What Factors Propelled The Growth Of The Outboard Engines Market In The Past?
The outboard engines market has seen considerable growth due to a variety of factors.
• The market size for outboard engines has seen substantial growth in the past few years. The market value is projected to increase from $9.84 billion in 2024 to $10.35 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.2%.
The increase in market growth during the previous years can be accredited to various factors including boating and recreation activities, the enlargement of the fishing industry, the surge in marine tourism, growth of the boat manufacturing sector, as well as economic conditions and disposable income.
What is the Forecasted Market Size and CAGR for the Outboard Engines Market?
The outboard engines market is expected to maintain its strong growth trajectory in upcoming years.
• There is a prediction of robust expansion in the outboard engines market in the foreseeable future, with an estimated worth of $13.5 billion by 2029 and a compound annual growth rate (CAGR) of 6.9%.
Factors contributing to the anticipated growth during this period consist of the marine propulsion electrification, strict emission guidelines, an increased interest in water activities, a surge in the need for smaller vessels, and a global spread of boating culture. Key trends predicted in this period encompass the adoption of smart and connected technologies, technological improvements, incorporation of high-tech innovations, a rise in the demand for eco-friendly engines, and a transition towards electric and hybrid propulsion.
What Are The Essential Drivers Behind The Growth Of The Outboard Engines Market?
The escalating manufacturing and sales of yachts is set to intensify the expansion of the outboard engine market. Yachts, typically large sailboats or motorboats utilized for racing or leisurely cruises, heavily rely on outboard engines for movement due to their straightforward use and ease of mounting. For instance, data from the National Marine Manufacturers Association in May 2023 revealed that over 260,000 new boats and over one million second-hand boats were sold in the U.S. recreational boating industry in 2022. Remarkably, about 95% of the 12 million boats registered in the U.S. measure less than 26 feet. Consequently, the booming production and sales of yachts are expected to fuel the outboard engine market.
What are the Market Segments in the Outboard Engines Market?
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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What Trends are Shaping the Outboard Engines Market?
Leading enterprises within the outboard engine market are prioritizing the creation of innovative products like outboard engines, aiming to improve performance and the overall user experience. These companies are also committed to sustainable practices by using recyclable materials and promoting green manufacturing techniques. The outboard engine is a propulsion mechanism that is externally attached to the back of a boat, merging both the engine and gearbox into one single unit. This provides an easier maintenance process and adaptability for a wide range of vessels. For example, in October 2023, Honda Marine, a company based in Georgia, introduced the BF350 outboard engine. Offering 350 horsepower, this engine incorporates advanced technologies such as VTEC and BLASTTM, which ensure high performance and fuel economy for larger boats. With its design focused on reliability and user-friendliness, it proves to be perfect for both leisure and professional usage.
Who Are the Key Players 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 are the Regional Insights into the Outboard Engines Market?
North America was the largest region in the outboard engines market in 2024. The regions covered in the outboard engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
