tourism is complementing the product adoption further. Considering these factors, Asia Pacific electric outboard engines market is projected to register a robust CAGR of around 6% through 2027.
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Apart from recreational activities, electric outboard propulsion is massively adopted for military applications. Ongoing geopolitical issues have compelled countries to increase their naval expenditure in order to enhance their coastal security and strength their naval capabilities. Given that, manufacturers are also investing in research and development activities to develop electric outboard engines specifically for military purposes. For instance, in 2020, GE’s Power Conversion business inked an agreement with Damen Schelde Naval Shipbuilding for delivering electric propulsion package designed especially for new Combat Support Ship being used by Royal Netherlands Navy
Table of Contents (ToC) of the report:
Chapter 4 Electric Outboard Engines Market, By Power
4.1 Global market power insights
4.2 Below 25 kW
4.2.1 Market estimates and forecasts, 2017-2027
4.2.2 Market estimates and forecast, by region, 2017-2027
4.3 25 to 50 kW
4.3.1 Market estimates and forecasts, 2017-2027
4.3.2 Market estimates and forecast, by region, 2017-2027
4.4 50 to 150 kW
4.4.1 Market estimates and forecasts, 2017-2027
4.4.2 Market estimates and forecast, by region, 2017-2027
Chapter 5 Electric Outboard Engines Market, By Control
5.1 Global market control insights
5.2 Tiller
5.2.1 Market estimates and forecasts, 2017-2027
5.2.2 Market estimates and forecast, by region, 2017-2027
5.3 Remote
5.3.1 Market estimates and forecasts, 2017-2027
5.3.2 Market estimates and forecast, by region, 2017-2027
Chapter 6 Electric Outboard Engines Market, By Application
6.1 Global market application insights
6.2 Commercial
6.2.1 Market estimates and forecasts, 2017-2027
6.2.2 Market estimates and forecast, by region, 2017-2027
6.3 Recreational
6.3.1 Market estimates and forecasts, 2017-2027
6.3.2 Market estimates and forecast, by region, 2017-2027
6.4 Military
6.4.1 Market estimates and forecasts, 2017-2027
6.4.2 Market estimates and forecast, by region, 2017-2027
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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