Newark, June 19, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 11.2 billion outboard engines market will reach USD 20.2 billion by 2033. There is a direct relationship between the recreational boating sector and the outboard engine market. As disposable incomes rise and leisure time gains popularity, there is a growing demand for boats with outboard engines for various applications such as fishing, watersports, and cruising. The demand for boats and outboard motors is rising due to global maritime tourism. The need for dependable outboard engines is growing as more people venture out onto beaches and other bodies of water for adventure and fun. The market for outboard engines is growing due to advances in outboard engine technology, which has enhanced fuel efficiency, durability, power output, and pollution control. Manufacturers of engines are always innovating to develop more efficient, ecologically friendly engines. Because they power many fishing vessels, outboard engines are essential to the fishing industry.
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The increasing global demand for seafood is driving the need for fishing boats and outboard engines. Like any other piece of equipment, outboard engines require maintenance or replacement. As older models age or become less efficient, there is a natural market need for new engines, particularly among boat owners who place a high value on performance and dependability. The market for outboard engines is greatly impacted by macroeconomic factors such as rising GDP, interest rates, and consumer confidence. During prosperous economic times, consumers' inclination to engage in recreational activities such as boating drives the demand for outboard engines.
North America will account for the largest market size during the forecast period.
Due to strong economic growth and rising disposable income, the outboard engine industry in North America has been expanding. North America is witnessing increased income levels and propensity for recreational and leisure activities compared to other regions. In 2023, the top three states in the US for marine spending were Florida, Texas, and Michigan. Many boat manufacturers are opening new locations due to the growing demand, which shows how popular recreational boats have become in the nation.
The electric segment dominated the market with the most significant revenue of USD 6.49 billion.
The electric segment dominated the market, with the most significant revenue of USD 6.49 billion. The advancement of high-performance lithium-ion batteries has significantly improved energy density, endurance, and efficiency for electric propulsion systems. These advancements have made electric outboard motors more feasible for a variety of applications, including boating—both recreational and commercial.
The diesel segment dominated the market with the most significant revenue of USD 4.70 billion.
The diesel segment dominated the market, with the most significant revenue of USD 4.70 billion. Outboard engines operated using diesel are widely used in heavy-duty applications such as offshore activities, commercial fishing, and carrying large vessels as they provide torque at lower RPMs than gasoline engines.
The commercial segment dominated the market with the most significant revenue of USD 4.36 billion.
The commercial segment dominated the market, with the most significant revenue of USD 4.36 billion. Outboard engines are widely used by maritime service providers, such as marinas, harbour patrols, coast guards, and maritime police, for patrolling, rescue operations, and other nautical responsibilities. Furthermore, outboard engines are commercially used in aquaculture for equipment movement, upkeep of fish farms, and observation.
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Market Dynamics:
Drivers: Replacement market
Outboard engines, when compared to old-fashioned engines have higher horsepower, reduced emissions, and improved fuel efficiency, which is expected to drive the market’s growth. Furthermore, the changing environmental regulations for replacing older engines with newer, greener units reduce carbon emissions also add to the market’s growth.
Restraint: Shifts in consumer preferences
Outboard are engines are highly popular among consumers. However, people these days are becoming environmentally conscious, due to which they prefer Electric outboard engines and natural gas or propane-powered engines. Thus the changing preferences of consumers are expected to hinder the market’s growth.
Some of the major players operating in the outboard engines market are:
● Honda Motor Co. Ltd
● Tohatsu Corporation
● Suzuki Motor Corporation
● Hidea Power Machinery Co. Ltd
● Selva SpA
● DEUTZ Aktiengesellschaft
● Brunswick Corporation
● LEHR LLC
● Yamaha Motor Co. Ltd
● Parsun Power Machine Co. Ltd
Key Segments cover in the market:
By Ignition Type:
● Manual
● Electric
By Fuel Type:
● Electric
● Gasoline
● Diesel
By Application:
● Military
● Recreational
● Commercial
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About the report:
The global outboard engines market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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