Outboard Engines Market Is Estimated To Witness High Growth Owing To Increasing Demand for Recreational Boating
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| Outboard Engines Market |
The global Outboard Engines Market is estimated to be valued at US$ 10.5 billion in 2022 and is expected to exhibit a CAGR of 5% over the forecast period 2023-2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The outboard engines market refers to the market for engines that are mounted
on the back of a boat and are used for propulsion. These engines provide
several advantages such as fuel efficiency, ease of maintenance, and high
speed. The increasing demand for recreational boating activities such as
fishing, water sports, and leisure boating is driving the growth of the
outboard engines market. These engines are widely used in various types of
boats such as fishing boats, pontoons, and yachts. The need for reliable and
high-performance engines in order to enjoy a smooth boating experience is
further fueling the demand for outboard engines.
Market Key Trends:
The key trend in the outboard engines market is the growing demand for electric
outboard engines. With the increasing focus on environmental sustainability and
the need to reduce carbon emissions, there is a growing shift towards
electric-powered engines. Electric outboard engines offer several advantages
such as zero emissions, noise-free operation, and lower operating costs. These
engines are also more efficient and require less maintenance compared to
traditional gasoline-powered engines. Governments and regulatory bodies are
also providing incentives and subsidies to promote the adoption of electric
outboard engines. As a result, major players in the market are investing in
research and development activities to introduce technologically advanced
electric outboard engines in the market.
PEST Analysis:
Political:
The political factors affecting the outboard engines market include government
regulations and policies related to environmental protection and emissions. For
instance, stricter emission standards imposed by governments worldwide can
impact the manufacturing and sales of outboard engines, leading to the
development of more environmentally friendly and fuel-efficient models.
Economic:
The economic factors influencing the outboard engines market involve the
overall economic situation, consumer spending patterns, and disposable income.
The market is expected to witness high growth due to factors such as increased
boating activities and recreational purposes, rising disposable incomes, and
the tourism industry's growth. These factors contribute to the demand for
outboard engines.
Social:
The social factors affecting the outboard engines market include changing
consumer preferences and lifestyles. With the increasing popularity of water-based
recreational activities and boating, the demand for outboard engines is likely
to surge. Furthermore, the preference for convenience and ease of maintenance
provided by outboard engines compared to inboard engines also influences the
market positively.
Technological:
The technological factors impacting the outboard engines market include
advancements in engine design and technology. The development of more
fuel-efficient and environmentally friendly outboard engines, such as those
powered by electric or hybrid systems, is gaining traction. Technological
innovations are also focusing on reducing noise levels and increasing engine
power and efficiency.
Key Takeaways:
The global
outboard engines market is expected to witness high growth, exhibiting
a CAGR of 5% over the forecast period of 2023-2032, reaching a market value of
USD 10.5 billion in 2022. The market growth can be attributed to increasing
recreational activities, rising disposable incomes, and the expanding tourism
industry. Additionally, stricter environmental regulations and advancements in
engine technology are driving the demand for more fuel-efficient and
eco-friendly outboard engines.
In terms of regional analysis, North America is projected to be the
fastest-growing and dominating region in the outboard engines market. Factors
such as the presence of a large number of boat owners, increasing watersports
activities, and the high demand for recreational boating contribute to the
region's market dominance. Europe and Asia Pacific are also expected to witness
significant growth due to the rising popularity of water-based activities and
the emergence of new tourism destinations.
Key players operating in the outboard engines market include Yamaha Motor
Company Ltd., Suzuki Motor Corporation, Honda Motor Co., Ltd., Tohatsu America
Corp., Mudd Hog Mud Motors, LLC, Brunswick Corporation, Evinrude Outboard
Motors, Torqeedo GmbH, Seven Marine LLC, Powertec Group, Hidea Power Machinery
Co., Ltd., and Elco Motor Yachts, LLC. These key players have a strong market
presence and are continuously investing in research and development to
introduce advanced and innovative outboard engine models to cater to the
growing demand in the market.
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