Outboard Engines Market by Technology Type (Two Stroke Carbureted, Two Stroke Electronic Fuel Injection, Two Stroke Direct Injection System, Four Stroke Carbureted, and Two Stroke Electronic Fuel Injection)
Industry: Automotive
Published Date: March-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 297
Report ID: PMRREP20314
[297 Pages] According to Persistence Market Research, Outboard Engines' revenue totalled US$ 4,370.5 Million for 2022. The overall Outboard Engines is expected to reach US$ 5,833.4 Million by 2033, growing at a CAGR of 2.7% from 2023 to 33.
A propulsion system for marine craft, such as fishing boats, leisure boats, rescue boats, and other special-purpose boats, is an outboard engine. This system unit consists of a gearbox, an engine, and a propeller. It is the most widely used and favoured motorized system for small watercraft. Outboard engines not only provide appropriate propulsion but also steering control to control the thrust direction.
In light of the profound transition expected in the maritime industry, the emergence of fishing and shipping activities is likely to reshape and diversify businesses associated with it. Increasing marine activities are fueling the demand for highly efficient boats, motors, engines, and other essential marine equipment that help match the pace of the rapid marine industry expansion. Owing to these marine activities, various water sports and boating activities are increased, thus increasing the demand for boats and their outboard engines. These factors are responsible for global outboard engine market growth.
|
Global Outboard Engines Size (2022A) |
US$ 4,370.5 Million |
|
Global Outboard Engines Size (2023E) |
US$ 4,469.1 Million |
|
Projected Outboard Engines Value (2033F) |
US$ 5,833.4 Million |
|
Value CAGR (2023 to 2033) |
2.7% |
|
Collective Value Share: Top 3 Countries (2023) |
38.8% |
From 2018 to 2022, the market for outboard engines increased at a 2.1% CAGR and is projected to grow at a value of a CAGR of 2.7% in the forecast period 2023 to 2033. In the historical period, owing to the expansion of recreational activities, fishing, transportation needs, and an increased fleet of small and medium-powered boats increased the demand for outboard engines was primarily responsible for its market growth.
The market for outboard engines is expected to experience growth due to rising demand for large horsepower outboards for military and rescue operations. There are significant opportunities for market growth due to the expansion of marine tourism, boating, pontoon boats, and saltwater fishing vessels. Owing to these mentioned factors the market's expansion is anticipated to grow with an incremental growth rate, thus the market is expected to reach US$ 5,833.4 Million by the end of 2033.
The key factor driving the outboard engine market is the numerous advantages offered by outboard engines, the increase in global maritime tourism, growth in the fishing industry, increasing demand for marine protection projects, and rise in various watersport activities. Owing to this there is a rise in demand and sales of motor-powered boats, small to large watercraft, fishing boats, fuel-efficient outboard engines, etc. which is increasing the demand for outboard engines and fueling the market growth.
The demand for transportation watercraft such as ships, boats, barges, industrial workboats, and others has increased owing to growth in the cargo shipping industry. Transporting heavy items like oil and gas, industrial commodities, and other items are accomplished by using all different types of cargo ships, boats, workboats, bulk carriers, and reefer vessels. Moreover, Modern boating and fishing operations are increasingly relying on high-performance and fast boats. Multi-engine pontoons are undoubtedly on the rise from a variety of manufacturers. The need for cutting-edge outboard engines to power these ground-breaking large boats has increased over the past ten years as more anglers have shifted to larger, faster, and more maneuverable center console fishing vessels.
Outboard engines are in heavy demand as a result of these developing boat fleets and infrastructure projects in waterways. Demand for marine outboard engines has increased as a result of the rising cost-effectiveness of different boat models. Increasing the application of small and medium-sized boats for security purposes is also anticipated to contribute towards market growth. Improvements in design that provide straightforward installation, ease of maintenance, and enhanced durability are some of the key factors that consumers are looking for in marine outboard engines which benefit from market growth. These several factors helped boost the demand for marine outboard engines.
Electric propulsion in outboard engines and recreational boating are the key market trends driving the expansion of the global outboard engine market. Another significant development that is propelling the market's expansion is the rise in watersports, along with the formation of numerous water clubs around the world. The key market participants discover new technologies to reduce weight and manufacture more efficient, cutting-edge fuel engines, owing to which outboard engines are in prominent demand.
Recreational boating continues to entice large volumes of participants, particularly in the US. Growth in recreational boating over the past has been achieved in large portion owing to the corresponding advances in outboard power. The growing requirement for outboard engines in recreational boating activities offers profitable avenues for manufacturers. Additionally, the future of marine boats has been anticipated with the rising adoption of electric-drive boats. Many boat owners prefer electric propulsion for fishing boats, leisure boats, cruisers, pontoons, and tender boats. The convenience of use, lack of gas fumes, engine noise, and vibrations, as well as the preference for electric propulsion outboard, are some of the beneficial factors responsible for the growing popularity of electric propulsion in the outboard engine. Electric outboard engines are a viable alternative for small boats as they have a lower proportion of moving parts and experience less wear and tear.
