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Outboard Engine Market Analysis

  • Report ID: GMI4386
  • Published Date: Feb 2024
  • Report Format: PDF

Outboard Engine Market Analysis

By engine type, the 4-stroke engine segment dominated around USD 6 billion revenue in 2023. Fuel efficiency and compliance with environmental regulations are key drivers for the demand for 4-stroke outboard engines. These engines are known for their improved fuel efficiency and lower emissions, aligning with environmental standards and regulations. 4-stroke engines often have longer service intervals compared to 2-stroke engines. This factor contributes to reduced maintenance requirements and downtime, appealing to boaters looking for engines with extended reliability and less frequent service needs.

One of the demand drivers for 2-stroke outboard engines is their simplicity and lightweight design. Boaters often prefer these engines for their straightforward construction, ease of maintenance, and reduced weight, making them suitable for smaller boats and applications where weight is a critical factor. The demand for electric outboard engines is primarily driven by a growing emphasis on environmental sustainability. Boaters seeking eco-friendly alternatives with zero emissions contribute to the demand for electric propulsion systems.

Outboard Engine Market Revenue Share, By Fuel Type, (2023)

Based on fuel type, the gasoline segment held over 81% of the outboard engine market share in 2023. Gasoline outboard engines are versatile and widely available, making them a preferred choice for a broad range of boating applications. The ease of access to gasoline fuel contributes to the popularity of these engines. Gasoline engines are known for their ease of handling and straightforward refueling process. Boaters appreciate the convenience of refueling at standard gas stations, contributing to the demand for gasoline outboard engines.

Diesel outboard engines are known for their fuel efficiency and long-range capability. Boaters undertaking long-distance voyages, commercial applications, and offshore operations often choose diesel engines for their extended range. Electric outboard engines offer quiet operation and low vibration, enhancing the overall boating experience. Boaters valuing a serene and peaceful environment on the water contribute to the demand for electric propulsion.

U.S. Outboard Engine Market Size, 2021 - 2032 (USD Billion)

North America outboard engine market accounted for 55% of the revenue share in 2023. North America has a strong and vibrant recreational boating culture. Enthusiasts engage in various water activities, including fishing, cruising, and water sports. The demand for outboard engines is driven by the region's love for boating and the desire for reliable and efficient propulsion systems. The number of boat sales and registrations directly impacts the demand for outboard engines.

North America experiences consistent boat sales, with a steady influx of new boat owners and boating enthusiasts driving the need for outboard propulsion. Coastal areas, lakes, and rivers in North America attract tourists and residents alike for water-based activities. The demand for outboard engines is influenced by the tourism industry and the popularity of recreational boating destinations.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of outboard engine reached USD 10 billion in 2023 and is set to witness 5.5% CAGR from 2024 to 2032, led by rising recreational boating activities attributed to the strong economic growth.

Gasoline segment held the dominant market share of 81% in 2023, owing to the versatility and wide availability of diesel based outboard engines

North America market held a revenue share of 55% in 2023, driven by the regional consumer’s love for boating and the desire for reliable & efficient propulsion systems.

Camfil, Cox Powertrain, Elco Motor Yachts, Evinrude, Honda Motor Co., Ltd, LEHR LLC, Mercury Marine, Inc, Mudd Hog Mud Motors, LLC, and Powertec Group are some of the major industry contenders.

Outboard Engine Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 250
  • Countries covered: 22
  • Pages: 387
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