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Future of Outboard Engines Market: Size, Share & Forecasts to 2029
Outboard Engines
What Is the Projected Market Size Valuation of the Outboard Engines Market by 2025?
There has been a consistent expansion in the market size of outboard engines over the past few years. The market, valued at $9.84 billion in 2024, is forecasted to increase to $10.21 billion in 2025, reflecting a compound annual growth rate (CAGR) of 3.8%. This increase during this period is credited to several factors including the rise in boating and recreational activities, the growth of the fishing industry, the growth in marine tourism, expansion of the boat manufacturing industry, alongside economic influences and the uptick in disposable income.
What Is the Estimated Market Growth Value for the Outboard Engines Industry in 2029?
Anticipated robust expansion is on the horizon for the outboard engines market, with projections indicating a swell to $13.12 billion by 2029, coupled with a compound annual growth rate (CAGR) of 6.5%. The upward trend in the forecast period is, in large part, fueled by the electrification of marine propulsion, stringent emission legislations, increasing enthusiasm for water sports, a surge in the call for small boats, and an international proliferation of boating lifestyle. The forecast period is also marked by key trends such as the rise of smart and connected technologies, advancements in the technological landscape, the integration of high-end technologies, the growing request for eco-sensitive engines, and a transition towards electric and hybrid propulsion.
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What Are the Growth Drivers and Opportunities in the Outboard Engines Market?
The outboard engine market is set to grow, propelled by the escalating production and sales of yachts. Yachts, large sailboats, or motorboats used for racing or pleasure cruises, commonly employ outboard engines for propulsion due to their simplicity and ease of mounting. As an example, statistics from the National Marine Manufacturers Association in May 2023 reveal that 2022 saw the U.S. recreational boating industry selling over 260,000 new boats, and more than a million pre-owned boats. Remarkably, about 95% of the 12 million boats registered in the U.S. are less than 26 feet in length. This surge in yacht production and sales is, therefore, a significant driving force for the outboard engine market.
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What Are the Primary Segments Covered in the Global Outboard Engines Market Report?
The outboard engines 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
Subsegments:
1) By Fuel-Oil Outboard: Two-Stroke Engines, Four-Stroke Engines
2) By Electric Outboard: Battery-Powered, Solar-Powered
What Are the Top Growth Trends in the Outboard Engines Market?
Major companies in the outboard engine market are prioritizing the development of innovative products like outboard engines that improve performance and the user experience. They are also emphasizing sustainable practices by using recyclable materials and environmentally friendly manufacturing processes. An outboard engine, which is a propulsion system that is externally mounted at the back of a boat and combines the engine and gearbox, provides easy maintenance and adaptability for various vessel types. In October 2023, for instance, Honda Marine, a company based in Georgia, introduced the BF350 outboard engine. This engine boasts 350 horsepower and advanced features like VTEC and BLASTTM technologies, which ensure powerful performance and fuel efficiency for larger boats. Thanks to its design which prioritizes reliability and ease of use, the Honda BF350 outboard engine is well-suited for both leisure and commercial boating requirements.
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Which Companies Are Shaping the Future of the Outboard Engines Market?
Major companies operating in the outboard engines market include Honda Motor Co Ltd., Volvo Penta, Suzuki Motor Corporation, Yamaha Motor Co Ltd., Brunswick Corporation, Mercury Marine, 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, Tohatsu Corporation, Evinrude Outboard Motors, Selva Marine S.p.A., Suzhou Sail Motor Co Ltd., SeaProp 60 Outboard Motors, Mikatsu Marine Outboards, Ray Electric Outboards, Zongshen Selva Marine Co Ltd., Aquawatt Electric Outboards, Pioneer Engines, Minn Kota Motors, Seven Marine LLC
Which Region Holds the Largest Market Share in the Outboard Engines Industry?
North America was the largest region in the outboard engines market in 2024. The regions covered in the outboard engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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