Outboard Engines Market size worth over $13 Bn by 2027
Published Date: January 22, 2021 Authors: Kiran Pulidindi, Akshay Prakash
Outboard Engines Market size is expected to exceed USD 13 billion by the end of 2027, according to a new market research study published by the Global Market Insights, Inc.
The rising demand for pontoon along with the requirement of large horsepower outboards owing to the all-in-one experience provided from fishing to cruising to watersports will proliferate the outboard engine industry growth. According to the National Marine Manufacturers Association (NMMA), new pontoon sales are estimated to be up 4% - 6% in 2018. The incorporation of outboard engines in pontoon to offer enhanced fuel efficiency and ease in operation will further support market demand.
Continuous product launches coupled with the introduction of electric propulsion for power fishing boats will proliferate the demand. For instance, in June 2019, Mercury Marine launched Supercharged 4.6 liter V8 outboard that provides a 40% higher torque than 400R and superior power to weight ratio in a compact size. Additionally, the incorporation of several technologies including variable valve timing, multistage induction, and two-stage gear reduction will enhance the operational characteristics of new engines.
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Increasing yachts production and sales across Europe
The increasing production and sales of yachts on account of the growing leisure watercraft activities across Europe will support the outboard engines market statistics. Several countries including the UK, Germany, Italy, and France are major yacht manufacturing countries across the globe. Stringent exhaust & noise emission norms mandated by the European Union and developments in outboard engines are providing lucrative opportunities for market expansion.
Browse key industry insights spread across 350 pages with 396 market data tables & 23 figures & charts from the report, “Outboard Engines Market Size By Engine Type (2-stroke, 4-stroke, Electric), By Fuel Type (Diesel, Gasoline, Electric), By Power (Low, Mid, High), By Ignition Type (Electric, Manual), By Applications (Commercial, Recreational, Military), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The electric ignition type outboard engine is projected to witness around 3% CAGR through 2027. Electronic ignition is increasingly adopted in low-powered boats to provide an instant start in all-weather conditions. Moreover, industry players including Mercury Marine and Suzuki Marine are launching low-powered outboards with electric ignition. Increasing boating and fishing industry across Latin America and Asia Pacific will drive the demand for boats.
Collective emphasis on decreasing carbon emissions is likely to drive the demand for electrical outboard engines
In terms of volume, the electric fuel type outboard engines market is set to generate more than USD 1 billion by 2027. Multiple favorable factors comprising the ease of operations, absence of fumes & engine noise, lack of vibrations, and increased reliability due to minimal moving parts is driving the segment growth. The surge in the adoption of outboard electric propulsion systems from recreational boats, pontoons, fishing boats, kayaks, and tender boats will further fuel the market revenue.
Asia Pacific is forecast to account for above 10% market share due to improving boating infrastructure and supportive government policies. The increasing demand for luxury boats by high net-worth individuals will significantly propel the adoption of high-powered outboard boats.
Some of the major manufacturers in the global outboard engines market are Honda Motor Co., Ltd., Mercury Marine, Inc., Suzuki Marine, Yamaha Motor Co., Ltd., Powertec Group, and Mudd Hog Mud Motors, LLC., among others.
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