Outboard Engines Market
Outboard engines are propulsion systems for boats that are located external to the hull of the boat. Outboard engines are small, portable gasoline engines that provide boat owners with maneuverability and the ability to access shallow water. Advantages of outboard engines include ease of operation, efficiency, and performance. With growing participation in recreational boating and water sports, demand for outboard engines is increasing.
The global Outboard Engines Market is estimated to be valued at Us$ 5.89 Bn in 2024 and is expected to exhibit a CAGR Of 5.2% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand for recreational boating: The demand for outboard engines is being driven by the rising popularity of recreational boating and water sports activities. According to industry estimates, over 50 million Americans go boating every year. The growth in recreational boating is being fueled by increasing disposable incomes, growing interest of millennials in outdoor recreational activities, and marketing initiatives by boat manufacturers. As outboard engines are essential for powering recreational boats, their demand rises correspondingly with increased boating activities. Innovation in engine technology has also improved boating experiences, further attracting participants. This growing interest in recreational boating is a major trend accelerating the demand for outboard engines across the forecast period.
Segment Analysis
The global outboard engines market is dominated by mid-power engines segment. Mid-power engines which are ideal for small to mid-size boats have gained popularity among recreational boaters as these engines provide optimum power at reasonable fuel efficiency. The widespread use of outboard engines for activities like fishing and water sports has accelerated the demand for mid-power engines in the range of 30HP to 100HP capacity.
Key Takeaways
Regional analysis:
The North America region currently holds the leading share in the global outboard engines market owing to high boating activities in countries like United States. However, the Asia Pacific region is expected to dominate the market in coming years considering rapid economic development and rising disposable income in countries like China and India leading to increased leisure and recreational activities.
Key players operating in the outboard engines market are Yamaha Motors, Brunswick Corporation, Suzuki Motor Corporation, Honda Motor Co., Ltd., Tohatsu America Corp., and Suzhou Parsun Power Machine Co., Ltd. Yamaha Motors led the global outboard engines market in 2023 with around 20% market share owing to its wide global presence and strong brand recognition.
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