Global Outboard Boat Market Poised to Reach USD 8.78 Billion by 2030 Amidst Boating Boom

► Global Outboard Boat Market Set to Reach USD 8.78 Billion by 2030 Amidst Rising Demand for Recreational Boating

The global outboard boat market is experiencing significant growth, driven by increasing interest in recreational boating and advancements in marine technology. According to industry reports, the market was valued at USD 5.84 billion in 2023 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 6% through the forecast period, reaching approximately USD 8.78 billion by 2030. ​

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► Market Dynamics Fueling Growth

The surge in marine leisure activities, coupled with technological innovations in outboard motors, has significantly contributed to market expansion. The integration of electric and hybrid propulsion systems is enhancing performance and environmental sustainability, attracting a broader consumer base.

► Competitive Landscape

The market is characterized by the presence of several key players striving for market share through innovation and strategic partnerships. Notable companies include Suzuki Marine, Yamaha Motor Company, Tohatsu, Mercury Marine, Honda Marine, BRP, and Volvo Penta.

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► Regional Demand Insights

North America dominates the outboard boat market, with the region's boating and fishing market projected to increase to USD 28 billion by 2030. This growth is attributed to the rising popularity of recreational boating and water sports.

► Country-Specific Developments

• Vietnam:

Outboard Boat Opportunities in Vietnam

Vietnam's expanding tourism industry and coastal developments have led to increased demand for outboard boats, presenting significant opportunities for market growth.​

• Thailand:

Outboard Boat Growth in Thailand

Thailand's thriving hospitality and water taxi services have driven the growth of the outboard boat market, ensuring continuous demand for reliable marine transportation.​

• Japan:

Outboard Boat Trends in Japan

Japanese companies like Suzuki Marine and Tohatsu are at the forefront of technological advancements in outboard motors, focusing on fuel efficiency and environmental sustainability.

• South Korea:

Outboard Boat Consolidation in South Korea

South Korea's emphasis on maritime activities and shipbuilding has led to the consolidation of the outboard boat market, with companies forming strategic alliances to enhance product offerings.​

• Singapore:

Outboard Boat Updation in Singapore

Singapore's commitment to maintaining a robust maritime infrastructure has led to continuous updates and modernization of outboard boats, ensuring compliance with the latest efficiency and environmental standards.​

• United States:

Outboard Boat Market Consolidation in the U.S.

The U.S. market has witnessed consolidation activities, with companies like Brunswick Corporation acquiring Freedom Boat Club in May 2019, aiming to expand their presence in the boat club segment.

• China:

Outboard Boat Expansion in China

China's rapid urbanization and growing interest in recreational boating have led to a significant increase in the deployment of outboard boats to support the expanding leisure marine sector.​

• Europe:

Outboard Boat Trends in Europe

European countries are increasingly focusing on integrating sustainable and efficient outboard boats to support their environmental goals and promote eco-friendly tourism.

► Key Recent Developments

April 2021: Japanese company Nakashima Propeller Co. Ltd. acquired a majority stake in Becker Marine Systems, aiming to enhance its product portfolio in marine propulsion systems. ​

November 2022: Correct Craft acquired Indmar Marine Engines, expanding its footprint in the marine engine market and enhancing its product offerings. ​

October 2021: Brunswick Corporation completed its acquisition of Navico, a global leader in marine electronics and sensors, adding brands like Lowrance, Simrad, B&G, and C-MAP to its portfolio.

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► Outboard Boat Market Classifications

• by Type

Recreational boats
Rigid inflatable boats
Utility boats

The Outboard Boat Market is categorized by Type into recreational boats, rigid inflatable boats, and small utility boats. Rigid inflatable boats are lightweight yet high-performance and high-capacity vessels that cannot sink. They are built with a rigid bottom joined to sides that form air tubes, which are inflated to a high pressure to provide firm rigidity along the top sides of the boat. This type of boat has a high market share because it is low-cost compared to other forms of boats and is commonly used in many large cruise ships.

• by Application

Tourism
Water sports
Commercial use
Leisure activity

The market can be divided into segments based on application, including tourism, water sport, leisure activity, and commercial activity. The primary reason for purchasing boats is for commercial purposes, more so than other uses. Commercial boating can encompass fishing, water taxi services, and any other activities where boats are utilized for commercial purposes. The fishing industry is projected to grow by 3 trillion USD by 2030, while the water taxi market is estimated at 415 billion USD. Thus, the growing use of boats for commercial purposes will result in a growth of the Outboard boat market.

• by end user

Fishing
Water taxi
Transportation
Hospitality business

The market can be segmented based on the end user into fishing, water taxi services, transportation, and hospitality sectors. The fishing and water taxi markets are growing at a CAGR of 4% during the forecast period from 2024 to 2030, and this consistent growth will contribute to the rise of the outboard boat market. In certain regions of the world, the business of water taxi services is novel and has potential for capturing a larger market share.

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► The following companies are included in the market for Outboard Boat :

1. Bombardier Products Inc
2. Brunswick Corporation
3. Campion marine Inc.
4. Cantieri Capilli S.R.L
5. Groupe Beneteau
6. Mahindra & Mahindra
7. Polaris Inc
8. Poseidon Boats
9. Ribcraft Ltd
10. Scout Boats
11. Seaark LLC.
12. Stingray Boats
13. White River Marine Group
14. Zodiac Milpro Inc
15. Ferretti Group
16. Tracker Boats
17. Bravia Yachtbau
18. Hoble Boats

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