Yahoo Finance Marine Outboard Engines Market size is set to grow by USD 3.29 billion from 2024-2028, Rising sales of boats boost the market, Technavio
NEW YORK, June 17, 2024 /PRNewswire/ -- The global marine outboard engines market size is estimated to grow by USD 3.29 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 5.54% during the forecast period. Rising sales of boats is driving market growth, with a trend towards growing demand for outboard engines. However, economic factors affecting sales of boats poses a challenge. Key market players include AB Volvo, Bombardier Recreational Products Inc., Brunswick Corp., Cox Powertrain Ltd., DEUTZ AG, Elco Motor Yachts, Greaves Cotton Ltd., Hangzhou Hidea Power Machinery Co. Ltd., Honda Motor Co. Ltd., Kraeutler Elektromaschinen GmbH, LEHR Holdings LLC, Mahindra and Mahindra Ltd., Oxe Marine AB, Parsun, Suzuki Motor Corp., TAIZHOU GONGDA MOTORS PARTS CO. LTD., Tohatsu Corp., West Marine, Yamaha Motor Co. Ltd., and Yongkang Longxiao Industry and Trade Co. Ltd..
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Marine Outboard Engines Market Scope | |
Report Coverage | Details |
Base year | 2023 |
Historic period | 2018 - 2022 |
Forecast period | 2024-2028 |
Growth momentum & CAGR | Accelerate at a CAGR of 5.54% |
Market growth 2024-2028 | USD 3291.8 million |
Market structure | Fragmented |
YoY growth 2022-2023 (%) | 5.17 |
Regional analysis | North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution | North America at 41% |
Key countries | US, Australia, France, Italy, and Canada |
Key companies profiled | AB Volvo, Bombardier Recreational Products Inc., Brunswick Corp., Cox Powertrain Ltd., DEUTZ AG, Elco Motor Yachts, Greaves Cotton Ltd., Hangzhou Hidea Power Machinery Co. Ltd., Honda Motor Co. Ltd., Kraeutler Elektromaschinen GmbH, LEHR Holdings LLC, Mahindra and Mahindra Ltd., Oxe Marine AB, Parsun, Suzuki Motor Corp., TAIZHOU GONGDA MOTORS PARTS CO. LTD., Tohatsu Corp., West Marine, Yamaha Motor Co. Ltd., and Yongkang Longxiao Industry and Trade Co. Ltd. |
Market Driver
The marine outboard engine market is experiencing growth due to advancements in engine power and increasing participation in boat shows. Outboard engines are increasingly preferred over inboard engines in small fishing boats and large recreational vessels.
The popularity of pontoon boats, which primarily use outboard engines, is driving market demand. Pontoon boats offer versatility, value, and superior performance, making them attractive to both aging and new demographics. Their affordability, starting at USD9,000, and fuel efficiency have broadened the buyer base. Technavio anticipates significant sales growth for pontoon boats, leading to increased demand for marine outboard engines.
The market for Marine Outboard Engines is experiencing significant growth, with a focus on technology and innovation. Traditional boat owners are seeking outboard engines for their superior power and efficiency. Outboard motor brands are introducing new models with advanced features such as electronic fuel injection and four-stroke engines.
These engines offer better fuel economy and lower emissions. Additionally, there is a trend towards electric outboard engines, which provide quiet operation and reduced environmental impact. Overall, the Marine Outboard Engines market is thriving, with manufacturers continually striving to meet the evolving needs of consumers.
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Market Challenges
The marine outboard engines market experiences cyclical demand, closely linked to boat sales. Economic factors, including the global economy's health, job market, disposable income, and boat show attendance, significantly impact the industry. Sales peaked before the recession due to high consumer income but declined during economic downturns. As economies recover, sales rebound, indicating the market's sensitivity to economic conditions. This volatility poses challenges for market growth during the forecast period.
The Marine Outboard Engines market faces several challenges. Engine size and power are key considerations, with consumers seeking both efficiency and performance. Fuel efficiency is a major concern, as is the increasing demand for electric and hybrid outboard engines. Cost is another challenge, with consumers looking for affordable options without compromising on quality.
Regulations, such as emissions standards, also pose a challenge for manufacturers. Additionally, the market is becoming increasingly competitive, with many players vying for market share. Durability and reliability are essential to maintain customer loyalty.
The use of advanced technologies, such as digital controls and GPS integration, can help differentiate products and meet consumer demands. Overall, the Marine Outboard Engines market requires a balance between innovation, cost, and regulatory compliance to meet the evolving needs of consumers.
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Segment Overview
Power Rating
1.1 Low-power
1.2 Mid-power
1.3 High-power
Type
2.1 2-stroke
2.2 4-stroke
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1 Low-power- The low-power marine outboard engine market is growing due to the reduction in engine size through technologies like forced induction and direct injection. Strict carbon emission regulations are driving this trend, leading to the popularity of direct-injected two-stroke and EFI four-stroke outboard engines.
These engines offer benefits such as improved fuel economy, reduced noise and vibration, and increased low-end torque. The fuel economy of a 10-HP marine outboard engine is 3.9 liters/hour, while a 90-HP engine consumes 36.6 liters/hour. The price difference between low- and high-powered engines also contributes to the market's dominance.
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Research Analysis
The Marine Outboard Engines Market encompasses a wide range of applications, including marine vessels such as fishing boats, recreational boats, rescue boats, and special purpose boats. These engines power small and larger boats, providing various power options for high horsepower engines.
Marine outboard engines are essential for industrial workboats, barges, and cargo ships, including bulk carriers and reefer vessels. Environmental rules continue to shape the market, with a growing trend towards electric engines and hybrid outboard engines using lithium-ion batteries. Maritime tourism and recreational boating activities like fishing, water skiing, and cruising also contribute significantly to the market's growth.
Market Research Overview
The Marine Outboard Engines market encompasses a wide range of power solutions designed for various marine applications. These engines offer versatility, ease of installation, and high performance, making them a popular choice among boat owners. Marine outboard engines are available in various sizes, horsepower ratings, and fuel types, catering to diverse boating needs.
Fishing boats, recreational boats, and commercial vessels all rely on these engines for propulsion. The market for marine outboard engines is driven by factors such as increasing boat sales, growing demand for leisure activities, and technological advancements in engine design and efficiency. Environmental concerns and regulations are also influencing the market, with a shift towards cleaner fuel options and more efficient engines. Overall, the Marine Outboard Engines market is expected to grow steadily in the coming years, driven by these factors and the continued demand for reliable and efficient power solutions for marine applications.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Power Rating
Type
Geography
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
