Outboard Engines Market size is slated to surpass USD 15.5 billion by 2030, according to a new research report by Global Market Insights Inc.
The easy availability of affordable day boats along with luxury yachts is providing a positive outlook for the outboard engines industry expansion. The introduction of new yacht models equipped with technologically advanced features and fuel-efficient propulsion systems is further strengthening product penetration.
Rising yacht import & export activities are certainly influencing the industry growth. Increasing consumer preference toward utilizing high-performance powerboats is majorly driving the demand for outboard motors. Additionally, growing requirements for compact boats with enhanced connectivity and comfortable sailing cockpits are escalating the adoption of new generation recreational boats, thereby supporting the outboard engines market growth.
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Prohibitive prices of modern outboard engines owing to the acceptance of several technologies in the motor system may restrict business. Before the marine vessel motor can be used, rigorous tests have to be performed to ensure boat safety and receive an approval from coast guards. Furthermore, outboard engines are submerged in water and are required to adopt high-quality materials that resist the corrosive effects of saltwater. This further adds to the cost of the overall engine production, thereby limiting product penetration.
The fluctuating raw material prices around the globe due to the trade disputes between the U.S. and China are mounting production costs and increasing product values by 2030. In addition, industry participants are also testing raw materials in their in-house lab to ensure material quality, thereby enhancing the market revenues.
Browse key industry insights spread across 300 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Gasoline-operated outboard engines market statistics
The gasoline-operated engines segment is projected to register a CAGR of over 3% in terms of volume through 2030. Rising recreational & watersports activities are the major impacting factors affecting the business dynamics of gasoline-operated outboard engines.
Rising outboard engine demand from recreational applications
The recreational application is poised to dominate with above 70% of the outboard engines market share by 2030. The rising need for outboard engines can directly be conjugated with the surge in recreational boat sales. For example, according to the data published by the National Marine Manufacturers Association (NMMA), the U.S. recreational boating market from powerboat valuation rose to 4% in 2018, which is approximately 280,000 units. This rise in boat industry coupled with a positive economic stance is driving the value of outboard engines in the recreational boat market.
Increasing use of two-stroke motors to spur the global market
The two-stroke motor segment is expected to register approximately 5% gains during 2022-2030. The growing requirement for two-stroke motors can be attributed to high torque output, lighter weight, low maintenance costs, and excellent power-to-weight ratio. Companies are constantly experimenting & exploring with two-stroke technologies to take advantage of its capabilities.
Europe is set to exhibit steady growth for outboard engines
The Europe outboard engines market will generate around USD 3 billion by 2030. A strong presence of engine manufacturers together with the rising urge for motorboats and sailboats is expected to drive the market returns in 2030. Rising marine tourism combined with ongoing developments in boating infrastructure and yachting marina will further propel product adoption. The increasing production turnover of boats, engines, and equipment in the region will boost market share.
Some of the top players in the outboard engines industry include Elco Motor Yachts, Cox Powertrain, Tohatsu Corporation, Golden Motor Technology Co., Ltd., Evinrude, LEHR LLC, Honda Motor Co., Ltd., Mercury Marine, Inc., Powertec Group, Suzuki Marine, Torqeedo GmbH, Mudd Hog Mud Motors, LLC., Volvo Penta, Yamaha Motor Co., Ltd., and Yanmar Co., Ltd.
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