Marine Outboard Engines Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033 | Selva SpA, AB Volvo, Cimco Marine AB, Oxe Marine AB

Marine Outboard Engines Global Market

The Marine Outboard Engines Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Marine Outboard Engines Global Market Report 2024, The marine outboard engines market size has grown steadily in recent years. It will grow from $4.37 billion in 2023 to $4.52 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to recreational boating trends, consumer preferences for lightweight engines, boating industry expansion, environmental regulations, economic growth.

The marine outboard engines market size is expected to see steady growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to electrification trends, advanced materials and manufacturing, global tourism growth, rising middle-class population, stringent emission standards. Major trends in the forecast period include smart technology integration, government incentives for green technologies, technological advancements, electrification of outboard engines, efficiency and fuel economy.

The surging demand for marine transportation is expected to propel the growth of the marine outboard engine market going forward. Maritime transport refers to a mode of transport in which goods or people are transported via sea routes. Marine outboard engines are primarily attached to marine transportation boats which increase the boat’s speed and allow the boat to slice through the water more easily. Hence, the increasing marine transportation will result in demand for marine outboard engines. For instance, in March 2023, according to a report published by Statistics Finland., a Finland-based government agency, in 2023, Finland transported 1.2 million metric tones of goods by general cargo where all together, 0.7 million persons were transported in passenger traffic, and import volume increased by 10% to 4.0 million metric tones. and foreign shipping traffic totaled 7.4 million metric tones in 2023. Additionally, according to Handbook of statistics 2022 published by United Nations Conference on Trade and Development, a Switzerland-based Intergovernmental organization, seaborne trade jumped by 3.2% in 2021. Therefore, surging demand for marine transportation is driving the growth of the marine outboard engine market.

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The marine outboard engine market covered in this report is segmented –
1) By Engine Type: Two Stroke Carbureted, Two Stroke Electronic Fuel Injection, Two Stroke Direct Injection System, Four Stroke Carbureted, Four Stroke Electronic Fuel Injection
2) By Boat Type: Fishing Vessel, Recreational Vessel, Special Purpose Boats
3) By Power: Less Than 30 HP, 30 HP To 100 HP, Above 100 HP
4) By Ignition Type: Electric, Manual
5) By Application: Military, Civilian

Major companies operating in the marine outboard engine market are focusing on advanced solutions such as high-performance premium outboard marine engines to meet the growing demand for enhanced efficiency and power in marine applications. High-performance premium outboard marine engines are top-tier propulsion systems designed for boats, known for their superior speed, efficiency, and advanced features. For instance, in September 2023, Honda Marine, a US-based marine engines manufacturer, launched V8 outboard engine, the BF350. With a 5-liter V8 capacity, this engine delivers 350 horsepower and incorporates advanced technologies such as Variable Valve Timing and Lift Electronic Control (VTEC). Engineered for robust acceleration, minimal noise, and vibration, the BF350 exemplifies high-performance premium outboard marine engines, offering distinctive designs that aim to redefine industry standards.

The marine outboard engines market report table of contents includes:
1. Executive Summary