The global Outboard Engines Market is estimated to be valued at US$ 5.89 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Outboard engines provide power and thrust to boats and are used for cruising, fishing and recreational activities. They are portable and offer advantages like ease of installation, fuel efficiency and dependability.
Market key trends:
Rising consumer preference for personal watercraft and boats for recreational activities is a major trend fueling the demand for outboard engines. Personal watercraft ownership has grown significantly over the past few years owing to affordable prices and widespread availability. Their compact size, maneuverability and high performance make them popular water sport vehicles.
SWOT Analysis
Strength: Outboard engines provide fuel efficiency and ease of transportation on water bodies. They are portable and can be removed from boats when not in use.
Weakness: Outboard engines require high maintenance. Frequent refueling is also needed.
Opportunity: Growth in recreational boating and water sports is driving the demand for outboard engines. Developing countries are witnessing increased maritime trade which will boost sales.
Threats: Stringent emission norms globally may increase production costs. Fluctuating fuel prices can impact the demand.
Key Takeaways
The global Outboard Engines market size is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing participation in water sports and expansion of maritime trade routes.
Regional analysis
North America dominates the outboard engines market currently owing to large fleet of recreational boats and fishing vessels. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing maritime trade in countries like China and India. Countries in Latin America and Middle East & Africa are also emerging markets for outboard engines.
Key players operating in the Outboard Engines market are Yamaha Motor Co. Ltd,,Honda Marine,,Suzuki Motor Corporation,,Tohatsu Corporation,,Brunswick Corporation. Yamaha leads the global sales currently while Honda is also a significant player. Suzuki and Tohatsu are other prominent manufacturers catering to Asian markets primarily. Brunswick focuses on boat brands and technologies including outboard engines.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it