New York, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global outboard engines market size is slated to expand at ~5% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 18 billion by the end of 2035, up from a revenue of ~USD 11 billion in the year 2022.This growth is poised to be encouraged by a surge in tourists. Over 234 million international tourists have been projected to have visited in the first three months of 2023—more than twice as many as during the same time in 2022. Hence, with this maritime tourism is also surging which is further encouraging the market expansion.
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Additionally, there has been growth in the sale of the yacht which usually employs outboard engines. In the first quarter of 2022, about 544 yachts were sold all across the globe. Furthermore, Since the first models were developed, outboard motors have progressed significantly. With the development of technology, every producer has staked out a special place for themselves, driving the sector forward with constant innovation. These comprise Bluetooth controllers, joystick steering, electronic control modules with sensors and data ports for input and output, and motors that are digitally integrated with a ship's marine electronics.
Surge in Demand for Rescue Operations to Boost the Growth of Global Outboard Engines Market
Around 236,000 individuals drown each year, resulting in a significant global public health issue. Among the top causes of death for children and young people worldwide, ages 1 to 24, is drowning. Drowning, which makes up 7% of all injury-related deaths, is the third most common cause of unintentional injury mortality. As a result, the need for rescue operations is growing which is further increasing market demand for rescue boats which is employed with outboard engines.
Outboard Engines Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Disposable Income to Influence the Market Expansion in North America
The outboard engines market in North America is predicted to garner the highest revenue by the end of 2035. This growth in the region’s market revenue is set to be influenced by rising disposable income in this region. Between September 2023 and October 2023, the United States' disposable personal income increased dramatically, from over 20387 USD billion to over 20450 USD billion.
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Rising Population to Encourage Market Growth in Asia Pacific
The outboard engine market in Asia Pacific is set to have notable growth in the market over the forecast period. This growth is poised to be dominated by the growing population in this region. Over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. Asia's urban population is predicted to increase by 50% by 2050, adding 1.2 billion new residents. This has further flourished the tourism industry hence further boosting market growth in this region.
Outboard Engines, Segmentation by Ignition Type
- Electric
- Manual
The electric segment is poised to capture the highest revenue in the market over the forecast period. This growth of the segment is set to be dominated by the growing production of lithium-ion batteries. Worldwide production capacity for lithium-ion batteries as of the end of the first quarter is about 3 TWh. Furthermore, by 2030, lithium-ion battery capacity will achieve over 5 TWh.
Outboard Engines, Segmentation by Application
- Commercial
- Recreational
- Military
The recreational segment is set to have significant growth in the market over the coming years. The major element to influence the segment growth is rising participation in water sports. In 2022, about 12 million adults in the UK attempted boating, which is an increase of over 2% from approximately 11 million in 2021. In 2022, more than 9 million people engaged in one or more boating activities either once or twice.
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A few of the well-known industry leaders in the outboard engines market that are profiled by Research Nester are Cox Powertrain Limited, Yamaha Motor Co., Ltd., Brunswick Corporation, Suzuki Marine USA LLC, Honda Motor Co., Ltd., Bombardier Recreational Products Inc., Tohatsu America Corp., AB Volvo Penta., Hidea Power Machinery Co., Ltd., SelvaSpA, and others.
Recent Development in the Market
- During Coniston Powerboat Records Week in 2022, Cox Powertrain Limited revealed that its CXO300 diesel outboard engine set both a national and world speed record. In order to beat three of their previous speed records, the Cox Marine crew, who created CX0300 and their ship Pegasus, reached an average speed of 62.27 mph.
- About 20 V-6 and V-8 next-generation outboard engine types, created by Brunswick Corporation's major division Mercury Marine, were released. The introduction of the new models suggests that the corporation is a leader in maritime propulsion, a position that is reinforced by ongoing investments in new and improved models, R&D, and other areas.
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