Outboard Engines Market Poised To Witness Significant Growth Owing To Increasing Water Recreational Activities
The global outboard engines market allows boat owners to power watercraft simply and efficiently. Outboard engines are compact marine propulsion systems which are attached to the rear or sides of boats. Two-stroke and four-stroke engines are commonly used designs that can propel boats for fishing, watersports, or sailing.
The global Outboard Engines Market is estimated to be valued at Us$ 5.89 Billion in 2023 and is expected to exhibit a CAGR Of 5.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing water recreational activities (One driver from heading): The growing interest of people in water sports and activities such as fishing, sailing, and other boating pastimes has augmented the demand for outboard engines. Rising disposable incomes have enabled more consumers to purchase boats and personal watercrafts which require outboard motors for propulsion. This driver has significantly contributed to the growth of the global outboard engines market over the past few years.
SWOT Analysis
Strength: Outboard engines are compact, powerful, and portable power sources for boats. They are less expensive than sterndrive or inboard engines. New advanced direct fuel injection technology implemented in modern outboard engines improves fuel efficiency and reduces emissions.
Weakness: Outboard engines require regular maintenance and repairs more frequently compared to sterndrive or inboard engines. Additionally, outboard engines are more prone to damage from water and environment. Fuel efficiency of outboard engines is relatively lower than other marine propulsion systems.
Opportunity: Increasing recreational and commercial boating activities globally is driving the demand for outboard engines. Advancements in engine technology such as hybridization offers an opportunity to improve fuel efficiency and performance. Growing maritime tourism industry in developing countries will boost sales of new and replacement outboard engines.
Threats: Stricter regulations regarding emission standards for marine engines pose compliance challenges for outboard engine manufacturers. Fluctuating fuel prices and economic uncertainties threaten consumer spending on recreational boating activities.
Key Takeaways
The Global Outboard Engines Market Demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by rising maritime tourism and expansion of commercial shipping activities worldwide. According to market estimates, the market size is projected to reach US$ 5.89 Billion in 2024.
Regional analysis focused on North America comprises the largest regional market for outboard engines attributable to large recreational boating fleet and presence of key players. North America is followed by Europe and Asia Pacific regions in terms of market share. Leading engine manufacturers are focused on Asian markets particularly China to leverage high growth opportunities arising from increasing domestic demand in the region.
Key players operating in the outboard engines market are Yamaha Motor Company, Suzuki Motor Corporation, Honda Motor Company, Tohatsu Corporation, and Mercury Marine. Key players Yamaha Motor Company and Mercury Marine collectively command over 50% of the global market share. Yamaha Motor Company offers wide range of 4-stroke outboard engines under the Yamaha brand for recreational boating applications.
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