Research Nester assesses the growth and market size of the global outboard engines market which is anticipated to be on account of the rising tourism sector and increasing implementation of automotive technology in the marine industry with rising boats across the world.
New York – May 15, 2023 - Research Nester’s recent market research analysis on “Outboard Engines Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global outboard engines market in terms of market segmentation by engine type, ignition type, power, fuel, application, and by region.
Growing Renovation Activities of Boats and Increasing Tourism Sector to Enhance Global Market Share of Outboard Engines
The global outboard engines market is estimated to grow majorly due to the increased boating activities worldwide. The rising standard of living of people and increase in the disposable income are together estimated to drive market growth in the coming years. The rise in the tourism sector with growing funds for the improvement of infrastructure of the tourist places is estimated to increase the demand for boat equipment which thereby propels the market growth. As of 2018, more than 800 thousand units of outboard engines were sold worldwide as per the estimations.
Further, the increasing water transportation for the use of trade-related activities is fueling the growth of the market. The growing population who are participating in water sports and the increasing number of water clubs is also estimated to drive the market growth during the forecast period. Also, about 7% of the people in the United Kingdom participated in boating and recreation activities in 2018. The growth of the market is attributed to the increasing production and sales of yachts owing to the rising use of multiengine in the construction of big boats is estimated to hike the market growth.
Some of the major growth factors and challenges that are associated with the growth of the global outboard engines market are:
Growth Drivers:
Increase in Tourism Industry across the globeIncreasing participation of people in recreational boating programsChallenges:
The high price of modern engines and economic reduction in various places of the world are some of the major factors anticipated to hamper the global market size of outboard engines. The influence of COVID-19 on the demand for boats owing to the loss of jobs and economic crisis is estimated to hamper the market growth in the coming years. As per the reports, 25% of the sales decline was noted in new boats in the U.S.
By ignition type, the global outboard engines market is segmented into electric and manual. The electric segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The market segment growth is attributed to the enhancement in the use of batteries owing to the rising electric sector. The increasing replacement of lead acid batteries with lithium batteries in electric motors is projected to fuel market segment growth across the world. The lithium batteries’ efficiency was ~99% which is more than lead acid batteries with 81% efficiency. Also, electric motors are much easier to operate compared to ignited motors. Further, less noise produced during operation, no vibration issues, and the release of gas fumes are expected to drive the market segment growth in the coming years.
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By region, the North American outboard engines market is to generate the highest revenue by the end of 2035. This growth is anticipated by rising disposable income and increasing boating activities in the region. The growing demand for outboard engines in the region with the increasing construction of boats is driving the market growth. Further, the total sales volume of outboard engines in the U.S. in the year 2020 was estimated to be ~329,501 units. The rise of the population in the U.S. that participate in water sports events is expected to rise the market growth during the forecast period. The activities are growing day by day as water sports improve physical and mental health and are expected to hike the market growth in the region. As per the reports, more than 99 million Americans participate in boating activities every year. About 12% of U.S. households have their own boat for recreational activities as per the calculations.
This report also provides the existing competitive scenario of some of the key players of the global outboard engines market which includes company profiling of Cox Powertrain Limited, Yamaha Motor Co., Ltd., Brunswick Corporation, Suzuki Marine USA LLC, Honda Motor Co., Ltd., Bombardier Recreational Products Inc., Tohatsu America Corp., AB Volvo Penta., Hidea Power Machinery Co., Ltd., Selva S.p.A, and others
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