Pune, India, Sept. 07, 2022 (GLOBE NEWSWIRE) --
The global outboard engine market size is estimated to showcase a strong growth during the forecast timeframe, owing to the growing popularity of leisure activities such as sailing, powerboat racing, and cruise. With renewed interest in recreational and commercial marine activities post COVID-19, the market has been witnessing promising growth. Illustrated below are the 6 factors accelerating global outboard engine sales over 2022-2028:
- 4-stroke outboard engines emerge as a popular choice in APAC market
Thanks to the wide variety of power outputs and efficiency features, Asia Pacific four-stroke outboard engine market share will grow with an 8% CAGR through 2027. When compared with 2 stroke engines, 4 stroke engines have greater fuel efficiency since fuel is consumed once every 4 strokes.
Additionally, with power generated only once between these strokes, with no oil or lubricant added to the fuel, these is less pollution. The engine has adaptive speed control features that keep the rpm constant regardless of load variation, boosting the driving pleasure.
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- Commercial applications garner momentum in Asia Pacific
The commercial applications would be worth more than $320 million by 2028. This is largely due to the region's rapid economic expansion. The increased sale of recreational boats will have a beneficial influence on the installation of outboard motors.
To cater growing market demands, industry participants have been rolling out innovative engines for a wide range of commercial applications. For example, Honda India Power Products announced the debut of its 4-stroke engine family in India in March 2022, entering the marine outboard market in April 2022. These engines will find widespread application in commercial fishing, marine border security, and taxi boat services.
- Germany outboard engine market outlook
Due to increased import and export activity, Germany high-power outboard engines is expected to be valued at $60 million by 2028. The country boats a thriving maritime trade sector, which is boosting opportunities for recreational boating and adventure sports such as canoeing, sailing, swimming, rowing, and others that high power fast boats.
According to Federal Statistical Office estimates, Germany exported products worth more than $1430 billion and imported goods worth more than $1250 billion in 2021. In fact, during the same year, the country's external trade balance showed a surplus of around $180 billion. Such advances in commerce and recreational activities are likely to drive the demand for outboard engines in the region.
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- Soaring electric fuel sales in Europe
Europe outboard engine market share from the electric fuel segment will generate more than $250 million sales by 2028, thanks to the growing popularity of EVs and increased concerns about lowering emissions and carbon footprints.
These concerns have led in an increase in the installation and retrofitting of electric-powered outboard engines throughout the years. Outboard engines with electronic ignitions, as opposed to manually operated ignitions, are gaining ground in this regard.
- Electric outboard engines make waves in North America
The appeal of electric vehicles has been soaring over the last decade. The boating industry is not exempt, with electric boats being viewed as the next big thing that will be around for a long time. With rising concerns about climate change and pollutants, electric motors have shown to be the ideal alternative and have made a strong effect in the boating industry.
North America electric outboard engine market size will generate $7,610 million in sales by 2028, triggered by a growing emphasis on assisting in the transition to a more sustainable future and reducing reliance on fossil fuels. Thanks to the growing popularity of electric engines for watercraft, outboard engine companies have been making the switch to electric to power their cruisers, pontoons, fishing, and tender boats.
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- Continual interest in recreational boating in North America
The COVID-19 pandemic sparked interest in outdoor leisure activities such as boating in the United States and Canada. The recreational boating sector in the United States has seen remarkable growth due to the introduction of first-time boat buyers into the market.
According to National Marine Manufacturers Association (NMMA) 2020 projections, over 415,000 first-time boat purchasers entered the market in 2020. Such figures have the potential to create new opportunities for the North America outboard engine industry, which is expected to surpass the annual valuation of $8.1 billion by 2028.
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