by Outboard Engines Marked engines are widely used marine propulsion systems which power various small to medium sized recreational boats, fishing vessels, and other small watercraft. Outboard engines are relatively economical and easy to maintain propulsion devices for small watercraft. They are attached and mounted to the rear exterior of boats and vessels. Outboard engines are compact in design and known for their maneuverability and durability. Increasing consumer spending on recreational boating activities and water sports is a key driver behind the growth of the global outboard engines market. Rising enthusiasm for fishing, watersports, and leisure boating among consumers have positively impacted the demand for outboard engine powered boats and vessels. Furthermore, advancing technological developments have led to more fuel efficient and lightweight outboard engines being introduced in the market.
The global Outboard Engines Market is estimated to be valued at Us$ 5.89 Billion in 2023 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:
Introduction of electric and hybrid outboard engines is a major trend gaining traction in the market. Strict emission regulations pushing boat manufacturers to develop eco-friendly electric boats and engines. Leading players are innovating and launching electric and hybrid outboard engines to reduce dependency on fossil fuels. For instance, in 2021 Torqeedo introduced its new Deep Blue series of electric outboard engines offering power outputs ranging from 4 to 80 hp. The company claims the engines can achieve speeds over 30 knots and run for multiple hours on a single charge. Such developments are expected to boost adoption of green marine propulsion technologies, thereby supporting growth of the electric outboard engines segment during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the outboard engines market is low as it requires high capital investments and established distribution channels.
Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of various manufactures offering diverse products.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute components.
Threat of new substitutes: Threat from substitute products such as inboard engines is low due to customer preference for outboard engines.
Competitive rivalry: The outboard engines market is highly competitive with players focused on product innovation.
Key Takeaways
The Global Outboard Engines Market Demand is expected to witness high growth over the forecast period.
Regional analysis –
North America dominates the global outboard engines market, followed by Europe and Asia Pacific. The United States holds the largest market share in the North American region due to growing boating activities.
Key players operating in the outboard engines market are Yamaha Motors Co. Ltd., Suzuki Motor Corporation, Honda Motor Co. Ltd., Tohatsu America Corp., and Brunswick Corporation.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
