Selbyville, Delaware, May 25, 2022 (GLOBE NEWSWIRE) --
The outboard engines market is expected to surpass USD 15.5 billion by 2030, as reported in a research study by Global Market Insights Inc. The rising popularity of recreational activities, such as sailing, powerboat racing, and cruising, is set to predominantly boost market size by 2028. Frequent launches of advanced engines with improved performance for heavy boat applications will support industry expansion. The rising demand for outboard engines in commercial & leisure boats is forcing industry participants to invest in advanced technologies, thereby driving engine production.
Rising consumer spending on recreational activities in line with the growing requirement for customized boats to bolster market revenue through 2030. Frequent launches of new engine models combined with technological advancements in propulsion systems will enhance the performance of boats. Additionally, government initiatives to support the development of boating infrastructure coupled with increasing boating events will hold market value.
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High-powered outboard engines will showcase significant growth propelled by the rising preference for large leisure boats by boat users. Several market players including Yamaha Motor Co., Ltd., Suzuki Marine, and Honda Motor Co., Ltd. are investing in the development, upgrading, and launching of advanced engines to cater to the increasing need for large boats.
The electric ignition type segment to witness around 5% growth rate in outboard engines market from 2022 to 2030. Electric start outboard motors are experiencing a surge in demand due to advantages in terms of convenience. Electric start offers hassle-free ignition of the motor through the push of a button. Advancements in battery technology have also supported their increasing adoption. Batteries hold charge reliably and for longer time periods, enabling boat manufacturers to implement the electric start option in small outboard motors.
The Asia Pacific outboard engines market is anticipated to register 8% gains during 2022 to 2030. Supportive government programs & grants for the development of maritime recreational infrastructure are providing a positive outlook in industry size. Improvements in recreational facilities and the construction of boating infrastructure are positively influencing product penetration in the coming years.
Continuous product launches along with the introduction of electric propulsion in power fishing boats will proliferate product acceptance. The key players in the global outboard engines market include Elco Motor Yachts, Cox Powertrain, Tohatsu Corporation, Golden Motor Technology Co., Ltd., Honda Motor, Evinrude, LEHR LLC., Mercury Marine, Inc., Powertec Group, Suzuki Marine, Torqeedo GmbH, Mudd Hog Mud Motors, LLC., Volvo Penta, Yamaha Motor Co., Ltd., and Yanmar Co., Ltd.
Some of the major findings in the outboard engines market report include:
- The 4-stroke engine type segment dominated the global outboard engines market and is projected to dominate more than 50% revenue share by 2030.
- The gasoline fuel-type segment accounted for the largest share in the global outboard engines market. This segment is poised to grow at a CAGR of 5% between 2022 and 2030.
- Manufacturers in the market are primarily focusing on research & development and new technological expansion to manufacture better quality outboard engine products. Companies are also implementing strategic alliances, such as partnerships, joint ventures, collaborations, and mergers & acquisitions, to gain market positions.
- The market is moderately consolidated due to the presence of several large & small players and new industry players face moderate entry barriers owing to technological expertise & low capital investment requirements.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Global outboard engines industry 360° synopsis, 2018 - 2030
2.1.1 Business trends
2.1.2 Engine type trends
2.1.3 Fuel type trends
2.1.4 Power trends
2.1.5 Ignition type trends
2.1.6 Application trends
2.1.7 Regional trends
Chapter 3 Global Outboard Engines Industry Insights
3.1 Industry segmentation
3.2 COVID-19 impact on outboard engines industry
3.3 Industry ecosystem analysis
3.4 Pricing analysis (including COVID-19 impact)
3.5 Technology landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Increasing recreational boating activities
3.7.1.2 Rising production and sales of yachts
3.7.1.3 Improved economy and the rising government funding for infrastructure development
3.7.1.4 Growing tourism sector along with the strengthening distribution network
3.7.1.5 Increasing disposable income along with surging import & export activities
3.7.2 Industry pitfalls & challenges
3.7.2.1 Prohibitive prices of modern outboard engines
3.8 Innovation & sustainability
3.9 Growth potential analysis, 2021
3.10 Porter’s analysis
3.11 Competitive landscape
3.12 PESTLE analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
