Global Inboard Electric Motors
Market Report
2024
The Global Inboard Electric Motors market size is USD 5518.9 million in 2023 and will grow at a compound annual growth rate (CAGR) of 5.22% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Inboard Electric Motors market size is USD 5518.9 million in 2023 and will grow at a compound annual growth rate (CAGR) of 5.22% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Inboard Electric Motors Market Sales Revenue 2023 | $ 5518.9 Million |
Global Inboard Electric Motors Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5.22% |
Market Split by Type |
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Market Split by Application |
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Market Split by Product Type |
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Market Split by End User |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Inboard Electric Motors Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
The key driver driving market expansion is rising global power consumption, as well as increased usage of electrical equipment and machinery in various sectors. As power consumption has expanded dramatically in all nations during the previous decade, the industrial sector is rising. New technologies have been introduced, such as combined heat and power. As a result, the areas in which electrical machinery may be used in the industrial sector have grown. Similarly, the advent of electric cars and rising vehicle demand contribute to the expansion of this industry.
For instance, electricity demand is expected to rise by over 5% in 2021 alone. Much of the long-term growth will come from electrifying end uses and sectors that are not currently reliant on electricity, such as transportation and residential and industrial heating. However, a major portion of present and future demand is met by a set of more recognizable items and equipment types.
(Source:www.iea.org/articles/a-call-to-action-on-efficient-and-smart-appliances)
Inboard electric motors, which offer a more ecologically friendly alternative to conventional combustion engines, are being used increasingly often as a result of growing environmental awareness and the need to reduce greenhouse gas emissions. Combustion engines, such as those powered by gasoline or diesel, emit greenhouse gases like carbon dioxide (CO2), which contribute significantly to climate change and global warming.
For instance, the United States Environmental Information Agency (EIA) predicts that worldwide industrial energy use will rise from 241.10 quadrillion British thermal units in 2020 to 361.4 quadrillion British thermal units by 2050. Furthermore, the industrial sector will account for 35% of total US end-use energy consumption and 33% of overall US energy consumption in 2021. According to the IEA, the industrial sector will consume 37% (166 EJ) of world energy in 2022.
(Source:www.eia.gov/energyexplained/units-and-calculators/british-thermal-units.php)
Battery technology has seen significant improvements in energy density, allowing for the storage of more energy in a given volume or weight. This increase in energy density means that modern batteries can provide more power for a longer duration, enhancing the overall performance of inboard electric motors. Higher energy-density batteries have substantially extended the range of electric boats and ships.
According to the Times of India, EV batteries store and supply the energy required to power the car. The first electric cars were powered by lead-acid batteries in the early 1900s, which were large, heavy, and had a short range. Nickel-metal hydride batteries, which were more efficient than lead-acid batteries but still had a limited capacity, were created in the 1990s.
Most existing ports and marinas are not equipped with the necessary charging infrastructure to support electric boats and ships. Traditional fuelling facilities for gasoline and diesel-powered vessels are widespread, but electric charging stations are relatively rare. Unlike the well-established standardization of charging connectors and protocols for land-based electric vehicles, there is currently a lack of standardized charging infrastructure for maritime applications. For boat owners and operators, this may cause compatibility problems and misunderstanding.
The pandemic disrupted global supply chains, affecting the production of inboard electric motors and their components. Lockdowns, travel restrictions, and factory closures in various regions led to delays in manufacturing and distribution. Inboard electric motors are used in multiple industries, including marine and automotive. The pandemic led to reduced consumer demand for recreational boating and other non-essential activities, impacting the marine industry and, consequently, the need for inboard electric motors. The pandemic influenced consumer behavior, with a focus on remote and outdoor activities. This shift in recreational preferences may have had implications for inboard electric motor demand in different applications.
