Electric Outboard Engines Market Trend Forecast 2022-2027 By Regional Players

The electric outboard engines market is anticipated to witness a lucrative growth over the forthcoming years due to increasing product adoption across defense organizations, and commercial watercrafts and ongoing improvements in coastal infrastructure as well as expanding tourism activities. Similar to automobiles, boat engines are considered extremely essential tropic when it comes to maintaining, selling, and buying a boat.
Of late, high end electric outboard engines have been witnessing notable demand as they provide extraordinary thrust as well as speed. In fact, the maximum speed of the electric outboard motors differs greatly between working environments and boats. It also makes electric propulsion a real substitute to petrol engines. Subsequently, strong brushless motors or AC are majorly used in water skiing activities. These types of engines provide sustainable and clean operation along with extremely low maintenance costs.
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Electric outboard engines also offer a feasible alternative to combustion motors, making them as one of the best options for numerous boats including sailboats, canoe, kayaks, inflatables, and dinghies.
The electric outboard engines market is segmented in terms of power, control, application, and regional landscape.
With respect to power, the electric outboard engines market is classified into 50 to 150 kW, 25 to 50 kW, and below 25 kW. The 50 to 150 kW segment will witness robust growth over the coming time period owing to its wide adoption for commercial watercrafts.
In terms of application, the overall electric outboard engines market is bifurcated into military, recreational, and commercial. Among these, the military segment will exhibit a CAGR of around 5% over the forecast time period. This estimated growth is ascribed to the increasing product availability for defense organizations.
From a regional frame of reference, Latin America is expected to show considerable growth in the electric outboard engines market due to expanding tourism activities coupled with improving coastal infrastructure. Increasing marine programs, such as Miami International Boat Show, along with a large coastline area and presence of electric outboard engine production facilities in Brazil, Mexico, and Argentina will further support the market growth over the projected timeframe.
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The global tourism sector has been hit the hardest during the COVID-19 pandemic. However, with the start of vaccine administration drives all across the globe, the sector is slated to steadily recover and is expected to witness a gradual uptick in consumer confidence. In fact, recently in Sao Paulo, which is one of the highest tourism revenue generators for Brazil, bars, restaurants, and other public facilities have been opened for business purposes already. While international tourism segment is still likely to remain cold, domestic tourism is expected to pick up the slack.
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