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What's Driving the Outboard Engine Market Growth? Cox Powertrain, Elco Motor Yachts, Evinrude, Golden Motor Technology, Honda Motor Powertec Group, Suzuki Marine, Tohatsu, Torqeedo GmbH, Volvo Penta, Yamaha Motor

03-23-2020 08:41 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Outboard Engine Market

Outboard Engine Market

Outboard engine market applications are classified into recreational, military and commercial. With the rise in cross border tensions and political instabilities in many countries, there is a need for a robust military industry across the globe. The market is witnessing increasing adoption of these motors in inflatable boats. Moreover, the requirement for boats for the U.S. coast guards is influencing the market dynamics.

outboard engine market is depicting immense traction majorly due to the rise in disposable income among people which has led to increase in recreational and leisure boating activities. Surging demand for boating activities has steered innovations in the industry thereby leading to the usage of these motors in new leisure boats and watercrafts due to their compact design and ease in handling.

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Moreover, the deployment of outboard engine allows the boat manufacturers to provide wide interior space to the customers and enhanced engine acceleration characteristics. Global outboard engine market size is estimated to exceed USD 17 billion by the end of 2025.

Growing carbon emission levels coupled with stringent regulations set by the government and other regulatory authorities to control environmental degradation has led to the adoption of electric fuel type engines over the years. According to reports, electric fuel type engines segment is estimated to witness significant growth rate of approximately 8.5% over the projected period owing to the innovations and technological advancements in electric motors.

With respect to the types of power, high-powered engine technology has gained popularity over the years. In fact, high powered engines are likely to contribute more than USD 9.5 billion towards outboard engine market size by 2025.

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In terms of geographical expansion, North America could emerge as a promising revenue ground for outboard engine market share in the coming years. High purchasing power in the region along with rising spending on boating and recreational activities will complement product penetration.
Stable economic development coupled with growing support from government to improve the boating infrastructure and maintain marine life will boost business growth. Moreover, there is growing prevalence of various boat manufacturers and motor distributors across the region aiming towards strengthening the industry landscape and coping with the gradually increasing consumer demand.

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