Home > Pressrelease > Outboard Engines Market revenue to reach $17 Bn by 2032
Outboard Engines Market revenue to reach $17 Bn by 2032
- Published Date: January 31, 2023
Outboard Engines Market size is anticipated to exceed USD 17 billion by 2032, according to the latest research report by Global Market Insights Inc.
The rising production and sales of yachts are the chief drivers of the industry trends. The upsurge in recreational watercraft pursuits across Europe has proliferated the use of yachts and cruises. Strict standards set by the European Union governing noise and exhaust emissions have prompted businesses to innovate motors that accommodate these requirements, which is likely to improve the outboard engines market outlook.
Improved engine efficiency to accelerate demand for 2-stroke outboard engine
The 2-stroke segment is slated to amass around USD 6 billion by 2032. Latest developments in engine technology have also played a substantial role in impelling their usage. Market players are continuously investigating and experimenting with the technology to leverage the abilities of two-stroke technology. For example, in November 2021, Wartsila, a Finnish manufacturer, announced the release of its innovative platform for converting two-stroke main engines to be able to run on clean-burning future fuels rapidly and cost-efficiently.
Environmental benefits to influence the need for electric-fueled engine
The electric outboard engines market is projected to progress at over 6% CAGR between 2023 and 2032. Electric outboard engines are becoming more popular due to their qualities, such as ease of use, lack of noise, vibration, and emissions, and better reliability as a result of fewer moving components. According to a study about a hybrid-electric taxi boat in Lagoon, a hybrid-electric outboard is effective in small vessel boats for urban cities due to low pollution and a clean carbon footprint.
Development of products with high horsepower to shape the industry landscape
The high-powered outboard engines type is speculated to reach USD 9.5 billion in revenue by 2032. With the introduction of lightweight engines with direct fuel injections and significant tech innovations, efficient motors with improved dependability and lower environmental pollutants have become preferred drive engines, which is speculated to create massive growth potential for the segment.
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 (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” in detail along with the table of contents:
Modernization of pull start technology to push manual ignition outboard motors uptake
The manual outboard engines market is estimated to depict 5% CAGR during 2023-2032. Recent advancements, including automatic decompression, have made manual rope start operation a primary choice for all-season fleets. To cite an instance, Japanese manufacturer Yamaha’s extended its F25 outboard motor range in January 2022, which offers an automatic decompression system with a secondary manual pull start and tiller handle that sustains cylinder pressure, providing better versatility in performance.
Rising need for high-power outboard engines to augment commercial segment growth
The utilization of commercial outboard engines in daily-use boats is set to remain high. The outboard engines industry share from commercial applications to be worth over USD 3 billion by 2032. As commercial boats operate day-long in challenging conditions, several global boat businesses deploy outboard engines due to their high-powered outboard motors for efficient and dependable operations, which is boosting the demand for stern drive engines in commercial applications.
Increasing consumer interest in leisure boating to push North America industry growth
The North America outboard engines market is primed to grow at more than 4% CAGR from 2023 to 2032. The region may emerge as a major hub for this industry owing to a robust economy, rising standard of living, and consumer interest in leisure pursuits, such as powerboat racing, sailing, and cruising. Additionally, the soaring focus of marine engine manufacturers on developing new products to provide capable solutions to draw clients is driving the growth of regional market.
Technological upgradation in 4-stroke outboard engines to remain a key progress strategy
The competitive industry landscape is slated to witness product development efforts and business growth tactics by major players. For instance, in February 2022, Tohatsu Corporation, a Japanese outboard motor manufacturer, enhanced its existing line with the addition of next-generation MFS25D and MFS30D 4-stroke model outboard engines. The key companies profiled in the business scenario are Cox Powertrain, Mudd Hog, LEHR LLC., Honda Motor Co., Ltd., Tohatsu Corporation, Torqeedo GmbH, Volvo Penta, Yanmar Co., Ltd., and Mercury Marine, Inc., among others.
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