Marine Outboard Engines Global Market Opportunities and Strategies to 2033

This report describes and explains the marine outboard engines market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global marine outboard engines market reached a value of nearly $9.6 billion in 2023, having grown at a compound annual growth rate (CAGR) of 1.1% since 2018. The market is expected to grow from $9.6 billion in 2023 to $11.4 billion 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 $14.2 billion 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. Factor that could hinder the growth of the marine outboard engines market in the future include lack of skilled workers.

The marine outboard engines market is segmented by engine type into two stroke carbureted, two stroke electronic fuel injection, two stroke direct injection system, four stroke carbureted, four stroke electronic fuel injection, four stroke direct injection system and 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.
$3.2 billion 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.

The marine outboard engines market is segmented by boat type into fishing vessel, recreational vessel and 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 $4.2 billion 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.

The marine outboard engines market is segmented by ignition type into electric and manual. The electric market was the largest segment of the marine outboard engines market segmented by ignition type, accounting for 90% or $8.6 billion 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.

The marine outboard engines market is segmented by fuel type into diesel, gasoline and electric. The gasoline market was the largest segment of the marine outboard engines market segmented by fuel type, accounting for 83.8% or $8 billion 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 fuel type, at a CAGR of 4.2% during 2023- 2028.

The marine outboard engines market is segmented by application into military and civilian. The civilian market was the largest segment of the marine outboard engines market segmented by application, accounting for 85.3% or $8.2 billion 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.

North America was the largest region in the marine outboard engines market, accounting for 43% or $4.1 billion 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% and 3% respectively.

The global marine outboard engines market is fairly concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 35.1% of the total market in 2022. Suzuki Motor Corporation was the largest competitor with a 10.4% share of the market, followed by Yamaha Motor Co., Ltd with 10%, Brunswick Corporation with 9.1%, Honda Motor Co., Ltd. with 3.5%, BRP Inc with 1.2%, DEUTZ AG with 0.7%, West Marine Products, Inc with 0.1%, OXE Marine AB with 0.1%, Greaves Cotton Limited with 0.1% and INEOS Group Holdings Cox Powertrain Ltd with 0.1%.

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 $1.7 billion 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 $1.5 billion 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 $1.6 billion of global annual sales by 2028. The marine outboard engines market size will gain the most in the USA at $587.6 million.

Player-adopted strategies in the marine outboard engines market include focus on strategic collaborations and partnerships to better serve the industry and to strengthen their position.

To take advantage of the opportunities, the analyst 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.