According to the report titled ‘Electric Outboard Engines Market Size By Power (Below 25kW, 25 to 50 kW, 50 to 150 kW), By Control (Tiller, Remote), By Application (Commercial, Recreational, Military), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027’, available with Market Study Report, worldwide electric outboard engines market is slated to register a considerable growth during 2021-2027.
 

Rise in adoption of the product by commercial watercrafts and defense organizations, development in coastal infrastructure, and growing marine tourism are the factors catalyzing the growth of electric outboard engines market.
 

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For the unintended, electric outboard engines are used as a substitute to petrol engine in boats. They offer great speed and are sustainable and cost effective in nature. Electric engine also acts as an ideal substitution for combustion motors used in canoe, sailboats, inflatables, dinghies, kayaks, and others.
 

Factors like complex technology associated with electric outboard engines and high product costing are restraining the growth of global electric outboard engines market.
 

Apart from that, the COVID-19 pandemic outbreak has also adversely affected the market growth as tourism activities including marine tourism had come to a complete halt owing to nationwide lockdowns and travel bans. With ongoing vaccination drives, the industry trends are poised to recover in the coming years.
 

On the basis of power, the market is segmented into below 25 kW, 25 to 50 kW, and 50 to 150 kW. Among these, 50 to 150 kW segment is expected to grow at a considerable rate through 2027, due to rise in demand for commercial watercrafts.
 

Based on application, industry classification includes recreational, military, and commercial. The military segment is slated to record 5% CAGR over the analysis timeframe owing to wider product availability for defense applications.
 

Speaking of the geographical terrain, Latin America electric outboard engines industry is expected to register a high growth rate between 2021 and 2027, owing to rapid development in coastal infrastructure, expansion in marine tourism sector, and existence of outboard engines production facilities in several countries of the region.
 

The competitive hierarchy of the market is defined by companies like Minn Kota, Combi Outboards, Torqeedo GmbH, aquawatt Green Marine Technologies, Golden Motor, E-TECH, Evoy, Parsun Power Machine Co. Ltd., ePropulsion, Elco Motor Yatchs, Pure Watercraft Inc., and Stealth Electric Outboards.