electric/hybrid

Marine Tourism Industry to Help Propel Electric Outboard Engines Market Over 2021-2027

Marine tourism has been expanding globally due to enhanced coastal infrastructure and increasing government initiatives for developing coastal regions not just for trade but also for tourism. In spite of the recent decrease in activity due to COVID-19, this is anticipated to provide a major impetus to electric outboard engines market over the upcoming years. According to Global Market Insights, Inc., electric outboard engines market size is projected to surpass $175 million by 2027.
Marine Tourism Industry to Help Propel Electric Outboard Engines Market Over 2021-2027
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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 into 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 have 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.

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 the new Combat Support Ship being used by Royal Netherlands Navy.

About the Author: Priya Deshmukh started her professional journey with a career in content writing. Endowed with an MBA degree in Marketing, she believes in the power of content and its prominence in today’s fast-paced world of online marketing. She aims to provide meaningful insights to the masses through her articles that span myriad verticals, such as business, technology, automotive, healthcare, and more.

 

Tags: Marine , Efficiency , Hydro
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