Overview and Scope
Outboard engines are self-contained portable propulsion devices used to power boats. Outboard engines are situated on the boat’s transom, outside of the hull. They are used to power and steer the boat.
Sizing and Forecast
The outboard engines market size has grown strongly in recent years. It will grow from $9.43 billion in 2023 to $9.98 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to boating and recreational activities, fishing industry growth, expansion of marine tourism, boat manufacturing industry, economic factors and disposable income.
The outboard engines market size is expected to see strong growth in the next few years. It will grow to $12.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to electrification of marine propulsion, stringent emission regulations, growing interest in water sports, rising demand for small boats, global expansion of boating culture. Major trends in the forecast period include smart and connected technologies, advancements in technology, integration of advanced technologies, rise in demand for environmentally friendly engines, shift towards electric and hybrid propulsion.
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Segmentation & Regional Insights
The outboard engine market covered in this report is segmented –
1) By Type: Fuel-Oil Outboard, Electric Outboard
2) By Engine Type: 2-Stroke, 4-Stroke, Electric
3) By Application: Personal Boat, Commercial Boat, Government Enforcement Boat, Other Applications
North America was the largest region in the outboard engines market in 2023. The regions covered in the outboard engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rising production and sales of yachts are expected to propel the growth of the outboard engine market going forward. Yachts refer to large sailboats or motorboats used for racing or pleasure cruises. Outboards engine are extensively used for the propulsion of yachts for their simplicity and they are easy to mount. For instance, in February 2022, according Vesselsvalue limited, a UK-based online valuation and data provider for the maritime industry, the sales of superyachts witnessed a notable increase in 2021, with 887 units sold, reflecting a 77% rise compared to the figures recorded in 2020. Therefore, rising production and sales of yachts will drive the outboard engine market.
Key Industry Players
Major companies operating in the outboard engines market report are Honda Motor Co Ltd., Volvo Penta, Suzuki Motor Corporation, Yamaha Motor Co Ltd., Brunswick Corporation, Bombardier Recreational Products Inc. Mercury Marine, Electric Launch Company Torqeedo GmbH, Lehr LLC, Oxe Marine AB, Cox Powertrain Ltd., Hidea Power Machinery Co Ltd., Golden Motor Technology Co Ltd., Mudd Hog Mud Motors LLC, Parsun Power Machine Co Ltd., Powertec Outboards, Spirit Marine Outboards, Tohatsu Corporation, Evinrude Outboard Motors Selva Marine S.p.A., Suzhou Sail Motor Co Ltd., SeaProp 60 Outboard Motors, Tanaka Outboards, Mikatsu Marine Outboards, Ray Electric Outboards, Zongshen Selva Marine Co Ltd., Aquawatt Electric Outboards, Sevaan Outboard Motors, Pioneer Engines, Minn Kota Motors, Seven Marine LLC
The outboard engines market report table of contents includes:
1. Executive Summary
2. Outboard Engines Market Report Structure
3. Outboard Engines Market Trends And Strategies
4. Outboard Engines Market – Macro Economic Scenario
5. Outboard Engines Market Size And Growth
…..
32. Global Outboard Engines Market Competitive Benchmarking
33. Global Outboard Engines Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Outboard Engines Market
35. Outboard Engines Market Future Outlook and Potential Analysis
36. Appendix
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