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What is the present valuation and projected CAGR of the outboard engines market?
The outboard engines market size has grown strongly in recent years. It will grow from $9.84 billion in 2024 to $10.35 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%. 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 $13.5 billion in 2029 at a compound annual growth rate (CAGR) of 6.9%. 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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What are the top drivers to the rising demand in the outboard engines market?
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 May 2023, according to the National Marine Manufacturers Association, a US-based association in 2022, the U.S. recreational boating industry sold over 260,000 new boats and more than one million pre-owned boats. Approximately 95% of the 12 million registered boats in the U.S. are smaller than 26 feet in length. Therefore, rising production and sales of yachts will drive the outboard engine market.
How is the outboard engines market segmented?
The outboard engines 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
Subsegments:
1) By Fuel-Oil Outboard: Two-Stroke Engines, Four-Stroke Engines
2) By Electric Outboard: Battery-Powered, Solar-Powered
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Who are the top competitors in the outboard engines market?
Major companies operating in the outboard engines market include Honda Motor Co Ltd., Volvo Penta, Suzuki Motor Corporation, Yamaha Motor Co Ltd., Brunswick Corporation, Mercury Marine, 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, Tohatsu Corporation, Evinrude Outboard Motors, Selva Marine S.p.A., Suzhou Sail Motor Co Ltd., SeaProp 60 Outboard Motors, Mikatsu Marine Outboards, Ray Electric Outboards, Zongshen Selva Marine Co Ltd., Aquawatt Electric Outboards, Pioneer Engines, Minn Kota Motors, Seven Marine LLC
What significant trends should we anticipate in the outboard engines market over the forecast period?
Major companies operating in the outboard engine market are focusing on developing product innovations, such as outboard engines, to enhance performance and user experience. They also focus on sustainability through recyclable materials and eco-friendly manufacturing practices. An outboard engine is a propulsion system mounted externally on the back of a boat, combining the engine and gearbox in one unit. It offers ease of maintenance and versatility for various types of vessels. For instance, in October 2023, Honda Marine, a Georgia-based manufacturing company, launched a BF350 outboard engine. The Honda BF350 outboard engine offers 350 horsepower with advanced technologies like VTEC and BLASTTM, ensuring powerful performance and fuel efficiency for larger boats. Designed for reliability and user-friendliness, it’s ideal for both recreational and commercial applications.
Which regional trends are influencing the outboard engines market, and which area dominates the industry?
The countries covered in the outboard engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Outboard Engines Market Report 2025 Offer?
The outboard engines market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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