Outboard Electric Motors market 2021 Top Manufacturers, Industry Share, Regional Investments and Future Trends by 2028

(The Express Wire via Comtex)

The global outboard electric motors market size is expected to gain momentum owing to the rising marine industry and the surging demand for electric motors that is propelling the manufacturers to develop advanced outboard electric motors globally. Fortune Business Insights, in its new upcoming report, titled, “Outboard Electric Motors Market Analysis, Share and Industry Analysis, By Motor Type (Propulsion Motors, Trolling Motors), By Application (Fishing, Civil Entertainment, Commercial Applications, Others) and Regional Forecast, 2020-2027,” predicts a positive growth for the market in the forthcoming years.

The widespread effect of the global pandemic, COVID-19 has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been on a standstill with zero operational activities. However, a collective effort from the government, as well as the industries is anticipated to bring the economy back on track and aid in resuming the industrial activities.

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Outboard electric motors are used in machines to aid propulsion. The striking example of these motors is its adoption in the marine sector as a repositioning thruster or to propel boats and ships. Amid the growing concern for environmental degradation, there has been a significant demand for electric motors across the globe. Additionally, electric motors are reliable, provide great utility, and reduce operational costs than the manual fuel motor.

What does the Report Include?

The global Outboard Electric Motors Market for outboard electric motors report includes a detailed assessment of the various drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain Outboard Electric Motors Market stronghold between 2019 and 2026.

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DRIVING FACTORS

Rising Marine Industry to Promote Growth

The changing global demographics and the increasing population growth rate, coupled with the high economic growth are expected to boost the marine industry across the globe. The rising maritime sector is propelling the demand for large ships and advanced infrastructure. In addition to this, the growing demand for reducing the environmental footprint of ships and stringent emission legislation is propelling the manufacturers to develop innovative and efficient outboard electric motors. Therefore, the growing adoption of electric motors is expected to drive the global outboard electric motors market in the forthcoming years.

REGIONAL INSIGHTS

Presence of Established Manufacturers in North America to Spur Demand

Among all the regions, North America is expected to remain at the forefront and hold the largest global outboard electric motors market share in terms of revenue in the forthcoming years. This dominance is attributable to the presence of established manufacturers that are focusing on developing advanced outboard electric motors in the region. The increasing fishing activities are further expected to favor market growth in the region between 2019 and 2026.

The market in Europe is expected to showcase a significant growth owing to the increasing government focus on promoting electric motors to reduce pollution and other environmental issues during the forecast period.

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Major Companies Focus on Product Innovations to Strengthen Their Market Positions

The global outboard electric motors market is experiencing steady growth owing to the presence of major companies that are striving to gain the maximum share in terms of revenue. They are doing so by introducing innovative outboard electric motors to boost their sales revenue and consolidate their positions in the highly competitive global marketplace. The other key players are adopting strategies such as collaboration, merger and acquisition, and partnership that will favor the Outboard Electric Motors Market growth in the forthcoming years.

Industry Development:

  • July 2020 Pure Watercraft announced the launch of three new electric boat kits to enable cleaner and quieter operational services. These kits consist of a 25 kW outboard electric motor and efficient Li-ion battery pack.
  • February 2020 MotorGuide introduced new electric motors for bass boats that are equipped with built-in GPS that allows the rider to track the path of the boat. Additionally, it is equipped with high quality Li-ion batteries, bounce busters, and cable routing.

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List of the Companies Operating in the Global Market for Outboard Electric Motors:

  • Aquamot
  • Minn Kota
  • Krautler Elektromaschinen
  • AquaWattm
  • MotorGuide
  • Torqeedo
  • Ray Electric Outboards
  • Suzhou Parsun Power Machine
  • CSM Tech

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