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Ouboard electric motors are mainly used in machines where propulsion is required. The most common application of onboard electric motor is in the marine industry, to propell the boats or as a repositioning thrusters. The market for onboard electric motor is growing significantly, owing to the increasing usage of electric-driven products across the world. Moreover, the onboard electric motors market is expected to boost in the coming future, as it is easy to install, charge, use and enviromentaly friendly.
The governments of several countries have started investing on the development of electeric-driven products, to minimise the increasing air pollution. Moreover, manufacturers of such electric driven motors are working continously to blend the technology with innovative electric-driven products. This will allow manufacturers to provide/offer best and innovative products to the marine industry. Furthermore, end users are actively adopting innovative technologies to save time and money.
Key Market Driver -
• Increased investments in electric-driven projects • Increased demand for outboard electric engines in the marine industry
Key Market Restraint -
• High purchasing cost is hindering the growth of the market growth
However, the pandemic of Covid-19 will affect the growth of the market, across the world. The market is expected to get slow down in 2020 and mid of 2021, as many governments have imposed lockdown to tackle the pandemic. It is anticipated to grow moderately after few years.
Key players operating in the global outboard electric motors market are Aquamot, Minn Kota, Krautler Elektromaschinen, AquaWattm, MotorGuide, Torqeedo, Ray Electric Outboards, Suzhou Parsun Power Machine and CSM Tech
North America is expected to dominate the onboard electric motors market, owing to its early adoption of such technologies by the consumers. Moreover, huge presence of manufacturers in the U.S. is another reason that is influencing the market in the region. People in North America are more tends towards fishing, for which they adopt innovative products, such as fishing rods, motor boats and many more.
The European onboard electric motors market is growing moderately and is expected to grow significantly over the coming period. This is owing to the increasing adoption of electric-driven products by the governments of several countries of Europe. Governments are now more focused to build and develop electric driven products, to minimise the air pollution and other environmental related problems.
Asia pacific has more potential than other regions, owing to increasing population, investments in marine industry by the private and public organisation and growing developing nations. In Asia Pacific, governments of India and China are investing in MSME departments, to propel the market of electric driven products. Moreover, countries such as Japan, Malaysia, Australia and Vietnam have already adopted such technologies to boost their marine industry. The marine industry of most of the countries of Southeast Asia plays an important role in the growth of GDP. The onboard electric motors market is expected to grow significantly over the forecast period.
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The Middle East and Africa and Latin America is expected to grow moderately, owing to the adopting of motors boats in the tourism sector. For instance, in the Middle East and Africa, the Kingdom of Saudi Arabia is now focused on its tourism industry. Saudi Arabia is working continuously on shifting its main focus from its oil and gas industry to tourism industry because the country is wants to generate more GDP and employment from others sectors. Hence, the market in the Middle East and Africa and Latin America is expected to grow moderately in the coming future.
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