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Outboard Engines Market to Grow to $9.98 Billion in 2024, Driven by Yacht Production Surge - TBRC Report
Outboard Engines Market Report
As per the report, 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 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%.
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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.
Product Innovations Transforming The Outboard Engine Market
Product innovation is the key trend gaining popularity in the outboard engine market. Major companies operating in the outboard engine market are focusing on developing outboard engines with better fuel efficiency and fewer emissions. For instance, in February 2021, Mercury Marine, a US-based marine engine manufacturer, operating in the outboard engines market, launched a 7.6-liter V12 600- Verado outboard engine. The Verado outboard engine has a steerable gearcase that pivots freely up to 45 degrees, rather than 30 degrees and boosts a boat's agility by having contra-rotating propellers. Verado outboard engine has a two-speed automatic transmission.
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
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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
Contents of the report:
1. Executive Summary
2. Outboard Engines Market Report Structure
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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