Marine Outboard Engines Market Definition
Marine outboard engines refer to compact vessel propulsion systems for boats designed to be mounted on the craft's transom (the flat surface forming the stern of a boat). It includes an engine, reduction gearing and a propeller. These engines are especially suitable for small boats and are extremely light, which improves the power-to-weight ratio and allows the boat to effectively slice through the water.
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Author :
Girish Kavali
Marine Outboard Engines Market Size
The global marine outboard engines market reached a value of nearly $9,558.7 million in 2023, having grown at a compound annual growth rate (CAGR) of 1.1% since 2018. The market is expected to grow from $9,558.7 million in 2023 to $11,385.3 million in 2028 at a rate of 3.6%. The market is then expected to grow at a CAGR of 4.5% from 2028 and reach $14,208.5 million in 2033.
Growth in the historic period resulted from the increased demand for passenger vehicles, strong economic growth in emerging markets, the rise in disposable income and the increase in demand for commercial vehicles. Factors that negatively affected growth in the historic period were limitations under bad weather conditions and fluctuating prices of raw materials.
Going forward, the increasing automobile production, the growing adoption of electric vehicles, the increasing demand for safety features in automobiles, favorable government support and the growing demand for autonomous vehicles will drive the growth. Factors that could hinder the growth of the marine outboard engines market in the future include lack of skilled workers.
Marine Outboard Engines Market Drivers
The key drivers of the marine outboard engines market include:
Growing Demand For Marine Transportation
The surging demand for marine transportation is expected to propel the growth of the marine outboard engines market going forward. Maritime transport refers to a mode of transport in which goods or people are transported via sea routes. Marine outboard engines are primarily attached to marine transportation boats, which increase the boat's speed and allow the boat to slice through the water more easily. Hence, an increase in marine transportation will result in demand for marine outboard engines. For instance, according to the Handbook of Statistics 2022, published by United Nations Conference on Trade and Development, seaborne trade jumped by 3.2% in 2021. Further, in March 2023, according to a report published by Statistics Finland., a Finland-based government agency, in 2023, Finland transported 1.2 million metric tons of goods by general cargo, where altogether, 0.7 million persons were transported in passenger traffic, import volume increased by 10 percent to 4.0 million metric tons and foreign shipping traffic reached 7.4 million metric tons in 2023. Therefore, surging demand for marine transportation will drive the growth of the marine outboard engines market.
Marine Outboard Engines Market Restraints
The key restraints on the marine outboard engines market include:
Lack Of Marine Infrastructure
A lack of marine infrastructure is expected to restrain the growth of the marine outboard engines market. The lack of marine infrastructure can lead to constrained access to waterways, inadequate docking and mooring facilities, causing repercussions on recreational boating, safety apprehensions and with adverse effects on tourism. For instance, according to a 2021 article in the American Society of Civil Engineers (ASCE), a US-based professional organization, unmet waterside infrastructure needs at coastal ports in the United States will amount to $12.3 billion over the next 10 years. Therefore, a lack of marine infrastructure will hamper the marine outboard engines market growth.
Marine Outboard Engines Market Trends
Major trends shaping the marine outboard engines market include:
Increased Focus On Electric And Hybrid Engines
Marine outboard engine manufacturers are increasingly focusing on developing electric and hybrid engines to expand their product portfolio and drive revenues. For example, in March 2022, Elcome International, a Dubai-based marine electronics and electrical solutions provider, launched a new hybrid diesel-electric boat propulsion system, as well as a full suite of marine electronic products, at the India Boat & Marine Show. The system architecture, developed by Transfluid, incorporates a clutch and transmission that enable fast and seamless switching between electric-only, diesel-only and combination modes. When the clutch is disengaged, the vessel runs solely on battery power, providing silent, emission-free running. When in ‘engine’ mode, the clutch is engaged and the diesels propel the boat, while also simultaneously recharging the batteries. In the ‘booster’ mode, the battery-driven electric motor and diesel engines combine to deliver maximum thrust for the powertrain. The lithium batteries can also be charged from a shore power connection when docked at the pier, and from on-board solar panels when under way. The three operational modes enable the boat operator to use smaller, less expensive, and more efficient diesel engines, yielding substantial savings in fuel consumption and longer maintenance intervals, without sacrificing performance. The system also provides more flexibility for boats operating in and out of environmentally protected areas, while delivering improved working conditions for the crew, with no diesel fumes or noise, when running in electric mode.
Increased Use Of Turbochargers In Marine Outboard Engines
Companies in the marine outboard engines market are focusing on providing turbochargers in marine outboard engines, to meet end-customer demand and strengthen their market position. A turbocharger is a component that aids engines in producing additional power and improves the overall performance of engines. It helps boost the power of engines by increasing the intake of air in combustion chambers. Turbochargers in marine outboard engines increase the volume of air in the combustion process, without any additional requirement for large displacement cylinders. The use of turbochargers reduces the size of engines, without compromising on power or the benefits of fuel economy. For example, in June 2023, Accelleron, a Switzerland-based company and global leader in turbocharging technologies and optimization solutions for diesel and gas engines, launched the next generation X300-L low-speed series, a new type of turbocharger for two-stroke engines. This series is designed to provide more flexibility and efficiency for ship operators. It features industry-leading power density and efficiency, as well as enhanced turbocharger cut-out options, to support the lowest engine fuel consumption. The new service-friendly concept allows for cartridge exchange in a single port call, separating overhaul from dry docking schedules. The new generation of ACCX300-L low-speed turbochargers are designed to be more compact, with increased power density and flexibility, revolutionizing low- speed turbocharging.
