Growing Tourism In Emerging Economies To Spur The Outboard Engines Market Growth 2027

Developing nations like China, Australia and India are investing in the recreational boating industry owing to increased interest from visiting tourists is one of the key factors responsible for the increased consumption of outboard engines.

According to a report published by Global Market Insights Inc., the outboard engines market is predicted to exceed over USD 13 billion by the end of 2027.

The leisure boating industry has received a significant boost in recent times. This is mainly owing to the interest of tourists to explore the seas and the oceans. Such a growing demand from tourists has made manufacturers emphasize developing efficient vessels that can provide an optimum experience to tourists. These factors are responsible for the augmented demand of the outboard engines market.

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The usage of additive manufacturing for producing engine components has increased the production of outboard engines. This method can easily produce complex and cost-effective components whilst minimizing wastage. With strict emission norms and changes in the weight requirements, the key players are forced to invest heavily in research and development activities. Such investments will promote industry growth.

Technological advancements like twist-grip throttle designed for easy maneuverability have made it possible for industry players to develop motors that function effectively in all climatic conditions. This is the primary reason for the high demand for manual ignition outboard engines.

With increased integration of outboard engines in rigid inflatable boats, the military segment will probably exhibit a CAGR of 4.5% over the forecasted timeframe. Military applications prefer diesel outboard engines over their petrol counterparts due to additional safety features. In addition, outboard engines have improved the reconnaissance system of amphibious military vehicles. These factors have significantly bolstered the segment demand.

The Europe market for outboard engines accounted for a revenue share of over 20% in 2020. This can be credited to growing tourism coupled with a rising number of boat makers established in the region. In addition, increased number of boat shows like the Düsseldorf International Boat Show will help manufacturers in promoting their prototypes and upcoming products, thereby boosting the growth of the market.

Many major boat makers are establishing strategic partnerships to strengthen their market position. For instance, Cox Powertrain partnered with Metal Shark Boats in November 2018. This has allowed Cox Powertrain to expand its business in the commercial as well as the defense industry.

Some manufacturers have also constructed production facilities in strategic locations to increase their business in the region. For instance, Tohatsu Corp., in September 2018, constructed its research & development plant in Tokyo. This plant will R&D of outboard engines, thus allowing the company to develop innovative products and enhance the industry.

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However, the COVID-19 pandemic has impacted the production of leisure boats due to strict lockdowns by various regulatory authorities. This factor has negatively impacted the growth of the outboard engines market. But, with the lockdown being lifted eventually, the industry is gradually coming back to pace.

Table of Contents (ToC) of the report:

Chapter 4 Market, By Engine Type
4.1 Global outboard engines market insights, by engine type
4.2 2-stroke
4.2.1 Global market estimates and forecasts, 2017 - 2027
4.2.2 Market estimates and forecast, by region, 2017 - 2027
4.3 4-stroke
4.3.1 Global market estimates and forecasts, 2017 - 2027
4.3.2 Market estimates and forecast, by region, 2017 - 2027
4.4 Electric
4.4.1 Global market estimates and forecasts, 2017 - 2027
4.4.2 Market estimates and forecast, by region, 2017 - 2027

Chapter 5 Market, By Fuel Type
5.1 Global outboard engines market insights, by fuel type
5.2 Diesel
5.2.1 Global market estimates and forecasts, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3 Gasoline
5.3.1 Global market estimates and forecasts, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 - 2027
5.4 Electric
5.4.1 Global market estimates and forecasts, 2017 - 2027
5.4.2 Market estimates and forecast, by region, 2017 - 2027

Chapter 6 Market, By Power
6.1 Global outboard engines market insights, by power
6.2 Low
6.2.1 Global market estimates and forecasts, 2017 - 2027
6.2.2 Market estimates and forecast, by region, 2017 - 2027
6.3 Mid
6.3.1 Global market estimates and forecasts, 2017 - 2027
6.3.2 Market estimates and forecast, by region, 2017 – 2027
6.4 High
6.4.1 Global market estimates and forecasts, 2017 - 2027
6.4.2 Market estimates and forecast, by region, 2017 - 2027

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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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Email: sales@gminsights.com

About Global Market Insights, Inc.
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.

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