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| Global outboard engines market Size |
The outboard engines market offers an efficient and powerful solution for
recreational and commercial boating applications. Outboard engines provide boat
enthusiasts the freedom to explore both inland and ocean waters. Mounted and
powered from outside the boat, these self-contained propulsion systems are
affordable and easy to install and repair. Advancements in fuel-injection
technology and improved reliability have made outboard engines a popular choice
among boat owners.
The global outboard engines market is estimated to be valued at US$ 6.79 billion in 2024 and is
expected to exhibit a CAGR of 5.2% over
the forecast period of 2024 to 2030.
Key players operating in the outboard engines market are Tessenderlo Group, K+S
KALI GmbH, Compass Minerals International Inc., SQM SA, Sesoda Corporation,
Migao Corporation, The Mosaic Company, Yara International ASA, SOPerior
Fertilizer Corp., and Interpid Potash, Inc.
Key players in the Global
outboard engines market Size are focusing on new product launches to
enhance fuel efficiency and reduce emission levels. In 2023, Mercury Marine
launched the Sea Pro 225hp outboard engine featuring Mercury's V8 marine engine
and digital throttle and shift technology for smooth handling.
The rising interest in recreational boating and watersports is creating
opportunities for outboard engine manufacturers to tap new customer
demographics and geo-markets. The number of registered boats in the US grew by
over 7% between 2020 and 2022 indicating renewed demand post pandemic slowdown.
Global players are investing in expanding geographic footprint through
strategic acquisitions and partnerships. In 2021, Yamaha Motor Co. acquired
privately held German outboard engine maker Nautor’s Schwaben GmbH to bolster
presence in the European boating industry.
Market Drivers
Increasing disposable incomes and interest in recreational activities have
boosted sales of new boats globally. As outboard engines are integral to power
most boats, rising boat sales directly correlate to the demand for new outboard
engines in the recreation marine industry.
Technological advancements focused on fuel efficiency, emissions, noise
reduction and reliability have made modern outboard engines more affordable to
own and operate. This expanding addressable market and improved value
proposition is a key growth driver.
Market Restraints
Fluctuating fuel prices and economic uncertainty impacts discretionary consumer
spending on luxury items like boats and outboard engines. Prolonged recession
can dampen market growth.
Stringent emission regulations requiring upgrades to engine technology increase
costs for manufacturers. Passing on high compliance costs to customers can
impact sales negatively.
Segment Analysis
The outboard engines market is dominated by the petrol-powered outboard engines
sub-segment. This is due to the widespread availability and affordability of
petrol as a fuel source for recreational boating activities. Petrol outboard
engines provide sufficient power for smaller motor boats and are significantly
cheaper to operate compared to diesel engines. However, the electric outboard
engines sub-segment is witnessing high growth rate driven by stringent emission
norms and growing environmental concerns. Advancements in battery technology is
making electric outboard engines viable alternatives for small to medium size
motor boats used for fishing and other leisure boating activities.
Global Analysis
The North America region currently holds the largest share in the outboard
engines market led by countries like United States. This can be attributed to
growing popularity of recreational boating sports and availability of large
water bodies. North America is anticipated to continue its dominance during the
forecast period due to factors like increasing disposable income, large number
of registered boats and expansion of boating infrastructure. The Asia Pacific
region is projected to emerge as the fastest growing regional market for
outboard engines buoyed by rising living standards, growing marine tourism
industry and ongoing development of coastal regions in countries like India and
China.
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