Press release
Marine Outboard Engines Market 2024 Size, Share, Trends, Drivers, Challenges, Demand And Revenue Outlook 2033
Marine Outboard Engines Market
The Business Research Company presents an extensive market research report on the Marine Outboard Engines Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The marine outboard engines market size has grown steadily in recent years. It will grow from $4.37 billion in 2023 to $4.52 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to recreational boating trends, consumer preferences for lightweight engines, boating industry expansion, environmental regulations, economic growth.
The marine outboard engines market size is expected to see steady growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to electrification trends, advanced materials and manufacturing, global tourism growth, rising middle-class population, stringent emission standards. Major trends in the forecast period include smart technology integration, government incentives for green technologies, technological advancements, electrification of outboard engines, efficiency and fuel economy.
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Key Market Players:
Major companies operating in the marine outboard engines market report are Honda Motor Co Ltd., Selva SpA, AB Volvo, Suzuki Motor Corporation, The Electric Launch Company, Yamaha Motor Co Ltd., Mahindra And Mahindra Limited, Bombardier Recreational Products Inc., Brunswick Corporation, YANMAR Marine International B.V., Hidea Power Machinery Co Ltd., Parsun Power Machine Co Ltd., Mercury Marine, Deutz AG, Johnson Outdoors Inc., PropEle Electric Boat Motors Inc., West Marine, Greaves Cotton Ltd., Torqeedo GmbH, Taizhou Gongda Motors Parts Co Ltd., LEHR Holdings LLC, Cimco Marine AB, Oxe Marine AB, Cox Powertrain Ltd., Krautler Elektromaschinen GmbH, Tohatsu Corporation, Hangzhou Hidea Power Machinery Co Ltd., Marine Power Inc., Yongkang Longxiao Industry And Trade Co Ltd., Suzhou Parsun Power Machine Co Ltd.
Market Drivers:
The surging demand for marine transportation is expected to propel the growth of the marine outboard engine market going forward. Maritime transport refers to a mode of transport in which goods or people are transported via sea routes. Marine outboard engines are primarily attached to marine transportation boats which increase the boat's speed and allow the boat to slice through the water more easily. Hence, the increasing marine transportation will result in demand for marine outboard engines. For instance, in March 2023, according to a report published by Statistics Finland., a Finland-based government agency, in 2023, Finland transported 1.2 million metric tones of goods by general cargo where all together, 0.7 million persons were transported in passenger traffic, and import volume increased by 10% to 4.0 million metric tones. and foreign shipping traffic totaled 7.4 million metric tones in 2023. Additionally, according to Handbook of statistics 2022 published by United Nations Conference on Trade and Development, a Switzerland-based Intergovernmental organization, seaborne trade jumped by 3.2% in 2021. Therefore, surging demand for marine transportation is driving the growth of the marine outboard engine market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/marine-outboard-engines-global-market-report
The marine outboard engine market covered in this report is segmented -
1) By Engine Type: Two Stroke Carbureted, Two Stroke Electronic Fuel Injection, Two Stroke Direct Injection System, Four Stroke Carbureted, Four Stroke Electronic Fuel Injection
2) By Boat Type: Fishing Vessel, Recreational Vessel, Special Purpose Boats
3) By Power: Less Than 30 HP, 30 HP To 100 HP, Above 100 HP
4) By Ignition Type: Electric, Manual
5) By Application: Military, Civilian
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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