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Many key players have a global presence and operate in multiple regions. They often have a network of distributors and service centers to provide support to customers worldwide. This global reach allows them to tap into emerging markets and cater to diverse customer needs. Companies in the onboard electric motors market often form strategic partnerships with textile and garment manufacturers, as well as suppliers of materials like waterproof fabrics and adhesives. These partnerships enable them to offer comprehensive solutions to customers.
November 2022: Nidec Corporation has announced a USD 715 million investment in Mexico to produce electric motors and e-axle drives for electric cars. When it opened, the facility was expected to have a production capacity of one million units per year.
March 2022: Volkswagen has unveiled a fresh intention to build an EV manufacturing unit in Wolfsburg, Germany. The corporation made the investment choice for the factory, with a budget of EUR 2 million set up for the project. The plant's construction was scheduled to begin in 2023, with a completion date of 2026.
Top Companies Market Share in Inboard Electric Motors Industry: (In no particular order of Rank)
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According to Cognitive Market Research, In the next years, due to increased demand in end-use industries such as industrial, automotive, and electricity the Asia Pacific region accounts for a significant percentage of the industry in nations such as India and China. Furthermore, rising consumer demand for electric cars is expected to drive expansion in the region's Inboard Electric Motors Market.
The reduction of greenhouse gas emissions and environmental sustainability are major concerns in North America. Compared to conventional internal combustion engines, inboard electric motors provide a cleaner and greener option that complies with local environmental standards.
The current report Scope analyzes Inboard Electric Motors Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Inboard Electric Motors Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Inboard Electric Motors Industry growth. Inboard Electric Motors market has been segmented with the help of its Type, Application Product Type, and others. Inboard Electric Motors market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, medium-power inboard electric motors offer a versatile range of power suitable for a variety of applications. They can be used in a wide range of boat sizes and types, making them attractive to boat manufacturers and owners looking for flexible propulsion solutions. Medium-power motors strike a balance between performance and efficiency. They provide sufficient power for various boat sizes while maintaining energy efficiency, allowing for longer operating ranges and reduced operating costs.
Inboard electric motors with higher power ratings are well-suited for commercial and industrial marine applications, such as passenger ferries, cargo ships, offshore vessels, and workboats. These sectors are increasingly transitioning to electric propulsion due to environmental regulations and sustainability goals. Larger vessels typically require more power to cover longer distances or operate for extended durations. High-power electric motors can provide the necessary thrust and range, making them essential for commercial and industrial vessels.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Inboard Electric Motors Industry. Request a Free Sample PDF!
According to Cognitive Market Research, recreational boaters are increasingly environmentally conscious and seek eco-friendly alternatives to traditional combustion engines. Inboard electric motors align with these eco-friendly preferences as they produce zero emissions and are quieter, providing a more enjoyable and sustainable boating experience. Noise pollution is a concern for many boaters, especially those using boats for leisure and relaxation.
Stringent environmental regulations and emission reduction targets are pushing commercial vessel operators to transition to cleaner propulsion technologies. Inboard electric motors offer a more sustainable and compliant alternative, helping commercial vessels meet regulatory requirements. Inboard electric motors are becoming increasingly economically viable for commercial operators.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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According to Cognitive Market Research, fixed-inboard electric motors are commonly used in marine infrastructure applications, such as locks, canal gates, drawbridges, and aquaculture facilities. These motors provide precise control and reliability for operating critical equipment in maritime environments. Dredgers and excavation vessels often rely on fixed inboard electric motors to power their pumping systems, cutter heads, and winches. Electric motors offer efficient and variable-speed operation, which is crucial for these applications.
Portable inboard electric motors are particularly popular in the recreational boating sector. They are well-suited for smaller boats, canoes, kayaks, and other watercraft used for leisure activities. The portability of these motors makes them convenient for boat owners who want flexibility in motor placement and easy storage.
Sailboats have a long tradition of being environmentally friendly due to their reliance on wind propulsion. However, modern sailors are increasingly looking for ways to reduce their environmental impact further. Inboard electric motors complement sail propulsion by providing clean, quiet, and emission-free auxiliary power when needed.
