New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Outboard Engines Global Market Report 2023" - https://www.reportlinker.com/p06464221/?utm_source=GNW
Ltd., Cox Powertrain, Elco Motor Yachts, Evinrude Outboard Motors, Golden Motor Technology Co. Ltd., Lehr LLC, Mercury Marine Inc. , Mudd Hog Mud Motors LLC. , Torqeedo GmbH, and Volvo Penta.
The global outboard engine market is expected to grow from $9.05 billion in 2022 to $9.61 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The outboard engine market is expected to reach $11.81 billion in 2027 at a CAGR of 5.4%.
The outboard engine market consists of sales of trolling outboard engines and jet drive outboard engines.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Outboard engines are self-contained portable propulsion devices used to power boats.Outboard engines are situated on the boat’s transom, outside of the hull.
They are used to power and steer the boat.
North America was the largest region in the outboard engines market in 2022. The regions covered in outboard engine report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of outboard engines include fuel-oil outboard and electric outboard.Fuel-oil outboard refers to outboard which uses fuel-oil for energy to drive the boat.
They consists of different types of engines such as 2-stroke, 4-stroke and electric for use in applications including personal boat, commercial boat, government enforcement boat and others.
Rising production and sales of yachts are expected to propel the growth of the outboard engine market going forward.Yachts refer to large sailboats or motorboats used for racing or pleasure cruises.
Outboards engine are extensively used for the propulsion of yachts for their simplicity and they are easy to mount.For instance, in October 2022, according to the data released by the National Marine Manufacturers Association (NMMA), a US-based association that represents boat, marine engine, and accessory manufacturers, the global Yatch unit sales increased by 16 percent from 2019 to 2021.
Therefore, rising production and sales of yachts will drive the outboard engine market.
Product innovation is the key trend gaining popularity in the outboard engine market.Major companies operating in the outboard engine market are focusing on developing outboard engines with better fuel efficiency and fewer emissions.
For instance, in February 2021, Mercury Marine, a US-based marine engine manufacturer, operating in the outboard engines market, launched a 7.6-liter V12 600- Verado outboard engine. The Verado outboard engine has a steerable gearcase that pivots freely up to 45 degrees, rather than 30 degrees and boosts a boat’s agility by having contra-rotating propellers. Verado outboard engine has a two-speed automatic transmission.
In November 2022, Correct Craft, a US-based manufacturer of powerboats primarily used for waterskiing, wakeboarding, and wake surfing, acquired Indmar Marine Engines for an undisclosed amount.The acquisition expands Correct Craft’s portfolio to include outboard engine manufacturing.
Indmar Marine Engines is a US-based manufacturer of marine engines.
The countries covered in the outboard engine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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