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Outboard Boats Market Size
- Report ID: GMI5179
- Published Date: Jan 2022
- Report Format: PDF
Outboard Boats Market Size
Outboard Boats Market size exceeded USD 5 billion in 2021 and is projected to grow at over 6% CAGR from 2022 to 2028. Increasing consumer spending on recreational activities and water sports is encouraging boat companies to launch new models, thereby driving the industry growth.
Outboard boats are experiencing an increase in demand globally due to rising inclination toward outdoor recreational activities and significant participation in boating events. Boat manufacturers are emphasizing on improving the productivity of their boats for their market share enhancement. Furthermore, rising boat club spending on boating event promotion is accelerating the market revenue.
Outboard boats are becoming popular not only for riding activities but also owing to increasing awareness regarding the health benefits of water sports. Several government authorities are establishing strategic partnerships with each other to improve boating activities will create a favorable environment for the market. For instance, in November 2021, the U.S. government announced a deal with the EU to remove retaliatory tariffs on American boats sold in Europe. This deal will result in a 25% discount in custom duties on American-made boat engines and boats sold in Europe.
Outboard boats are witnessing an upward market trend on account of increasing OEMs initiatives on new product innovations. Market players, such as Brunswick Corporation, Walker Bay Boats, Inc., and Malibu Boat, are introducing innovative outboard boats to gain a higher revenue share.
| Report Attribute | Details |
|---|---|
| Base Year: | 2021 |
| Outboard Boats Market Size in 2021: | 5 billion (USD) |
| Forecast Period: | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR: | 6% |
| 2028 Value Projection: | 9 billion (USD) |
| Historical Data for: | 2017 to 2021 |
| No. of Pages: | 180 |
| Tables, Charts & Figures: | 244 |
| Segments covered: | Type |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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High investments, which are required to build outboard boat manufacturing facilities are important factors impacting the industry statistics. The high prices and ownership cost of outboard boats led by expensive maintenance activities are affecting the outboard boats market worldwide. Additionally, the limited availability of skilled labor and boat riders, especially for express cruiser and center console, is creating a hindrance in the industry.
The worldwide spread of COVID-19 in 2020 and 2021 impacted outboard boats demand in the international market. In 2020, the industry was challenged by various factors including the limited availability of skilled employees, shutdown of manufacturing facilities, and international supply chain disruptions. Manufacturers closed their boat production facilities several times in 2020 & 2021 impelled by increasing number of COVID-19 patients.
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Outboard Boats Market Scope
