Global Marine Outboard Engine Market Is Poised To Witness Stunted Growth Of Of 1.7% By 2031

Marine Outboard Engine Market Insights:
The global marine outboard engine market is poised to witness stunted growth of of 1.7% and is pegged to be valued more than US$ 3.9 Bn by the end of forecast period (2020 – 2030). Plummeting global demand for fish and seafood due to the coronavirus pandemic is likely to halt commercial fishing activities, thus idling boat fleets.

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The coronavirus outbreak has negatively impacted sales of marine outboard engines, affecting at least 0.4% of the global GDP. At the same time, manufacturers are suspending production due to falling demand, and insufficient inventory.

For instance, In March 2020, Brunswick Corporation stopped production of all its marine outboard engines due to scarce raw material supply as well as projected near term weakness in the market.

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In addition, nation-wide lockdowns imposed in numerous countries have restricted movement of people resulting in a sharp downturn in marine tourism. Marine outboard engine repairs and maintenance services have also witnessed a sharp downfall. Demand and prices have collapsed in Asian markets, which has the largest consumption of seafood. This has reduced the demand for marine outboard engines.

Marine Outboard Engine Market Boat Type Insights:
The marine outboard engines used in fishing vessels is projected to expand at CAGR of 1.7% to be value at more than US$ 1.7 Bn by the end of forecast period. Engines used in fishing vessels account for the majority share in the global marine outboard engines market.

However, the demand for these engines lowered significantly in the last fiscal quarter due to a major slump in the commercial fishing industry amid the COVID-19 pandemic. This is attributed to the substantially collapsed demand for seafood due to restaurant closures, generating a dormancy in the fishing industry.

This, in turn is expected to hit the queued expansion plans of the major fishing companies. Consequently it is poised to hamper the demand for marine outboard engines used in fishing vessels in next couple of fiscal quarters. The EU has enacted emergency measures to give financial aid to help the fishing and aquaculture industries.

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Key Segments of the Marine Outboard Engine Market
Fact.MR’s study on the marine outboard engine market offers information divided into two key segments-power, engine, ignition, boat, across seven major regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.

Power

Less than 30 HP
30HP to 100 HP
Above 100 HP
Engine

Two Stroke Carburetted
Two Stroke Electronic Fuel Injection
Two Stroke Direct Injection System
Four Stroke Carburetted
Four Stroke Electronic Fuel Injection
Ignition

Electric
Manual
Boat

Fishing Vessel
Recreational Vessel
Special Purpose Boats
Region

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa
Caribbean

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Marine Outboard Engine Market Regional Insights
North America has dominated the global marine outboard engine market throughout the historical period. The region created an absolute $ opportunity worth US$ 325.5 Mn between 2015 and 2019. The booming marine industry in the U.S. makes the region most suitable for marine outboard engine manufacturers.

The U.S. registered sales of around 280,000 boats in 2019, accounting for 2.2% of the country’s GDP. However, the outbreak of the COVID-19 pandemic in North America is expected to drastically impact the economy of the region. Marine outboard engine manufacturers are halting production due to expected latency in the market in the near future. Consequently, this is poised to hinder the growth of the marine outboard engine market in North America. In Fact.MR’s report, North America is projected to account for 51.4% share of the global market by the end of forecast period.

Marine Outboard Engine Market Manufacturer Strategies:
Global marine outboard engine market is highly consolidated and competitive. Leading players are introducing new products in order to retain their position in the market. For instance, in February 2019, Mercury Marine, a subsidiary of Brunswick Corporation launched 400hp Verado, the highest power outboard engine that company offers.

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