As per the report titled ‘Asia Pacific Electric Outboard Engines Market Size By Control, By Power, By Applications, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 - 2027’, available with Market Study Report, Asia Pacific electric outboard engines market is expected to register a healthy growth rate through 2027.
 

Growing popularity of recreational boating activities and increasing marine tourism is promoting Asia Pacific electric outboard engines market development. Moreover, rising inclination towards leisure activities such as cruising and fishing along with upgradation activities in the maritime industry are enhancing the industry outlook. Besides, shifting preferences towards renewable energy powered marine equipment are further enhancing the overall remuneration scope.
 

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Elaborating on the Covid-19 impact, the tourism was one the highly affected sectors in 2020 due to restrictions on mobility and travel, subsequently plummeting the demand for electric outboard engines. However, recreational activities and tourism are likely to bounce back in 2021 as restrictions are gradually lifted. Moreover, increasing engagement of high net worth individuals in tourism and recreational activities across Asian countries is positively impacting the industry outlook.
 

On the basis of control, Asia Pacific electric outboard engines industry is split into remote and tiller, among which, the latter segment is touted to gain considerable traction owing to rising consumer inclination towards cost-effective solutions.
 

Considering the application scope, the market is fragmented into recreational, commercial, and military. Among these, recreational segment captured over 70% market share in 2020 and will likely maintain a strong growth curve in the ensuing years. Rise in the number of competitive boat racing events, and trade exhibitions is touted to support the segmental expansion in the upcoming years.
 

On the geographical front, Australia, Thailand, India, and China are acting as major tourist hubs owing to positive outlook of marine & coastal tourism industries. In addition to this, favorable government initiatives towards the development of coastal infrastructure are favoring the industry growth in these countries.
 

Prominent players in Asia Pacific electric outboard engines market sphere are LGM Co. Ltd., Golden Motors, Suzhou Parsun Power Machine Co. Ltd., and ePropulsion. These companies are increasingly focusing on the development of motor capacities and implementation of latest designs and technologies for offering better products to their customers. In view of the growing popularity of watersports and recreational activities, these players are increasingly focusing on developing, upgrading, and launching advanced engines to create a better riding experience for customers.