The outboard engines market has grown from $9.43 billion in 2023 to $9.98 billion in 2024, with a CAGR of 5.8%. Growth factors include the popularity of recreational boating, fishing, and marine tourism. The market is expected to reach $12.7 billion by 2028, with a CAGR of 6.2%. Future trends include the electrification of marine propulsion, advanced technologies, and a shift towards environmentally friendly engines, driven by emission regulations and sustainable boating culture.
Major Driver In The Outboard Engines Market
The outboard engine market is primed for growth driven by rising production and sales of yachts, particularly in the leisure and luxury sectors. Yachts, prized for their recreational and cruising capabilities, heavily rely on outboard engines for propulsion due to their simplicity and ease of installation. Notably, sales of superyachts witnessed a remarkable uptick in 2021, with 887 units sold, marking a substantial 77% increase from 2020 figures. This surge in yacht production and sales underscores the heightened demand for outboard engines, reflecting optimistic growth prospects for the market. As the yacht industry continues to thrive, propelled by increasing consumer demand for leisure and luxury experiences, the outboard engine market is poised to capitalize on emerging opportunities in the marine industry landscape.
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Outboard Engines Market Competitive Landscape
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
Key Outboard Engines Market Trend
Product innovation is the key trend gaining popularity in the outboard engine market. Major companies operating in the outboard engine market are focusing on developing outboard engines with better fuel efficiency and fewer emissions. For instance, in February 2021, Mercury Marine, a US-based marine engine manufacturer, operating in the outboard engines market, launched a 7.6-liter V12 600- Verado outboard engine. The Verado outboard engine has a steerable gearcase that pivots freely up to 45 degrees, rather than 30 degrees and boosts a boat's agility by having contra-rotating propellers. Verado outboard engine has a two-speed automatic transmission.
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Outboard Engines Market Segmentation
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
By Geography:The regions covered in the outboard engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the outboard engines market in 2023.
The Outboard Engines Global Market Report 2024 furnishes information about the global outboard engines market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
