Categories: Transport & Logistics

Outboard Boats Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Outboard Boats 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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https://www.thebusinessresearchcompany.com/report/outboard-boats-global-market-report

According to The Business Research Company’s Outboard Boats, The outboard boats market size has grown strongly in recent years. It will grow from $5.74 billion in 2023 to $6.29 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to consumer preferences, boating regulations, environmental concerns, boating infrastructure, cultural shifts..

The outboard boats market size is expected to see strong growth in the next few years. It will grow to $8.92 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to safety features integration, rising disposable income, online sales channels, electric propulsion adoption, boating tourism.. Major trends in the forecast period include hybrid and electric propulsion, modular and customizable design, autonomous and assisted navigation, luxury and high-performance segments, enhanced connectivity..

The increase in the demand for recreational activities is expected to propel the growth of the outboard boat market going forward. Recreational activity refers to any indoor or outdoor activity performed during leisure time for exercise, relaxation, and pleasure. Outboard boats are becoming increasingly popular among aquatic sports and recreational enthusiasts due to their versatility, simplicity of use, and affordability. For instance, in 2023, according to the Outdoor Foundation, a US-based association, in 2022, the number of participants in outdoor recreation increased by 2.3%, reaching a new high of 168.1 million individuals, constituting 55% of the U.S. population aged six and above. Therefore, the increase in the demand for recreational activities is driving the growth of the outboard boat market.

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The outboard boats market covered in this report is segmented –

1) By Type: Recreational Boats, Rigid Inflatable Boats, Small Utility Boats

2) By Application: Tourism, Water Sport, Commercial Activity, Leisure Activity

3) By End User: Fishing, Water Taxi, Transportation, Hospitality Business

Implementation of advanced technologies is a key trend gaining popularity in the outboard boat market. Major companies operating in the outboard boat market are focused on developing innovative solutions to strengthen their position in the market. For instance, in September 2021, Yamaha Motor Co., Ltd., a Japan-based manufacturer of motorcycles and marine equipment, launched HARMO, a vessel equipped with a novel method of boat maneuvering as well as an electronic propulsion system and steering control system. HARMO is a ‘next-generation boat-maneuvering system platform’ that includes an electric motor-powered propulsion device, a remote control box, and a joystick for easier operation developed to offer a smart package boat that provides passengers with more luxury because of the distinctive quietness of electric motors.

The outboard boats market report table of contents includes: