Outboard Engines Market: Business Opportunities, Industry Trends & Regional Forecast To 2027
Global outboard engines market is anticipated to depict a CAGR of 5% through 2027, having recorded a valuation of USD 9.1 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 13 billion.
The leisure boating industry has received a significant boost in recent times. This is mainly owing to the interest of tourists to explore the seas and the oceans. Such a growing demand from tourists has made manufacturers emphasize developing efficient vessels that can provide an optimum experience to tourists. These factors are responsible for the augmented demand of the outboard engines market.
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The usage of additive manufacturing for producing engine components has increased the production of outboard engines. This method can easily produce complex and cost-effective components whilst minimizing wastage. With strict emission norms and changes in the weight requirements, the key players are forced to invest heavily in research and development activities. Such investments will promote industry growth.
Technological advancements like twist-grip throttle designed for easy maneuverability have made it possible for industry players to develop motors that function effectively in all climatic conditions. This is the primary reason for the high demand for manual ignition outboard engines.
With increased integration of outboard engines in rigid inflatable boats, the military segment will probably exhibit a CAGR of 4.5% over the forecasted timeframe. Military applications prefer diesel outboard engines over their petrol counterparts due to additional safety features. In addition, outboard engines have improved the reconnaissance system of amphibious military vehicles. These factors have significantly bolstered the segment demand.
The Europe market for outboard engines accounted for a revenue share of over 20% in 2020. This can be credited to growing tourism coupled with a rising number of boat makers established in the region. In addition, increased number of boat shows like the Düsseldorf International Boat Show will help manufacturers in promoting their prototypes and upcoming products, thereby boosting the growth of the outboard engines market.
Some manufacturers have also constructed production facilities in strategic locations to increase their business in the region. For instance, Tohatsu Corp., in September 2018, constructed its research & development plant in Tokyo. This plant will R&D of outboard engines, thus allowing the company to develop innovative products and enhance the industry.
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Some Point from Table of Contents:
Chapter 5 Outboard Engines Market, By Fuel Type
5.1 Global outboard engines market insights, by fuel type
5.2 Diesel
5.2.1 Global market estimates and forecasts, 2017 - 2027
5.2.2 Market estimates and forecast, by region, 2017 - 2027
5.3 Gasoline
5.3.1 Global market estimates and forecasts, 2017 - 2027
5.3.2 Market estimates and forecast, by region, 2017 - 2027
5.4 Electric
5.4.1 Global market estimates and forecasts, 2017 - 2027
5.4.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 6 Outboard Engines Market, By Power
6.1 Global outboard engines market insights, by power
6.2 Low
6.2.1 Global market estimates and forecasts, 2017 - 2027
6.2.2 Market estimates and forecast, by region, 2017 - 2027
6.3 Mid
6.3.1 Global market estimates and forecasts, 2017 - 2027
6.3.2 Market estimates and forecast, by region, 2017 – 2027
6.4 High
6.4.1 Global market estimates and forecasts, 2017 - 2027
6.4.2 Market estimates and forecast, by region, 2017 - 2027
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