Outboard Engines Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031- (By Derivatives Coverage, Geographic Coverage and By Company)

According to a recent report by the publisher, the Outboard Engines market is on track for significant growth, with revenue expected to increase from USD 4.58 billion in 2024 to USD 5.55 billion by 2031. This represents a compound annual growth rate (CAGR) of 2.8% during the forecast period.

Market Insights

Outboard engines are pivotal propulsion systems for a variety of marine crafts, including fishing boats, leisure boats, rescue vessels, and specialized boats. The essential components of an outboard engine include a gearbox, an engine, and a propeller, which collectively facilitate propulsion and steering control for small watercraft. The market for outboard engines is thriving, driven by the rising demand for efficient and advanced marine equipment. Increased participation in water sports and leisure boating has further amplified the need for these engines.

Drivers of Growth

Several key factors are propelling the outboard engines market:

1. Advantages of Outboard Engines: The numerous benefits offered by outboard engines, including ease of installation and maintenance, are attracting consumers.

2. Maritime Tourism: The growth of global maritime tourism has led to an increase in demand for recreational boats and engines.

3. Fishing Industry Expansion: A thriving fishing industry is contributing to the rising need for high-performance engines.

4. Marine Protection Projects: Growing concerns over marine conservation and protection projects are stimulating demand for more efficient engines.

5. Water Sports Popularity: The increasing popularity of water sports is driving the sales of motor-powered boats, leading to higher demand for outboard engines.

6. Cargo Shipping Growth: The expanding cargo shipping industry necessitates a higher demand for various types of watercraft, enhancing the need for outboard engines.

7. Technological Innovations: Manufacturers are investing in innovative technologies to produce lightweight and efficient outboard engines, further increasing their appeal in the market.

Business Opportunities

The outboard engines market presents lucrative opportunities for manufacturers and stakeholders. As recreational boating continues to rise, particularly in the United States, manufacturers can capitalize on the growing need for powerful and efficient outboard engines. The shift towards larger, more advanced boats requires innovative engine solutions, leading to increased demand for high-performance outboard engines.

Regional Analysis

United States

The United States is one of the most significant markets for outboard engines, holding an impressive 86.4% share of the North American market. The demand for new boats surged in 2020, driven by an increase in outdoor recreational activities. The National Marine Manufacturers Association (NMMA) reported a 12% rise in retail unit sales of new powerboats in the U.S. from 2018 to 2019, with over 310,000 new powerboats sold in 2020. This growth trend is expected to continue, bolstered by the presence of prominent market players in the region.

Asia Pacific

The Asia Pacific region is emerging as a highly attractive market, anticipated to grow at a CAGR of 5.3% from 2024 to 2031. Countries like India, Singapore, Malaysia, Thailand, and Indonesia are experiencing a rise in maritime tourism, contributing to the growth of the outboard engines market. The Indian government’s initiative, Maritime India Vision 2030, aims to enhance the maritime industry, ensuring safety and sustainability.

Japan

Japan is expected to expand at a CAGR of 2.7% from 2024 to 2031 and is projected to hold a significant share of the global market. Japan’s strong presence in the shipping and maritime industries, producing 20-25% of the world's commercial vessels, presents considerable opportunities for outboard engine growth.

Category-wise Insights

Power Type

Outboard engines above 100 HP lead the market, accounting for 49.7% of global market share. The demand for larger boats that require powerful engines has driven growth in this segment, marking a shift towards higher horsepower consumption.

Technology Type

The four-stroke electronic fuel injection segment dominates the market with a 42.8% share. Most manufacturers are focusing on this technology due to its efficiency and advanced features, which cater to the increasing demand for performance-driven outboard engines.

Competitive Landscape

The outboard engines market is characterized by a high degree of consolidation, with key players holding over 40% of the total market share. Companies are focusing on product diversification and innovation to adapt to market changes, such as the transition towards environmentally-friendly fuels and the creation of larger boats. Major players in the market include:

• DEUTZ Aktiengesellschaft
• Honda Motor Co., Ltd.
• Brunswick Corporation
• Suzuki Motor Corporation
• BRP Inc.
• Tohatsu Corporation
• Yamaha Motor Co., Ltd.
• LEHR, LLC
• Kräutler Elektromaschinen Gmbh
• Volvo Penta
• Yongkang Longxiao Industry
• Parsun Power Machine Co., Ltd

Outboard Engines Market Segmentation

By Power Type

• Less than 30 HP
• 30 HP to 100 HP
• Above 100 HP

By Technology Type

• Two Stroke Carbureted
• Two Stroke Electronic Fuel Injection
• Two Stroke Direct Injection System
• Four Stroke Carbureted
• Four Stroke Electronic Fuel Injection

By Start Type

• Electrical
• Manual

By Boat Type

• Fishing Vessels
• Recreational Vessels
• Special Purpose Boats

By Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East & Africa

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