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Marine Outboard Engines Global Market Analysis, Trends, Growth, Research And Forecast 2033
Marine Outboard Engines Global Market Analysis
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovation is a key trend gaining popularity in the marine outboard engine market. Major companies operating in marine outboard engines are focused on developing innovative solutions to strengthen their position in the market. For instance, in January 2023, Yamaha Motor Co.Ltd., a Japan-based manufacturing company, launches its new marine outboard engines, the XTO 450hp V8 and the XTO 400hp V8, which will offer users increased acceleration and faster speeds. This outboard engine comes with a new cowl design, refined new graphics, and new features, including full tilt capability with an integrated tilt limiter and integrated digital electric steering (DES). In addition, durability is ensured for easy maintenance and charging, and a silent muffler has been added to improve quietness at high speeds.
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Major Key Players of the Market:
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.
Marine Outboard Engines Market 2024 Key Insights:
• 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%.
• Surging Demand For Marine Transportation Propels Growth In The Marine Outboard Engine Market
• Product Innovation Transform The Marine Outboard Engines Market Growth
• North America was the largest region in the marine outboard engines market in 2023
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