Opportunities And Recommendations In The Marine Outboard Engines Market
Opportunities – The top opportunities in the marine outboard engines market segmented by engine type will arise in the four-stroke electronic fuel injection segment, which will gain $713.1 million of global annual sales by 2028. The top opportunities in the marine outboard engines market segmented by boat type will arise in the recreational vessel segment, which will gain $768.1 million of global annual sales by 2028. The top opportunities in the marine outboard engines market segmented by power will arise in the 30 HP to 100 HP segment, which will gain $905.4 million of global annual sales by 2028. The top opportunities in the marine outboard engines market segmented by ignition type will arise in the electric segment, which will gain $1,720.3 million of global annual sales by 2028. The top opportunities in the marine outboard engines market segmented by fuel type will arise in the gasoline segment, which will gain $1,534.7 million of global annual sales by 2028. The top opportunities in the marine outboard engines market segmented by application will arise in the civilian segment, which will gain $1,591.5 million of global annual sales by 2028. The marine outboard engines market size will gain the most in the USA at $587.6 million.
Recommendations- To take advantage of the opportunities, The Business Research Company recommends the marine outboard engines companies to focus on continuous product innovation, focus on electric and hybrid engines, focus on turbocharger integration for enhanced engine performance, focus on compact and lightweight motors for sustainable marine solutions, focus on electric and four-stroke electronic fuel injection segments, focus on recreational and fishing vessel segments, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on civilian segment growth and target military end-users.
Marine Outboard Engines Market Segmentation
The marine outboard engines market is segmented by engine type, by boat type, by power, by ignition type, and by application.
By Engine Type –
The marine outboard engines market is segmented by engine type into:
- a) Two Stroke Carbureted
- b) Two Stroke Electronic Fuel Injection
- c) Two Stroke Direct Injection System
- d) Four Stroke Carbureted
- e) Four Stroke Electronic Fuel Injection
- f) Four Stroke Direct Injection System
- g) Electric
The four-stroke electronic fuel injection market was the largest segment of the marine outboard engines market segmented by engine type, accounting for 33.9% or $3,238.8 million of the total in 2023. Going forward, the electric segment is expected to be the fastest growing segment in the marine outboard engines market segmented by engine type, at a CAGR of 4.2% during 2023-2028.
By Boat Type –
The marine outboard engines market is segmented by boat type into:
- a) Fishing Vessel
- b) Recreational Vessel
- d) Special Purpose Boats
The fishing vessel market was the largest segment of the marine outboard engines market segmented by boat type, accounting for 44.3% or $4,233.8 million of the total in 2023. Going forward, the recreational vessel segment is expected to be the fastest growing segment in the marine outboard engines market segmented by boat type, at a CAGR of 3.9% during 2023- 2028.
By Power –
The marine outboard engines market is segmented by power into:
- a) Less Than 30 HP
- b) 30 HP To 100 HP
- c) Above 100 HP
The 30 HP to 100 HP market was the largest segment of the marine outboard engines market segmented by power, accounting for 48.7% or $4,657.6 million of the total in 2023. Going forward, the less than 30 HP segment is expected to be the fastest growing segment in the marine outboard engines market segmented by power, at a CAGR of 3.8% during 2023-2028.
By Ignition Type –
The marine outboard engines market is segmented by ignition type into:
The electric market was the largest segment of the marine outboard engines market segmented by ignition type, accounting for 90.0% or $8,602.8 million of the total in 2023. Going forward, it is expected to be the fastest growing segment in the marine outboard engines market segmented by ignition type, at a CAGR of 3.7% during 2023-2028.
By Application –
The marine outboard engines market is segmented by application into:
The civilian market was the largest segment of the marine outboard engines market segmented by application, accounting for 85.3% or $8,156.4 million of the total in 2023. Going forward, it is expected to be the fastest growing segment in the marine outboard engines market segmented by application, at a CAGR of 3.6% during 2023-2028.
By Geography - The marine outboard engines market is segmented by geography into:
o Asia Pacific
- • China
- • India
- • Japan
- • Australia
- • Indonesia
- • South Korea
o North America
o South America
o Western Europe
o Eastern Europe
o Middle East
o Africa
North America was the largest region in the marine outboard engines market, accounting for 43.0% or $4,105.9 million of the total in 2023. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the marine outboard engines market will be Asia Pacific and Africa where growth will be at CAGRs of 5.3% and 4.4% respectively. These will be followed by Western Europe and North America where the markets are expected to grow at CAGRs of 4.0% and 3.0% respectively.
Marine Outboard Engines Market Competitive Landscape
Major Competitors are:
Suzuki Motor Corporation
Yamaha Motor Co., Ltd
Brunswick Corporation
Honda Motor Co., Ltd.
BRP Inc
Other Competitors Include:
DEUTZ AG
West Marine Products, Inc
OXE Marine AB
Greaves Cotton Limited
Cox Powertrain Ltd
Mercury Marine (China) Co., Ltd
Zhejiang Yongkang Jinyi Machinery Co., Ltd
Zhejiang Feishen Vehicle Co., Ltd
Anhui Launtop M&E Co., Ltd
Zhejiang Rongshi Enterprise Development Co., Ltd
Zhejiang Titan Machinery Co., Ltd
Suzhou Parsun Power Machine Co., Ltd
Zhejiang Hidea Power Machinery Co., Ltd
Evinrude Australia
Daedong Industrial Co., Ltd
Torqeedo GmbH
Volvo Penta
Evinrude UK
Tohatsu UK
JSC Saturn
Zvezda JSC
NPO Red Sormovo
Selva Marine S.R.L
Flux Marine
Johnson Outdoors Inc
Elco Motor Yachts
Lehr Holdings, LLC
Evinrude Brazil
Neander Motors AG
Cox Marine
Boulos Enterprises Limited
