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Outboard Engines Market Size By Engine (2-stroke, 4-stroke, Electric), By Fuel (Diesel, Gasoline, Electric), By Power (Low, Mid, High), By Ignition (Electric, Manual), By Application (Commercial, Recreational, Military), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032

  • Report ID: GMI4386
  • Published Date: Jan 2023
  • Report Format: PDF

Industry Statistics

Outboard Engines Market surpassed USD 10.5 billion in 2022 and is expected to grow at 5% CAGR from 2023 to 2032. Snowballing interest in recreational boating, as well as strong economic growth, is set to fuel the industry growth.
 

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The expansion of the tourism sector, along with the strengthening distribution network is foreseen to stimulate product adoption. According to the World Tourism Organization (UNWTO) in 2021, global tourist arrivals grew by over 4% as compared to 2020. The development of marine infrastructure and the rising demand for recreational boats are thus facilitating outboard engines industry progression further. Meanwhile, in April 2022, OXE Marine, collaborated with Diesel Outboard, a U.S. distributor and manufacturer, to improve its customer outreach.
 

Price hikes in modern engines may restrain industry development

Prohibitive prices of modern outboard engines are a major factor restraining growth of outboard engines market. The espousal of several technologies in the motor system may hinder product demand. For instance, in April 2018, Yamaha Motor Corporation launched an advanced version of the SR320FB cruiser with the Helm Master outboard control system, which escalated the costs of the cruiser by 6% as compared to the previous versions. Nonetheless, the surging popularity of recreational events and increasing production & sales of yachts are expected to help key players overcome this issue.
 

Mounting prominence of sustainability to favor the 4-stroke engine segment

 

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The 4-stroke engine market is anticipated to reach more than USD 9.5 billion by 2032. These engines are effective in adaptability, dependability and flexibility, which encourages the industry participants to manufacture such engines. In April 2022, Honda Power Products India entered the marine outboard business with a four-stroke engine range that aims to offer a fuel-efficient and sustainable solution for splendid speed and thermal performance.
 

Supportive government policies to amplify Asia Pacific industry revenues

Authors: Kiran Pulidindi

Frequently Asked Questions (FAQ) :

The industry size of outboard engines was worth USD 10.5 billion in 2022 and is set to grow at 5% CAGR from 2023 to 2032 owing to the strong economic growth of developed coastal regions and a shift in consumer interest towards recreational boating.
The recreational segment is anticipated to exceed a valuation of USD 12.5 billion by 2032 due to rapidly increasing sales of recreational boats, which is promoting the demand for outboard motors.
The electric ignition type is poised to garner USD 15.5 billion by 2032 on account of ongoing advancements in battery performance and convenience qualities associated with electric motors.
The industry for outboard engines in Asia Pacific is slated to attain 7.5% gains through 2032, as a result of government policies that encourage and improve the boating infrastructure in the region.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 419
  • Countries covered: 20
  • Pages: 350
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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