Press release
Outboard Engines Market to Reach USD 14.65 Billion by 2029, Growing at 5% CAGR
Outboard Engines Market
According to a new report, the global Outboard Engines Market was valued at USD 10.41 billion in 2022 and is projected to reach USD 14.65 billion by 2029, expanding at a CAGR of 5% during the forecast period (2023-2029). Growth is driven by the rising popularity of recreational boating, fishing, and water sports, alongside technological advancements in engine efficiency and fuel economy.
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Key Highlights
Market Size & CAGR: USD 10.41 Bn in 2022 → USD 14.65 Bn by 2029 at 5% CAGR.
Leading Segment: Diesel outboard engines gaining traction due to safety and efficiency, especially in military and commercial use.
Fastest-Growing Region: Asia Pacific expected to lead, supported by rising disposable incomes and marine recreation.
Key Drivers: Growth in recreational boating, fuel-efficient technologies, and expansion of water sports clubs.
Top Companies: Yamaha, Suzuki, Honda, Brunswick, Mercury Marine, Torqeedo, Seven Marine, Powertec, Hidea.
Market Outlook
The outboard engines market is witnessing steady growth, supported by demand for small and medium-powered boats used in fishing, leisure, and transport. Advances in propeller materials, BLAST technology, and fuel injection are enhancing performance, durability, and efficiency. Recreational boating is a major growth driver, with the U.S. Coast Guard reporting over 84.5 million Americans participated in boating in 2018. Rising consumer spending on leisure activities further supports market expansion.
Regional Insights
North America: Accounted for over 40% market share in 2020, driven by strong recreational boating culture and consumer spending. Annual marine product expenditure reached USD 47 billion in 2020 in the U.S.
Europe: Growth supported by rising boat sales, recreational boating, and water sports popularity.
Asia-Pacific: Expected to dominate by 2029 due to economic growth, rising disposable incomes, and increased investment in boat manufacturing.
Middle East, Africa & South America: Emerging opportunities from growing water sports activities and defense applications.
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Key Players
The competitive landscape features leading global manufacturers focusing on innovation, distribution networks, and environmentally friendly designs. Key companies include:
Yamaha Motor Co., Ltd.
Suzuki Motor Corporation
Honda Motor Co., Ltd.
Brunswick Corporation (Mercury Marine, Freedom Boat Club)
Tohatsu America Corp.
Torqeedo GmbH
Seven Marine LLC
Hidea Power Machinery Co., Ltd.
Elco Motor Yachts, LLC
For deeper market insights, peruse the summary of the research report: https://www.maximizemarketresearch.com/market-report/global-outboard-engines-market/106127/
Analyst Quote
The outboard engines market is set for sustainable growth, driven by recreational boating, fishing, and rising demand for fuel-efficient engines. Asia-Pacific and North America remain key markets, while diesel outboard innovations present new opportunities," said a lead analyst from the research team.
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