How is the Outboard Engines market anticipated to explode in the United States?
The United States is one of the most lucrative markets for Outboard Engines in the North America region, and it is hold around 86.4% value share of the global Outboard Engines.
In 2020, consumer demand for new boats increased across the nation due to a rise in outdoor recreational activities and techniques to socially isolate oneself. The National Marine Manufacturers Association (NMMA), which represents North American recreational boat, engine, and marine accessory manufacturers, claims that retail unit sales of new powerboats in the United States increased by an estimated 12% in 2018 compared to 2019. More than 310,000 new powerboats were sold in 2020. This consistent rise in sales and the presence of most of the prominent market players in the country made it one of the top countries in the Outboard Engines market and is also anticipated to grow further in the forecasted period.
Where Does Asia Pacific stand in the market for Outboard Engines?
One of the most attractive markets is the Asia Pacific region for Outboard Engines globally, which is anticipated to grow with a value CAGR of 5.1% from 2023 to 2033.
The largest and most developing economy in East Asia, like India, is the main source of revenue for the market for Outboard Engines. With India other countries in the region like Singapore, Malaysia, Thailand, and Indonesia are also contributing to market growth with an increase in Maritime tourism in this region. Domestic government agencies enforce rules and standards to ensure operational safety at the time of leisure boating and water sport activity. The Government of India's Ministry of Ports, Shipping, and Waterways announced the implementation of the Maritime India Vision 2030 in February 2020. This project aimed to enhance the maritime industry while assuring sustainability and safety.
What is the Outlook for the Outboard Engines in Japan?
Japan is anticipated to expand at a CAGR of 2.4% from 2023 to 2033. Throughout the forecast period of 2023–2033, Japan is anticipated to hold a significant share of the global market.
Japan is a leader in the shipping and maritime industries. About 20–25% of all commercial vessels worldwide production are manufactured in this country. Due to the increased need for oil tankers and cargo ships, shipbuilding companies in Japan have also secured numerous export orders for a newer range of ships. The Ocean Network Express, which is operated by three well-known shipping corporations, is the largest carrier in Japan. The market for marine outboard engines will witness exponential expansion as a result of all the attractive opportunities provided by the country's shipping industry.
Which Power Type of Outboard Engines remains Significant?
The above 100 HP type of engine powers segment leads the Outboard Engines by Power Type and it is having a value share of 49.7% in the global market.
Large power outboard engines continue to lead the segment in terms of year-on-year growth in unit sales as well as in market size. This, in turn, is responsible for the upward shift in the industry’s average horsepower consumption. The reason behind this is the increasing demand for large boats that requires large engines.
Which Technology Type accounts for Higher Sales in Outboard Engines?
The Four Stroke Electronic fuel injection segment dominates the global Outboard Engines by technology type and is expected to hold its position until the end of the forecast period, having a value share of 42.8%.
Based on the technology, the global outboard engine market is segmented into two-stroke Carbureted, two-stroke direct injection systems, two-stroke electronic fuel injections, four-stroke Carbureted, and four-stroke electronic fuel injections. Most of the outboard engine manufacturers are focusing on manufacturing four strokes electronic fuel injection outboard engines due to their high efficiency and advanced features.
The outboard engines market is witnessing a high consolidation of leading players, with most of the key players, holding more than 40% of the total market share. The most important strategy used to maintain this market share is the key player’s consistent focus on product diversification and portfolio growth to accommodate market changes such as the usage of numerous engines, the creation of larger boats, and the search for environmentally acceptable fuels. Outboard engine market leaders focus more on exporting their products to Europe and North America, and the Asia Pacific to increase their revenue and overall market growth.
|
Attribute |
Details |
|
Forecast Period |
2023 to 2033 |
|
Historical Data Available for |
2018 to 2022 |
|
Market Analysis |
|
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon Request |
By Power Type
By Technology Type
By Start Type
By Boat Type
By Region
To know more about delivery timeline for this report Contact Sales
The global Outboard Engines is estimated to be valued at over US$ 4,469.1 Million as of 2023.
Outboard Engines are projected to increase at 2.7% CAGR and are expected to be valued at around US$ 5,833.4 Million by 2033 end.
DEUTZ Aktiengesellschaft, Honda Motor Co., Ltd., Brunswick Corporation, Suzuki Motor Corporation, BRP Inc., Tohatsu Corporation, Yamaha Motor Co., Ltd., LEHR, LLC, Kräutler Elektromaschinen Gmbh, Volvo Penta, Yongkang Longxiao Industry, Parsun Power Machine Co., Ltd, etc.
China, Germany, the U.S., India, and Japan are driving most of the demand for Outboard Engines.
China, the U.S., and Germany are prominent producers and exporters of Outboard Engines.
