The global marine outboard engine market is poised to witness stunted growth of of 1.7% and is pegged to be valued more than US$ 3.9 Bn by the end of forecast period (2020 – 2030). Plummeting global demand for fish and seafood due to the coronavirus pandemic is likely to halt commercial fishing activities, thus idling boat fleets.
The coronavirus outbreak has negatively impacted sales of marine outboard engines, affecting at least 0.4% of the global GDP. At the same time, manufacturers are suspending production due to falling demand, and insufficient inventory.
For instance, In March 2020, Brunswick Corporation stopped production of all its marine outboard engines due to scarce raw material supply as well as projected near term weakness in the market.
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Segmentation
By Region
- North America
- Europe
- East Asia
- South Asia
- Latin America
- Oceania
- Middle East & Africa
By Engine Type
- Two Stroke Carburetted
- Two Stroke Electronic Fuel Injection
- Two Stroke Direct Injection System
- Four Stroke Carburetted
- Four Stroke Electronic Fuel Injection
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Marine Outboard Engine Market Boat Type Insights:
The marine outboard engines used in fishing vessels is projected to expand at CAGR of 1.7% to be value at more than US$ 1.7 Bn by the end of forecast period. Engines used in fishing vessels account for the majority share in the global marine outboard engines market.
However, the demand for these engines lowered significantly in the last fiscal quarter due to a major slump in the commercial fishing industry amid the COVID-19 pandemic. This is attributed to the substantially collapsed demand for seafood due to restaurant closures, generating a dormancy in the fishing industry.
Essential Takeaways from the Marine Outboard Engine Market Report
- Comparison of prominent players operating in the Marine Outboard Engine Market.
- Recent developments and key strategies adopted by market players.
- Study of the micro and macro-economic growth indicators.
- Impact of the various factors on the value chain of the Marine Outboard Engine Market.
- Growth opportunities for emerging market players in various regional markets.
- Current trends influencing the scenario of the Marine Outboard Engine Market.
Important queries related to the Marine Outboard Engine Market addressed in the report:
- Who are the most prominent players in the Marine Outboard Engine Market?
- What are the factors that are likely to hinder the growth of the Marine Outboard Engine Market during the forecast period (2021-2031)?
- Why is the concentration of tier-1 companies high in specific region?
- How are the soaring prices of raw materials impacting the demand for keyword?
- Why are market players eyeing opportunities in particular region?
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