Asia Pacific Electric Outboard Engines Market Set for Rapid Growth to Hit $36.6 Mn by 2027

Author : Ronak Bora | Published Date : 2021-09-07 

Asia Pacific electric outboard engines market forecast encapsulates three prominent trends: growing short-haul boating activities, COVID-19-induced logistics issues, and multiplying wealth amongst the Chinese. Electric outboard boat engines are needed for powering marine vessels of all types, be it commercial, recreational, or military.

Despite the mobility restrictions during the first and consequent coronavirus waves, the travel & tourism industry in Asia could depict resilience over the coming years. Several regions are recovering from the devastating impact of the pandemic, even though others are still grappling with new cases every day. Over the next few years, visits to water places and engagement in recreational boating and water sports are likely to rise due to the need to mitigate pandemic-induced stress.

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By 2027, Asia Pacific electric outboard engines market size is slated to reach $36.6 million, encouraged by the expansion of per capita wealth. The Global wealth report 2021 states that the number of Ultra High Net Worth Individuals (UHNWIs) in Asia Pacific is expected to see an addition of over 42,000. This will amount to over 99,000 UHNWIs by 2025 across the region. Due to significant growth in their annual wealth, Asians might show greater interest in travel and tourism endeavors over the next five years.

Demand for short-haul boating activities

The below 25 kW power rating segment held more than 75% of the Asia Pacific electric outboard engines market share in 2020. With the growing interest in short-haul activities, the need for economical electric outboard engines for dinghies, canoes, and rowboats has increased. Boat owners are purchasing high performance and cost-effective motors that have <25 kW power rating.

These motors come with benefits including, but not limited to, lower noise, compact sizes, high torque delivery, and ease of portability. Small sized vessels and recreational boats find these features advantageous as they can save more on maintenance and enhance productivity simultaneously.

Mental health & outdoor recreational activities

Since the COVID-19 pandemic has driven individuals to embrace outdoor and nature-based leisure activities, recreational boating is expected to register a flurry of participants over the next few years. This can be a conducive development across Asia Pacific electric outboard engines market trends.

Some studies have revealed how disconnect from nature had a negative impact on the mental health of participants during the first wave of COVID-19. Considering the repercussions of the pandemic on mental health worldwide, Asians are increasingly participating in hiking, boating, camping, watersports, and other outdoor recreational activities to relieve stress.

In terms of application, the recreational boating segment accounted for over 70% of Asia Pacific electric outboard engines market share in 2020. After the pandemic, the number of trade shows, boating events, and competitive racing is expected to surge across China, India, Thailand, and Australia is expected to shoot up.

Growing wealth in China

Over the past few years, China is overtaking the world’s wealthiest countries at a breakneck speed. The percentage of High Net Worth Individuals (HNWIs) in the nation is multiplying, denotating the rapid evolution of the economic landscape across the region. Evidently, China electric outboard engines industry forecast is brimming with growth potential in the post-COVID times.

As per the Global Wealth Report 2021, the wealth per adult in China rose from $4,247 in 2000 to $67,771 by 2020, outpacing the global average annual growth rate of 4.8%. The report also states that China is likely to represent a large chunk of Ultra High Net Worth Individuals (UHNWI) by 2025.

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Due to more disposable wealth, individuals are growing accustomed to spending leniently on recreational marine activities. The greater time spent on yachts, cruises, and ships is likely to power Asia Pacific electric outboard engines market outlook through 2027. Golden Motor, EPROPULSION, LGM Co., Ltd., and Suzhou Parsun Power Machine Co., Ltd. are a few electric outboard engine manufacturers for Asia Pacific.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research Methodology

1.2    Market estimation & forecast parameters

1.3    List of Data sources

1.3.1    Primary

1.3.2    Secondary

Chapter 2   Executive Summary

2.1    Asia Pacific Electric Outboard Engines market snapshot

Chapter 3   Asia Pacific Electric Outboard Engines Industry Insights

3.1    Industry coverage

3.2    Industry size and forecast, 2017 – 2027

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Future trends

3.4.1    Innovation Landscape

3.5    Raw material analysis

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Drivers

3.7.2    Restraints

3.8    Application growth mapping

3.9    Industry analysis: Porter’s

3.10    Competitive benchmarking

3.10.1    Strategy dashboard

3.11    PEST analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1714/asia-pacific-electric-outboard-engines-market

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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