Press release
Outboard Engines Market Report 2024-2033: Segments, Analysis, and Overview with Outlook
Outboard Engines Market
The Business Research Company presents an extensive market research report on the 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 outboard engines market size has grown strongly in recent years. It will grow from $9.43 billion in 2023 to $9.98 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to boating and recreational activities, fishing industry growth, expansion of marine tourism, boat manufacturing industry, economic factors and disposable income.
The outboard engines market size is expected to see strong growth in the next few years. It will grow to $12.7 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to electrification of marine propulsion, stringent emission regulations, growing interest in water sports, rising demand for small boats, global expansion of boating culture. Major trends in the forecast period include smart and connected technologies, advancements in technology, integration of advanced technologies, rise in demand for environmentally friendly engines, shift towards electric and hybrid propulsion.
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Key Market Players:
Major companies operating in the outboard engines market report are Honda Motor Co Ltd., Volvo Penta, Suzuki Motor Corporation, Yamaha Motor Co Ltd., Brunswick Corporation, Bombardier Recreational Products Inc. Mercury Marine, Electric Launch Company Torqeedo GmbH, Lehr LLC, Oxe Marine AB, Cox Powertrain Ltd., Hidea Power Machinery Co Ltd., Golden Motor Technology Co Ltd., Mudd Hog Mud Motors LLC, Parsun Power Machine Co Ltd., Powertec Outboards, Spirit Marine Outboards, Tohatsu Corporation, Evinrude Outboard Motors Selva Marine S.p.A., Suzhou Sail Motor Co Ltd., SeaProp 60 Outboard Motors, Tanaka Outboards, Mikatsu Marine Outboards, Ray Electric Outboards, Zongshen Selva Marine Co Ltd., Aquawatt Electric Outboards, Sevaan Outboard Motors, Pioneer Engines, Minn Kota Motors, Seven Marine LLC
Market Drivers:
Rising production and sales of yachts are expected to propel the growth of the outboard engine market going forward. Yachts refer to large sailboats or motorboats used for racing or pleasure cruises. Outboards engine are extensively used for the propulsion of yachts for their simplicity and they are easy to mount. For instance, in February 2022, according Vesselsvalue limited, a UK-based online valuation and data provider for the maritime industry, the sales of superyachts witnessed a notable increase in 2021, with 887 units sold, reflecting a 77% rise compared to the figures recorded in 2020. Therefore, rising production and sales of yachts will drive the outboard engine market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/outboard-engines-global-market-report
The outboard engine market covered in this report is segmented -
1) By Type: Fuel-Oil Outboard, Electric Outboard
2) By Engine Type: 2-Stroke, 4-Stroke, Electric
3) By Application: Personal Boat, Commercial Boat, Government Enforcement Boat, Other Applications
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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