Outboard Engines Market Estimated To Witness a Phenomenal Growth by 2025
An outboard engine is a system used in boats. It comprises of self-contained components including gearbox and jet drive. These outboard engines are essential motorized method to drive small watercraft. It autonomously controls steering of the boat, in turn controlling the direction of driving.
The key factor associated with growth of the global outboard engines market mainly depends on the need for small and medium-powered boats. These are involved in activities such as fishing and transportation including holidays and relaxation. Sales of small and medium-sized boats are expected to make a positive impact on global outboard engines market. According to Coherent Market Insights analysis, in 2016, total sales of recreational boats were valued over US$ 3.5 billion. Within that value the sales in the U.S. individually valued over US$ 88 million in 2016. Coastal tourism activities in North America and Europe region has propelled the sales of boats, which is further expected to boost the growth of the global outboard engines market during the forecast period. Furthermore, advancement in technologies such as two-stroke indirect fuel injection, four-stroke fuel injection, four-stroke throttle body fuel injection, and electronic control modules to augment fuel economy benefits to the fleet owners of the ships.
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However, high cost of new boats, inclination of consumers towards buying pre-owned boats as the lifespan of a boat is over 12 years, need to upgrade engine based on emission standards are the factor restraining sales of new boats. Less participation from younger generation is also expected to restrict the growth of the global outboard engines market.
Outboard Engines Market: Regional Insights
The global outboard engines market has been segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The market for outboard engines in North America and Europe accounted for the largest market share in 2016, owing to the popularity of low powered engines. Low powered boats are affordable and consume less fuel, which makes them best suited for fishing industry.
The total sale of boats in the U.S. accounted largest share in 2016. According to Coherent Market Insights analysis, during the period of 2012 to 2016, the number of boats sold was around 29,489 units. Maximum sales came from watercraft, fishing boats, and fiberglass runabouts. The greatest portion of this value came from sales of boats with a length between 36 and 45 feet.
Outboard Engines Market: Competitive Background
Major players operating in the global 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.
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