Pune, India, Aug. 23, 2021 (GLOBE NEWSWIRE) --
The global outboard engine market size is poised to witness a lucrative growth during the forecast period as recreational activities like boating are growing in demand among people across the world. Watersport and fishing activities are becoming popular events in different regions. Boats are being produced for commercial purposes as the need to boost the fisheries sector across the globe has gone up.
Some of the trends across regions fostering the development of outboard engine market are expounded below:
COVID-19 impact on Asia Pacific outboard engine demand:
Asia Pacific outboard engine market is estimated to be valued at over $1.5 billion by 2027. For now, the COVID-19 pandemic had severely affected the industry. All types of water sports and transportation activities slowed down, and many businesses were forced to temporarily shut down their operations due to a major lack of manpower and raw materials. This resulted in steep decline in the demand for boats, both for recreational and commercial purposes.
Since boats were no longer in demand during this period, the need to produce outboard engines for the same may have reduced significantly. However, the situation in Asia Pacific is beginning to gain normalcy as COVID-19 positive cases are reducing at a rapid rate. Ease in movement restrictions and lockdowns will help the regional industry pick up pace in the coming years.
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Two-stroke engines witness significant demand in Asia Pacific:
There are various types of outboard engines used in different boats like two-stroke, four-stroke and electric engines. Two-stroke engines are expected to gain traction among consumers in APAC region. A major reason for this is their rising use in small and medium-sized boats. Two-stroke engines are quite lightweight in nature and improve the acceleration power of newly installed engines.
Different advanced technologies are being used in the production of these engines to improve their fuel efficiency and performance. This is an important factor enhancing the demand for two-stroke engines among boat owners in Asia Pacific.
Gasoline becomes popular fuel for outboard engine:
While many types of fuel are used to power outboard engine, gasoline will experience high demand among consumers in Asia Pacific. The regional outboard engine market size from gasoline segment will record a CAGR of 7% through 2027. Gasoline-powered outboard engine technologies are undergoing notable innovations and advancements. It will help companies in increasing the average power output rate and range of these engines.
Outboard engine has a unique technology called automation fuel injection system that injects fuel directly into the piston at 2900 PSI. This system will play an important role in raising the demand for gasoline-powered outboard engines among customers in APAC region.
Commercial sector in Europe raises demand for outboard engine:
Europe outboard engine market size is expected to surpass $2.6 billion by 2027. Outboard engines enjoy a wide application across commercial, recreational, and military sectors. The commercial sector in Europe is expected to create high demand for outboard engine in the forthcoming years. The main reason for this is that the region is witnessing a notable progress in its fisheries sector.
Boat manufacturers in the region are increasingly adopting new and innovative techniques of producing vessels that not only feature new designs but create an aesthetic appeal as well. The boating industry in Europe is seeing continuous progress to attract large number of buyers and increase the sales. All of this will play an important role in fostering the market for outboard engine in the region.
Access sample pages of the report, “Europe Outboard Engine Market Forecasts 2027” in detail along with the table of contents (ToC) @
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Electric engines gain momentum in Europe:
Electric engines will see high demand among end-users in Europe and the regional industry share from this engine type will register over 6.2% CAGR up to 2027. One of the most important reasons for this is that European nations are increasing their focus on replacing fossil fuels with renewable sources of energy. The main aims of regional governments are to drastically reduce their dependence on fossil fuels and decrease their carbon emission rates to a great extent.
Governments across Europe are introducing schemes to encourage companies to produce electric engines as they do not pollute the environment. The companies benefit from these initiatives by not only reducing their own carbon footprint but by receiving various tax holidays and subsidies from the authorities as well. Customers in the region are becoming more conscious of their surrounding environment and are buying eco-friendly products. It will reduce their negative impact on the environment, thereby raising the demand for electric engines in boats.
Recreational activities increase in Europe:
Europe is seeing a steady rise in the number of recreational activities. Rise in the income levels of people in the region has resulted in increased spending on boating and water sports activities. Europe is seeing a sharp rise in the percentage of people who want to participate in various fishing activities, thereby raising the demand for outboard engines in boats. Towards the second half of 2021, many areas in Europe are witnessing the resumption of tourism and water sports activities. Fishing levels are going up to the usual volumes, ensuring gradual return to normalcy for marine engine companies.
Boat sales’ gradual rise in North America:
North America outboard engine market size is anticipated to cross $7.6 billion by 2027. Recreational activities are quite popular in North America and a rising number of people participate in these events every year. The percentage of participation has increased by many folds because of rise in the spending capacity of the regional population. It has resulted in increased demand for recreational boats.
According to a report published by The National Marine Manufacturers Association, the sales of recreational boats saw uninterrupted progress for the seventh consecutive year. Over 87 million adults participate in recreational activities like fishing, water skiing and traveling in the US. As the sale of boats shows promising improvement, the demand for outboard engine in these boats is expected to rise in the coming years.
Access sample pages of the report, “North America Outboard Engine Market Forecasts 2027” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/1648/sample
Electric outboard engine installation in North America:
North America outboard engine market size from electric engine segment will record a CAGR of 3.1% over 2021-2027. The region has one of the highest carbon emission rates in the world. Governments across North America are bringing in initiatives to reduce their global carbon footprint and are encouraging outboard engine manufacturers to switch to producing electric variants.
For example, US-based outboard engine producer, Pure Watercraft Inc. is increasing the production of electric engines to replace the conventionally used ones. This move will help bring down the power usage to under 50 HP, resulting in much enhanced efficiency.
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