Marine Outboard Engines Market size is set to grow by USD 3.01 billion from 2023-2027, Technavio

NEW YORK, March 28, 2024 /PRNewswire/ -- The global Marine Outboard Engines market is poised for steady growth between 2023 and 2027, according to a recent forecast. The market, valued at USD 6.03 billion in 2017, is anticipated to increase by USD 3.02 billion, representing a Compound Annual Growth Rate (CAGR) of 5.36% during the forecast period. This growth is primarily driven by the surging popularity of watersports and recreational boating activities worldwide.

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Market Overview: The Marine Outboard Engines market heavily relies on the demand for powerboats, including pontoon boats, personal watercraft, ski boats, and wakeboards. The market is segmented by product type into 2-stroke and 4-stroke engines, and by power rating into low, mid, and high power categories. Regions covered include North America, APAC, Europe, Middle East and Africa, and South America.

Key Market Drivers:

• Increasing demand for environmentally-friendly outboard engines.
• Growing popularity of powerboats for recreational activities.
• Economic factors such as robust consumer confidence and high employment rates.
• Innovations in marine technology enhancing user experience.

Market Trends:

• Increased usage of turbochargers to boost engine performance and fuel economy.
• Shift towards smaller engines without compromising power output.
• Rising adoption of emission norms and sustainable technologies.

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Market Challenges:

• Economic fluctuations affecting consumer spending on recreational products.
• Lack of uniform standards and regulations across regions.
• Impact of environmental regulations on engine sales.

Key Players and Strategies: Leading companies in the Marine Outboard Engines market include Parsun, DEUTZ AG, Honda Motor Co. Ltd., Yamaha Motor Co. Ltd., and Suzuki Motor Corp., among others. These companies employ strategies such as strategic alliances, product launches, and geographical expansion to enhance their market presence.

Market Outlook: The Marine Outboard Engines market is anticipated to witness steady growth, driven by expanding tourism, advancements in marine technology, and increasing participation in recreational boating activities. Innovations in engine design and sustainable practices are expected to further propel market growth during the forecast period.

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Conclusion: With a forecasted increase in market size and a focus on sustainability and innovation, the Marine Outboard Engines market presents promising opportunities for manufacturers and stakeholders. As consumer preferences evolve and environmental regulations tighten, companies are poised to meet the challenges and capitalize on the growing demand for efficient and reliable marine propulsion systems.

The marine outboard engines market is an integral component of the boat manufacturing industry, playing a pivotal role in driving growth and innovation within the recreational boating sector. As per the annual Outboard Engine Sales Trends report by the National Marine Manufacturers Association (NMMA), the sales figures reflect the evolving landscape of water recreational activities, with a notable increase in retail unit sales of new boats accompanied by outboard motors.

In recent years, there have been noticeable shifts in consumer preferences, driven by factors such as economic growth, rising disposable incomes, and a heightened emphasis on leisure and recreational pursuits. This has led to a surge in demand for small and medium-powered boats equipped with powerful outboard engines, particularly among active boaters and watersports enthusiasts.

Manufacturers within the industry have responded to these trends by introducing quieter and more fuel-efficient outboard engine models, catering to the needs of both seasoned boaters and newer generations entering the market. Moreover, developments in autonomous marine technology have paved the way for safer and more accessible boating experiences, attracting less skilled recreational boaters.

The market's growth trajectory is further buoyed by expanding tourism industries, with coastal destinations and artificial beaches attracting a steady influx of visitors seeking marine leisure activities. Additionally, urban areas and landlocked cities are witnessing a surge in demand for recreational boating experiences, driven by initiatives to promote outdoor sports and adventure tourism.

Innovation remains a key driver within the marine outboard engines market, with manufacturers investing in research and development to enhance fuel efficiency, safety, and performance. Advancements such as the integration of lithium-ion batteries and the adoption of emission norms underscore the industry's commitment to sustainability and environmental responsibility.

Furthermore, the proliferation of internet access, facilitated by services like SpaceX's Starlink satellite-internet, has facilitated connectivity and accessibility for boaters, enabling them to stay connected while enjoying their recreational pursuits. Spearheading this digital transformation, companies like Spear Life have leveraged platforms such as TV spear fishing adventure series to promote watersports and boating activities, fostering a culture of health awareness and stress management among enthusiasts.

Overall, the marine outboard engines market continues to thrive amidst evolving consumer preferences and technological advancements, with manufacturers striving to meet the growing demand for innovative products that enhance the boating experience while ensuring safety and sustainability along the way.

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About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio

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