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Outboard Boats Market worth over $9 Bn by 2028
- Published Date: January 27, 2022
Outboard Boats Market size is set to surpass USD 9 billion by 2028, according to a new research report by Global Market Insights Inc.
Supportive government regulations to promote the marine tourism sector will drive outboard boat sales across the globe. Various government in countries, such as Norway, Canada, Australia, and Singapore, are taking initiatives, to improve the market size. For instance, in September 2021, the Government of Norway announced to provide a fast driving license after completing the theoretical and practical exams. The license will be provided to recreational boat drivers, allowing them to achieve a speed of more than 50 knots.
The increasing popularity of outboard boats is encouraging market leaders to invest in R&D for new product innovation and enrich their position. Companies are launching new series of recreational boats to gain high valued contracts from potential business clients.
Key market factors adversely impacting outboard boat sales are high repair costs and increasing boat accidents worldwide. Limited availability of boat training centers and expensive accessories are creating a hindrance in outboard boats market growth. Moreover, rising environmental hazards fueled by leisure boating activities are challenging the industry. Growing usage of cleaning disinfectants and motorboat operations are affecting coral reefs and fishes in the water, thereby contributing to environmental degradation.
Analyst view: “Emergence of outboard boats with modern aesthetic designs and advanced technology integration is propelling the market revenue. Industry players are significantly investing in new boat innovations and marketing, which will create robust growth opportunities.’’
The overall outboard boats market demand was adversely affected in 2020 and 2021 due to the outbreak of COVID-19. Most countries went through a strict lockdown several times in the past two years to curb the virus transmission. These lockdowns resulted in the shutdown of outboard boat manufacturing facilities, unavailability of labor & employees, and shortage of raw materials owing to disturbance in international imports & exports. Industry participants related to boat manufacturing & selling faced significant financial constraints by temporary business closure. However, the market is anticipated to witness an upward trend after the pandemic impelled by government initiatives to enhance marine tourism and investment by OEMs for new product innovations.
Browse key industry insights spread across 180 pages with 223 market data tables & 21 figures & charts from the report, “Outboard Boats Market By Type (Recreational Boat [Pontoon, Bowrider, Express Cruiser, Center Console], Rigid Inflatable Boat, Utility Boat, Water Taxi), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028”, in detail along with the table of contents:
Focus on new model launches by utility boat manufacturers
Over 25% of the outboard boats market share was held by utility boats in 2021. Utility boats generally consist of fishing boats, small transport boats, bass boats, and sport boats. These boats have a high-speed capacity and ample storage space, thus playing a vital role in boosting the market statistics. Additionally, their low market prices will significantly contribute to the global industry proliferation.
Utility powerboats, also known as utility vessels, are widely used for offshore platform towing at desired locations and to supply goods to large maritime vessels & offshore people. Key players are focusing on new product innovations in utility boats to gain a considerable market share and to improve their net sales.
Presence of various market players and their focus on gaining high valued contracts in Europe
The Europe outboard boats market is expected to reach around USD 2 billion by 2028. The presence of several boat manufacturers and the availability of a larger potential customer base are providing a positive outlook for powerboats in the region. Industry leaders are focusing on accelerating their boat sales by strengthening their corporate liaison with government & business clients. For instance, in August 2021, Zodiac Boats received a contract for 13 new Zodiac Hurricane RIBs from the Spanish navy’s Marine Corps. The company will deliver these boats to the military by 2023 and the contract also includes optional spare support, logistics support & training.
Major players operating in the outboard boats market include POSEIDON BOATS, Bombardier Recreational Products Inc., Marine Products Corporation, Brunswick Corporation, Waterline Systems, Inc., Campion Marine Inc., Nimbus Group, Sightseer Marine, Inc., Polaris Inc., White River Marine Group, LLC, Groupe Beneteau, and Cantieri Capelli S.r.l.
Companies are adopting several business strategies including new boat launches, partnerships & collaborations, and event participation to improve their market statistics. They are heavily focusing on partnerships and collaborations to improve the operation efficiency of their boats and increase their revenue streams.