Rockville, Oct. 19, 2022 (GLOBE NEWSWIRE) -- In its most recent report, Fact.MR, a provider of market research and competitive intelligence, projects that the global market for marine outboard engine will surpass US$ 5,735.1 million in market value by 2032. Manufacturers have realized the need of the hour and have focused on manufacturing diesel engines that produce less emissions.
An outboard engine is a propulsion system deployed in boats that incorporates a self-contained unit including the propeller, gearbox, and engine affixed to the external part of the transom. An outboard engine is the most commonly used and popular motorized mechanism to power small watercraft. Along with delivering adequate propulsion, outboard engines provide steering control to control the direction of thrust.
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Some of the important advantages of an outboard engine include: being easy to operate on the outboard of the ship, being easy to disassemble, relatively cheaper than inboard engines, and four-cylinder engines are quitter and vibration free.
Growing traction toward high-powered marine outboard engines is also expected to be an ongoing trend gaining momentum in the marine outboard engine market. The large-powered marine outboard engine continues to lead the segment in terms of year-on-year growth in unit sales as well as in market size. Owing to the high cost and increasing demand, the Above 100 HP segment is expected to project significant opportunities in the global market throughout the forecast period.
The market is mainly prevalent in developed regions such as North America and Europe. The U.S. is the largest independent market for outboard engines, while Japan is the largest exporter of outboard engines. Additionally, with the rapidly growing marine tourism industry, there has been a rise in the demand for the marine outboard engine in developing countries as well.
Key Takeaways from Market Study
- The global marine outboard engine market will reach US$ 4,370.5 million by 2022.
- The market witnessed 2.3% CAGR between 2017 and 2021.
- Above 100 HP in the power segment dominates the market with US$ 2,168.4 million valuations in 2022.
- Under boat type, fishing vessels dominates the market and are valued at US$ 1,924.8 million in 2022 and a market share of 44.0%.
- Based on region, demand for marine outboard engine expected to increase in North America during the forecast period and capture market share of 52.1%.
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Focus on new product launches and development activities will help to improve the market share in the marine outboard engine market.
Availability of low-cost products without compromising with the efficiency and quality of the engine may considerably help the market participants to gain the customer attraction.
Integration with the technology and an effort to shift towards the green energy by the usage of electrically driven engines may open new opportunities for the market players. Companies are working on battery-less electronic fuel injection marine outboard engine that provide class-leading efficiency. Such innovations are expected to drive robust growth in the outboard engine market for the foreseeable future.
Competitive Landscape
Focus on the expansion of its business through increasing its sales offices & distribution centers to enhance its presence across the globe. Key manufacturers are found to be involved in material optimization, technological advancement, and productivity to cater to a wide customer base worldwide.
- Marine motors a subsidiary of Brunswick Corporation declared its partnership with Frydenbø in 2020. It will be an engine partner to the Nordkap and Sting boat brands.
- Yamaha Motor Co., Ltd. made an investment in a U.S startup called Siren Marine, in March 2021. Siren Marine Company utilizes IoT technology and provides smart boat solutions for innovatively connecting the marine industry.
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.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global marine outboard engine market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of power (less than 30 HP, 30HP to 100 HP and Above 100 HP), engine (two stroke carburetted, two stroke electronic fuel injection, two stroke direct injection system, four stroke carburetted, and four stroke electronic fuel injection) ignition (electric, and manual), boat type (fishing vessel, recreational vessel, and special purpose boats), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).
Segmentation of Marine Outboard Engine Industry Research
- By Power:
- Less than 30 HP
- 30HP to 100 HP
- Above 100 HP
- By Ignition Type:
- Electric
- Manual
- By Engine Type:
- Two Stroke Carbureted
- Two Stroke Electronic Fuel Injection
- Two Stroke Direct Injection System
- Four Stroke Carbureted
- Four Stroke Electronic Fuel Injection
- By Boat Type:
- Fishing Vessel
- Recreational Vessel
- Special Purpose Boats
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East and Africa (MEA)
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