The market for marine outboard engines is anticipated to be worth US$ 4,370.5 million in 2022 and to grow at a CAGR of 2.8% to US$ 5,735.1 million by the end of 2032. By the end of 2022, more than one-fourth of the market will be occupied by outboard motors used for recreational activities The marine outboard engine market refers to the global industry that produces and sells engines specifically designed to power boats and other watercraft. These engines are typically mounted on the transom or back of the boat and are used in a variety of applications such as recreational boating, fishing, and other water sports.
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. Additionally, technological advancements in engine design and materials have led to the development of more efficient and environmentally-friendly engines, further driving demand. Despite the growth opportunities, 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.
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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.
Competitive Landscape
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
- Tohatsu Corporation.
Key Questions Covered
- What is the marine outboard engine market and what are the key players in this industry?
- What are the different types and sizes of marine outboard engines available in the market?
- What factors are driving the growth of the marine outboard engine market?
- What are some of the challenges faced by the industry, such as environmental concerns and the increasing cost of raw materials?
- What are some of the technological advancements in engine design and materials that are making engines more efficient and environmentally-friendly?
- What is the potential for further growth in the marine outboard engine market, and what factors are likely to influence this growth in the future?
- What are some of the key trends and developments in the marine outboard engine market, and how are these likely to shape the industry in the coming years?
In conclusion, the marine outboard engine market is a dynamic and expanding industry that powers water-based activities around the world. With increasing demand for water sports and boating, there is potential for further growth in the market, as long as the industry can continue to innovate and address sustainability concerns.