Outboard Engines Market size is Projected To Reach USD 12100 Million By 2027 At A CAGR of 9.6% - Valuates Reports

BANGALORE, India, Nov. 30, 2021 /PRNewswire/ -- Outboard Engine Market is segmented By Product Type - Fuel-Oil Outboard, Electric Outboard, By End User/Application - Personal Boat, Commercial Boat, Government Enforcement Boat. Global Opportunity Analysis and Industry Forecast 2021 - 2027. It is published in Valuates Reports under the  Boats & Watercraft Category.

The global Outboard Engines market size is projected to reach USD 12100 million by 2027, from USD 6981 million in 2020, at a CAGR of 9.6% during 2021-2027.

Major factors driving the growth of the outboard engines market are

The need for small and medium-powered boats is expected to rise, as is the demand for fuel-efficient engines. Outboard engines are more fuel-efficient and cost-effective than sterndrive and inboard engines, hence they are being used as an option in a number of modern small and medium boats. This in turn is expected to drive the growth of the outboard engine market.

Recreational activities such as boating are becoming increasingly popular around the world. Watersports and fishing are growing increasingly popular in various places. Boats are being built for commercial purposes as the need to improve the global fishing sector grows. As a result, the outboard engine market is predicted to rise.

In today's boating and fishing activities, there is a rising desire for electric power and the growing use of high-performance and high-speed boats. Consumer spending on leisure activities is on the rise, which will help the business grow even faster.

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TRENDS INFLUENCING THE GROWTH OF THE OUTBOARD ENGINE MARKET

Outboard engines can now be used as an alternative to sterndrive engines thanks to stringent exhaust emission restrictions established by a number of countries. Exhaust catalysts and fuel injection technologies are required for sterndrive engines in order to reduce pollution. Users have had to pay more as a result. In comparison to sterndrive and inboard engines, outboard engines are more fuel-efficient and cost-effective, hence outboard engines are being used in a growing number of new small and medium boats. This feature is in turn expected to increase adoption thereby driving the growth of the outboard engine market.

Rising trend of recreation boating is expected to drive the growth of the outboard engine market. Recreational boating continues to attract enormous numbers of people, notably in the United States. Recreational boating has grown in recent years in large part as a result of advancements in outboard motor technology. Manufacturers can profit from the increased demand for outboard engines in recreational boating activities.

Electric-drive boats have been heralded as the marine industry's future. Electric propulsion is preferred by a huge number of boat owners for fishing boats, pleasure boats, cruisers and pontoons, and tender boats. Electric propulsion outboards are becoming increasingly popular due to their ease of use, lack of gas emissions, engine noise, and vibrations. Electric outboard engines are a feasible alternative for small boats since they have fewer moving parts and are less likely to wear out or break down. Thus the increasing adoption of Electric propulsion outboards is expected to drive the growth of the outboard engine market.

The growing utilization of high-performance and high-speed boats in contemporary boating and fishing activities is becoming mainstream. During the last decade, a number of anglers have moved into faster, larger, more agile outboard-powered center console fishing vessels, further driving the need for advanced outboard engines powering these revolutionary large boats. This in turn is expected to further fuel the growth of the outboard engine market.

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OUTBOARD ENGINE MARKET SHARE ANALYSIS

Europe is expected to be the most lucrative region during the outboard engine market. Some of the reasons contributing to the market's growth in Europe are the presence of prominent industry competitors and increased engagement in water recreational activities. North America, meanwhile, is likely to rise as a result of the growing popularity of high-power outboard engines.

Because of the widespread use of electric outboard engines in military and recreational activities, the electric segment is expected to be the most lucrative during the forecast period.

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Organ Preservation Market By Region

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

Outboard Engine Market By Company

• Yamaha
• Brunswick
• Deutz AG
• Honda
• BRP
• Suzuki
• Tohatsu
• Parsun
• Hidea
• Weimin
• Krautler Elektromaschinen

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SIMILAR REPORTS :

-  The global recreational boating market was valued at USD 29.0 billion in 2019, and is projected to reach USD 35.4 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027.

-  In 2020, the global Outboard Electric Propulsion Motor market size was USD 55 million and it is expected to reach USD 100.2 million by the end of 2027, with a CAGR of 8.9% during 2021-2027.

-  In 2020, the global Outboard Electric Motors market size was USD 125 million and it is expected to reach USD 214 million by the end of 2027, with a CAGR of 8.0% during 2021-2027.

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