Press release
Outboard Engines Global Market Report 2024 - By Growth, Size, Share, Demand, Forecast To 2033
Outboard Engines
The Business Research Company offers in-depth market insights through Outboard Engines Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Surging Yacht Production Fuels Expansion In The Outboard Engine Market
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.
Competitive Landscape:
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
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Top Trend - Electric Outboard Motors Reshaping The Outboard Engine Market
Major companies operating in the outboard engine market are developing new products such as electric outboard motors to gain a competitive edge in the market. Electric outboard motors are propulsion systems designed for boats and watercraft that use electric power for propulsion instead of traditional fuel sources. For instance, in November 2023, ePropulsion, a Hong Kong-based outboard motors company, launched X Series of electric outboard motors, featuring three distinct models i.e the X12 with 12kW power, the X20 generating 20kW, and the powerhouse X40 boasting an impressive 40kW. These motors offer a total powertrain efficiency of 88.2%, setting a new standard for eco-conscious cruisers. The X Series prioritizes innovation with a unique algorithm for propellers, frequency resonance isolation, and vibration dampening technology for a quieter and less vibrating experience. Weighing up to 36% less than traditional motors, the X Series boasts a compact, fully integrated design, unifying steering, power trim/tilt, and control units for easy installation and optimized onboard space. The ePropulsion Smart System Architecture (eSSA) ensures a seamless experience, supporting renewable energy integration. With features such as Advanced Driving Assistance Systems, connectivity functions, and compliance with the latest IEC standards, the X Series redefines electric propulsion for a cleaner, quieter, and more connected boating experience.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Outboard Engines Market Characteristics
3. Outboard Engines Market Trends And Strategies
4. Outboard Engines Market - Macro Economic Scenario
5. Outboard Engines Market Size And Growth
…..
27. Outboard Engines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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