Marine Outboard Engine Market

Marine Outboard Engine Market: Snapshot

The increasing adoption of outboard engines for both medium and small watercrafts is expected to aid in expansion of the market for marine outboard engine during the forecast period, 2020-2030. Outboard engines are propulsion systems elevated at the bottom of watercrafts. It consists of propeller, engine, and gearbox and is available in different power outputs. The rise in infrastructural development and increasing number of cargo transport activities are likely to aid in expansion of the market for marine outboard engines in the coming years.

The report on the global marine outboard engine market is based on a comprehensive overview of the market, its growth and restraining factors, and future outlook. It also emphasizes on the current trends, relevant innovations and upcoming opportunities that the market may face in the coming years. Furthermore, the current impact of the novel COVID-19 pandemic is thoroughly discussed in the report with special emphasis on the marine outboard engine market. The possibility of revenue generation by the adoption of various strategies is discussed in the report.

The global marine outboard engine market is categorized on the basis of power, ignition, engine, boat type, and regions. In terms of power, the market is grouped into three subcategories namely less than 30HP, between 30HP to 100 HP, and above 100 HO. With respect to segmentation by ignition, the market is bifurcated into manual, and electrical. Further categorization of boat type segment consists of special purpose boats, recreational vessel, and fishing vessel.

Marine Outboard Engine Market: Nature of Landscape

The nature of the global marine outboard engine market is highly competitive on account of the presence of many players. Companies like Honda Motor Ltd., Suzuki Motor Corporation, BRP Inc., Yamaha Motors Co., Ltd, have an upper hand in the competition on account of brand presence. Other players functioning in the market include DEUTZ AG, Tohatsu Corporation, Kräutler Elektromaschinen GmbH, Mahindra and Mahindra, Parsun Power Machine Co. Ltd., and others are in an intense competition in order to gain a significant position in the market. Some of the key strategies adopted by players include merger and acquisition, new product launch, upgrades, infrastructural development, and company collaborations.

Marine Outboard Engine Market: Current Trends

The increasing number of fishing activities is a key trend prevalent worldwide that is boosting the global marine outboard engine market growth. In addition to this, the rising popularity of private recreational activities in marine life such as yacht parties, business conferences on ships, and night parties for the youth are the other trends impacting the market in a positive way.

However, the current COVID-19 pandemic has created major barriers on the marine outboard engine market in terms of growth and revenue generation. This is owing to the imposition of lockdown and halt on all international and cross-water operations and cargo shipments. Besides this, the suspension of business also brought about major challenges to the growth of the market. Nevertheless, the rising popularity of seafood cuisines all over the world led to an increase in its demand, thereby creating lucrative growth opportunities for the market in the coming years.

Marine Outboard Engine Market: Geographical Insights

Regionwise, North America is holding the dominant share in the global marine outboard engine market on account of the worldwide sales of boats and yachts, especially in the United States. Additionally, the emerging marine industry is further expected to help this region continue dominating the market in the forecast period. On the other side, the market in Asia Pacific will attract significant revenue in the coming years on account of the booming sea trade and the increasing adoption of event organizations and parties on yachts and ships.