The shipping industry faces stringent emission reduction targets imposed by international and regional regulations. Inboard electric motors offer a sustainable and compliant solution by significantly reducing emissions compared to traditional internal combustion engines. This aligns with the industry's efforts to meet these targets. Electric propulsion systems, including inboard electric motors, provide cost savings over the long term.
Senior Research Analyst at Cognitive Market Research
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights.
Catering to tailored needs of clients in Consulting, Business Intelligence, Market Research, Forecasting, Matrix-Modelling, Data Analytics, Competitive Intelligence, Primary research and Consumer Insights. Experience in analyzing current trends, market demand, market assessment, growth indicators, competitors' strategy, etc. to help top management & investors to make strategic and tactical decisions in the form of market reports and presentations. Successfully delivered more than 500+ client & consulting assignments across verticals. Ability to work independently as well as with a team with confidence and ease.
I am committed to continuous learning and staying at the forefront of emerging trends in research and analytics. Regularly engaging in professional development opportunities, including workshops and conferences, keeps my skill set sharp and up-to-date. I spearheaded research initiatives focused on market trends and competitive landscapes. I have a proven track record of conducting thorough analyses, distilling key insights, and presenting findings in a way that resonates with diverse stakeholders. Through collaboration with cross-functional teams, I played a pivotal role in shaping business strategies rooted in robust research.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Inboard Electric Motors Market is witnessing significant growth in the near future.
In 2023, the Low Power (Below 10 HP) segment accounted for noticeable share of global Inboard Electric Motors Market and is projected to experience significant growth in the near future.
The Civil Entertainment segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Nidec Corporation , Kräutler Elektromaschinen and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Type | Low Power (Below 10 HP), Medium Power (10-35 HP), Large Power (Above 35 HP) |
Application | Civil Entertainment, Municipal, Commercial |
Product Type | Fixed, Portable |
End User | Sailing, Shipping, Others |
List of Competitors | Nidec Corporation, Volkswagen, Kräutler Elektromaschinen, Elco Motor Yachts, TEMA, Transfluid, Torqeedo, Oceanvolt, Piktronik, Ingeteam Power Technology, Aquamot, Navigaflex, LTS MARINE |
This chapter will help you gain GLOBAL Market Analysis of Inboard Electric Motors. Further deep in this chapter, you will be able to review Global Inboard Electric Motors Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
You can purchase only the Executive Summary of Global Market (2019 vs 2024 vs 2031)
Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Inboard Electric Motors Market Trends North America Inboard Electric Motors Technological Road Map North America Inboard Electric Motors Market Drivers North America Inboard Electric Motors Market Restraints North America Inboard Electric Motors Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
You can purchase only the Executive Summary North America Market (2019 vs 2024 vs 2031)
Chapter 3 Europe Market Analysis
You can purchase only the Executive Summary Europe Market (2019 vs 2024 vs 2031)
Chapter 4 Asia-Pacific Market Analysis
You can purchase only the Executive Summary Asia Pacific Market (2019 vs 2024 vs 2031)
Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Product Type Analysis 2019 -2031
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Chapter 13 Market Split by End User Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Inboard Electric Motors market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Low Power (Below 10 HP) have a significant impact on Inboard Electric Motors market? |
What are the key factors affecting the Low Power (Below 10 HP) and Medium Power (10-35 HP) of Inboard Electric Motors Market? |
What is the CAGR/Growth Rate of Civil Entertainment during the forecast period? |
By type, which segment accounted for largest share of the global Inboard Electric Motors Market? |
Which region is expected to dominate the global Inboard Electric Motors Market within the forecast period? |
Segmentation Level Customization |
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Region level Data Customization |
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Country level Data Customization |
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Company Level |
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Additional Data Analysis |
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Additional Qualitative Data |
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Additional Quantitative Data |
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Service Level Customization |
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