Increasing Demand From Recreational Boating Activities
The outboard engines market is estimated to be valued at US$ 5.89 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis:
- Strength:
- – Outboard engines are very cost-effective and fuel-efficient. They are portable and easy to transport which expands their usage for small boats and vessels. The advanced battery and fuel cell technologies are making them more powerful and reliable.
- Weakness: explain two weakness in three sentence long explanation
- – Outboard engines require regular maintenance and repairs which increases operational costs. They also face strict emission regulations in many countries which increases compliance costs.
- Opportunity: explain two opportunity in three sentence long explanation
- – Growing maritime tourism and recreational boating activities is fueling the demand for outboard engines globally. The shift towards electric and hybrid-electric propulsion technologies provides an opportunity to reduce emissions and operational costs.
- Threats: explain two threats two sentence explanation
- – Volatility in fuel prices affects the operating costs of conventional internal combustion outboard engines. Rising environmental concerns and regulatory pressure to reduce emissions poses a threat.
Key Takeaways:
The Global Outboard Engines Market Growth is expected to witness high, exhibiting CAGR of 3.7% over the forecast period, due to increasing maritime tourism and recreational boating activities globally. The Asian market is dominated by countries such as China and Japan owing to large fishing fleets and growing tourism industry. The North American region remains the fastest growing market for outboard engines driven by the presence of major manufacturers and increasing popularity of recreational boating.
Regional analysis
The Asia Pacific region dominates the global market with a share of over 35% in 2023. China and Japan account for more than 60% of the regional demand attributed to large fishing fleets and tourism industry.
Key players operating in the outboard engines market are Yamaha Motor Co. Ltd, Honda Marine, Suzuki Motor Corporation, Tohatsu Corporation, Brunswick Corporation. The key players are investing in new product launches and focusing on electric and hybrid engine technologies to comply with emission regulations.
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