Global Electric Outboard Marine Motor Market Size To Exceed USD 4.38 Billion By 2033: Market Insight Report

Global Electric Outboard Marine Motor Market Size To Exceed USD 4.38 Billion By 2033

According to a research report published by Spherical Insights & Consulting, The Global Electric Outboard Marine Motor Market Size is Expected to Grow from USD 1.29 Billion in 2023 to USD 4.38 Billion by 2033, Growing at a CAGR of 13.00% during the forecast period 2023-2033.

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Electric Outboard Marine Motor Market Size, Share, and COVID-19 Impact Analysis, By Motor Type (Brushless DC Motor, Brush Motor), By Distribution Channel (Online, Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, And Africa), Analysis and Forecast 2023 - 2033

The worldwide electric outboard marine motor market refers to the business that focuses on manufacturing and distributing electric propulsion systems for boats and other marine vessels. These motors are designed to replace traditional fuel-powered engines, offering sustainable solutions to reduce emissions. The market growth is driven by rising pollution during which affects the marine ecosystem. Another factor driving the market expansion for electric outboard marine motors is the growing appeal of recreational boating and water sports. However, the market growth is restricted by high initial costs and price volatility.

The brushless DC motor segment accounted for the highest share of the global electric outboard marine motor market in 2023 and is predicted to grow at a substantial CAGR over the forecast period.

On the basis of the motor type, the global electric outboard marine motor market is classified into brushless DC motor and brush motor. Among these, the brushless DC motor segment accounted for the highest share of the global electric outboard marine motor market in 2023 and is predicted to grow at a substantial CAGR over the forecast period. This is due to its low upkeep expenses, longer lifespan, and prominent power output.

The offline segment dominated the global electric outboard marine motor market in 2023 and is anticipated to grow at a significant CAGR over the forecast period.

On the basis of the distribution channel, the global electric outboard marine motor market is differentiated into online and offline. Among these, the offline segment dominated the global electric outboard marine motor market in 2023 and is anticipated to grow at a significant CAGR over the forecast period. This segmental revenue is increasing during market expansion because it allows for physical inspections, benefits from after-sales services, and consumers should take expert guidance during the integration of the motor.

Asia Pacific is anticipated to hold the largest share of the global electric outboard marine motor market over the forecast period.

Asia Pacific is expected to hold the greatest share of the global electric outboard marine motor market over the forecast period. The regional market expansion is influenced by the rising tourism industry due to the scenic and beautiful coastline and the enormous presence of rivers. Further, the rising boating industry, increasing disposable income, and awareness about environmental degradation propel the market development. Beyond that, countries like India, Japan, Australia, and China are the key contributors to market expansion due to ongoing investment and development in the boating business, with the growing tourism sector.

North America is projected to grow at the fastest CAGR of the global electric outboard marine motor market over the forecast period. The regional market expansion is driven by a well-developed boating industry with sophisticated integration. Moreover, the presence of key market players and local consumers increases interest in recreational activities, which boosts the market growth. Further, the USA and Canada are the major contributors to expanding market revenue.

Company Profiling

Major vendors in the global electric outboard marine motor market are Torqeedo GmbH, Minn Kota, Yamaha Motor Company, Mercury Marine, AquaWatt, ePropulsion, Piktronik, Krautler Elektromaschinen GmbH, Elco Motor Yachts, Pure Watercraft, Ray Electric Outboards, Stealth Electric Outboards, Aquamot, Suzuki Marine, Parsun, MotorGuide, Haswing Marine, Golden Motor, Zhejiang Greenya Technology, E-Tech, and others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development:

• In October 2024, Evoy Vita unveiled the Evoy Storm 300+ HP, the world's most powerful electric outboard motor, marking its entry into the U.S. market. This motor offers impressive acceleration, immediate torque, and rapid charging capabilities, setting new performance benchmarks while minimizing environmental impact. The launch was a part of the AX/E electric boat sub-brand, which was developed in collaboration with Axopar.

Market Segment                                             

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global electric outboard marine Motor market based on the below-mentioned segments: 

Global Electric Outboard Marine Motor Market, By Service Type

• Brushless DC Motor
• Brush Motor

Global Electric Outboard Marine Motor Market, By Distribution Channel

• Online
• Offline

Global Electric Outboard Marine Motor Market, By Regional

•  North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa