Global Outboard Engine Market Insights and Forecast to 2028

The global Outboard Engine market size is estimated to be worth US$ 4621.5 million in 2022 and is forecast to be a readjusted size of US$ 5518.3 million by 2028 with a CAGR of 3.0% during the review period. Key drivers of the outboard engines market include growing demand for fuel-efficient, cost-effective engines in small-medium boats, and various benefits of outboard engines in comparison to sterndrive and inboard engines. Further, the increasing popularity of water recreational activities, growing water clubs, are expected to propel the growth of the outboard engines market in the coming years. Moreover, the increasing desire for electric-powered boats in the marine industry and a growing need for high-power, high-speed boats are expected to propel the growth of the market during the forecast period.

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Trends Influencing The Growth of the Outboard Engine Market
Growing demand for fuel-efficient engines and benefits of outboard engines

Increasing advancements in technology have led to the development of engines that consume less fuel, are environment-friendly, and are more reliable. Moreover, outboard engines have a variety of benefits in comparison to sterndrive and inboard engines. Due to strict exhaust emission restrictions put in place by various countries, sterndrive engines require additional exhaust catalyst and fuel injection technology for reducing pollution which requires users to pay more. On the other hand, Outboard engines produce less noise, are cost-effective leading to wide scale adoption for small-medium scale boats ultimately surging the growth of the outboard engines market during the forecast period.

Growing water clubs and increasing popularity of water recreational activities

Watersports are increasingly growing as people are spending more on leisure and recreational activities. As income levels are rising around the globe boating, water clubs and fishing are attracting a lot of people. The demand is further accelerated due to increasing advancements in outboard technology. Manufacturers are focussing on innovations to profit from the growing leisure activity. Thus increasing water clubs and recreational activities are expected to provide lucrative opportunities for the growth of the outboard engines market during the forecast period.

Rise of electric power and growing high powered high-performance boats

The usage of high-powered diesel engines is gaining traction in the marine industry which requires outboard engines to power these high-performance boats. In addition to it, electric propulsion outboards are becoming popular due to easy use, eco-friendly, less engine noise and vibrations. These electric engines are used by boat owners in fishing, pleasure boats, cruisers, pontoons, and tender boats. Moreover, the outboard engines have fewer moving parts and are less likely to wear out or break down. Thus widescale adoption of electric-powered outboard engines and growing usage of high-powered boats is accelerating the growth of the outboard engines market during the forecast period.

Outboard Engine Market Share Analysis
Based on product type, the electric segment is expected to provide lucrative opportunities for growth in the outboard engines market share during the forecast period due to large-scale usage in military and recreational activities.

Based on region, Europe is expected to provide lucrative opportunities for growth in the outboard engines market share due to the presence of key market players and increasing engagement in water recreational activities. On the other hand, North America will rise significantly during the forecast period due to the popularity of recreational activities such as powerboats, cruising, and sailing, etc.

Outboard Engine Market By Product Type
Fuel-Oil Outboard
Electric Outboard

Outboard Engine Market By End User/Application
Personal Boat
Commercial Boat
Government Enforcement Boat

SIMILAR REPORT

https://reports.valuates.com/market-reports/QYRE-Auto-16X7316/global-electric-outboard-engines

https://reports.valuates.com/market-reports/QYRE-Auto-13Y9570/global-marine-outboard-engines

https://reports.valuates.com/reports/ALLI-Manu-1N50/recreational-boating

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This release was published on openPR.