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The Business Research Company's Outboard Engines Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The outboard engines market has seen robust growth in recent years, expanding from $9.43 billion in 2023 to $9.98 billion in 2024, with a compound annual growth rate (CAGR) of 5.8%. This growth during the historical period can be attributed to the rise in boating and recreational activities, the growth of the fishing industry, the expansion of marine tourism, developments in the boat manufacturing sector, and economic factors such as increased disposable income.
What Are The Forecasts For The Global Outboard Engines Market Size And The Predicted Annual Growth Rates?
The outboard engines market is expected to experience solid growth in the coming years, reaching $12.7 billion by 2028 at a compound annual growth rate (CAGR) of 6.2%. This forecasted growth is driven by the electrification of marine propulsion systems, stricter emission regulations, increasing interest in water sports, rising demand for small boats, and the global expansion of boating culture.
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What Are The Major Factors Driving The Growth Of The Outboard Engines Market?
The expanding tourism industry is expected to drive the growth of the outboard engine market in the coming years. The tourism industry encompasses the economic activities related to the movement of people for purposes such as leisure, recreation, business, and other non-residential reasons. Outboard engines play a crucial role in tourism by powering boats and watercraft used for recreational activities, sightseeing tours, and eco-tourism excursions. These engines provide a reliable and efficient mode of transportation, allowing tourists to explore coastal areas, lakes, and rivers. Their versatility, ease of use, and portability make them a preferred option for various water-based tourism activities.
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Which Major Market Players Are Propelling the Outboard Engines Market?
Key players in the outboard engines market include Honda Motor Co Ltd., Volvo Penta, Suzuki Motor Corporation, Yamaha Motor Co Ltd., Brunswick Corporation, Bombardier Recreational Products Inc. Mercury Marine, Electric Launch Company 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, Spirit Marine Outboards, Tohatsu Corporation, Evinrude Outboard Motors Selva Marine S.p.A.
What Trends Are Shaping the Future of the Outboard Engines Market Size?
Leading companies in the outboard engine market are focusing on developing new products like electric outboard motors to gain a competitive advantage. Electric outboard motors are propulsion systems designed for boats and watercraft that rely on electric power for propulsion, offering an alternative to traditional fuel-powered engines.
What Is the Segmentation of the Global Outboard Engines Market?
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
Regional Insights: North America's Dominance in the Outboard Engines Market
North America was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition Of The Outboard Engines Market?
Outboard engines are portable, self-contained propulsion units utilized to power boats. Positioned on the transom of the boat, outside the hull, they serve the dual purpose of powering and steering the vessel.
The Outboard Engines Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Outboard Engines Market Report: Trends, Opportunities, Strategies, and More
The Outboard Engines Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into outboard engines market size, outboard engines market drivers and trends, outboard engines competitors' revenues, and outboard engines market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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Oliver Guirdham
The Business Research Company
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