The marine outboard engine market is expected to be worth $4,370.5 million in 2022 and to grow at a 2.8% CAGR to $5,735.1 million by the end of 2032. Outboard motors used for recreational purposes will account for more than one-fourth of the market by the end of 2022. The marine outboard engine market refers to the global industry that manufactures and sells engines designed specifically for use in boats and other watercraft. These engines are typically mounted on the transom or the back of the boat and are used for a variety of purposes including recreational boating, fishing, and other water sports.
The increasing popularity of recreational boating and water sports, as well as the demand for commercial vessels such as fishing boats and ferries, are driving the growth of the marine outboard engine market. Furthermore, technological advances in engine design and materials have resulted in the development of more efficient and environmentally friendly engines, driving demand even higher. Despite the opportunities for growth, the marine outboard engine market faces challenges such as rising raw material costs and environmental concerns. In order to address these concerns, the industry is developing more environmentally friendly engine technologies such as electric and hybrid engines.
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Key Takeaways from Market Study
- The marine outboard engine market is a global industry that produces and sells engines specifically designed to power boats and other watercraft.
- Major players in the market include Yamaha, Mercury Marine, Honda Marine, Suzuki Marine, and others, who offer engines of different sizes and types ranging from small portable engines to larger engines designed for high-speed powerboats and commercial vessels.
- The growth of the marine outboard engine market is driven by factors such as the increasing popularity of recreational boating and water sports, as well as the demand for commercial vessels like fishing boats and ferries.
- Technological advancements in engine design and materials have led to the development of more efficient and environmentally-friendly engines, further driving demand.
- The marine outboard engine market also faces challenges such as the increasing cost of raw materials and environmental concerns. To address these issues, the industry is developing more sustainable and eco-friendly engine technologies such as electric and hybrid engines.
Concentrate on growing the company’s sales offices and distribution facilities to strengthen its global presence. In order to serve a large customer base globally, key manufacturers are discovered to be engaged in productivity, technological advancement, and material optimisation.
- In 2020, Marine Motors, a division of Brunswick Corporation, announced a partnership with Frydenb. The Nordkap and Sting boat brands will have it as an engine partner.
- In March 2021, Yamaha Motor Co., Ltd. invested in Siren Marine, a startup in the United States. The Siren Marine Company connects the marine industry in an inventive way by using IoT technology and offering smart boat solutions.
Marine Outboard Engine Market: Key Players
- Brunswick Corporation
- DEUTZ AG
- Honda Motor Co., Ltd
- Suzuki Motor Corporation
- BRP Inc
- Yamaha Motors Co., Ltd.,
- Mahindra and Mahindra, Johnson Outdoors, Inc.
- Kräutler Elektromaschinen GmbH
- Parsun Power Machine Co., Ltd.
- Volvo Penta