The global marine outboard engine market will reach a valuation of US$ 4,370.5 million in 2022 and is expected to progress at a CAGR of 2.8% to reach US$ 5,735.1 million by the end of 2032.
Adoption of outboard engines in recreational activities account for more than 1/4th market share by the end of 2022. The category of high-horsepower marine outboard engines is on fire owing to the augmenting demand for heavier and larger boats. Growing sales of boats that require high-power engines are forecasted to drive the market for the marine outboard engine in the future.
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Some of the important advantages of an outboard engine include: being easy to operate on the outboard of the ship, being easy to disassemble, relatively cheaper than inboard engines, and four-cylinder engines are quitter and vibration free.
The market is mainly prevalent in developed regions such as North America and Europe. The U.S. is the largest independent market for outboard engines, while Japan is the largest exporter of outboard engines. Additionally, with the rapidly growing marine tourism industry, there has been a rise in the demand for the marine outboard engine in developing countries as well.
Key Takeaways from Market Study
- The global marine outboard engine market will reach US$ 4,370.5 million by 2022.
- The market witnessed 2.3% CAGR between 2017 and 2021.
- Above 100 HP in the power segment dominates the market with US$ 2,168.4 million valuations in 2022.
- Under boat type, fishing vessels dominates the market and are valued at US$ 1,924.8 million in 2022 and a market share of 44.0%.
- Based on region, demand for marine outboard engine expected to increase in North America during the forecast period and capture market share of 52.1%.
Competitive Landscape
Focus on the expansion of its business through increasing its sales offices & distribution centers to enhance its presence across the globe. Key manufacturers are found to be involved in material optimization, technological advancement, and productivity to cater to a wide customer base worldwide.
- Marine motors a subsidiary of Brunswick Corporation declared its partnership with Frydenbø in 2020. It will be an engine partner to the Nordkap and Sting boat brands.
- Yamaha Motor Co., Ltd. made an investment in a U.S startup called Siren Marine, in March 2021. Siren Marine Company utilizes IoT technology and provides smart boat solutions for innovatively connecting the marine industry.
Key Companies Profiled:
- Brunswick Corporation
- DEUTZ AG
- Honda Motor Co., Ltd
- Suzuki Motor Corporation
- BRP Inc
- Yamaha Motors Co., Ltd.,
- Mahindra and Mahindra, Johnson Outdoors, Inc.
- Kräutler Elektromaschinen GmbH
- Parsun Power Machine Co., Ltd.
- Volvo Penta
- Tohatsu Corporation.
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Key Questions Covered in the Marine Outboard Engine Market Report
- What is the projected value of the Marine Outboard Engine factors Industry in 2022?
- At what rate will the global Marine Outboard Engine factors market size grow until 2032?
- Which are the factors hampering the growth of Marine Outboard Engine factors?
- Which region is expected to lead in the global Marine Outboard Engine factors market By 2032?
- Which are the factors driving the Marine Outboard Engine factors Industry during the forecast period?
- What is the expected market value of the Marine Outboard Engine factors market during the forecast period?
Regional Analysis For Marine Outboard Engine Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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