The outboard engines market comprises engines that are used to propel marine vessels such as boats. Outboard engines are detachable engines that are mounted at the rear of boats or ships. They consist of a self-contained unit that includes engine, gearbox, propeller, and controlling mechanisms. Outboard engines are easy to use and transport and provide adequate propulsion for small to medium-sized boats. They are commonly used in recreational boating and fishing activities.
The global outboard engines market is estimated to be valued at US$ 6.79 billion in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2030.
Key players operating in the outboard engines market are Tessenderlo Group, K+S KALI GmbH, Compass Minerals International Inc., SQM SA, Sesoda Corporation, Migao Corporation, The Mosaic Company, Yara International ASA, SOPerior Fertilizer Corp., and Interpid Potash, Inc. The recreational boating industry has witnessed significant growth over the past few years due to increasing consumer spending on leisure activities. This has positively impacted the demand for outboard engines used in recreational boats. Technological advancements such as electronic fuel injection systems, advanced composite materials, and green fuel options are expanding the capabilities of outboard engines.
Market Trends
Electric outboard engines are gaining popularity in the Global outboard engines market Sizet due to their low noise and zero emission capabilities. Major engine manufacturers are focusing on developing electric outboard engines with advanced lithium-ion battery technology for improved performance. Another key trend is the growing demand for portable and lightweight outboard engines. Manufacturers are designing highly portable outboard engines weighing less than 15 kg for easy transport and use in small boats and kayaks.
Market Opportunities
The Asia Pacific region presents significant growth opportunities for the outboard engines market due to the large consumer base and rising tourism activities in coastal regions of countries like Japan, China, and Indonesia. Government incentives and initiatives to promote recreational boating will further aid the growth of the outboard engines market in the Asia Pacific region. Adoption of multi-fuel outboard engines that can use alternative fuels like ethanol blends is another key opportunity for engine manufacturers to expand their markets.
Impact of COVID-19 on Outboard Engines Market
The COVID-19 pandemic negatively impacted the outboard engines market growth in 2020. Factors like travel restrictions and temporary closure of boating facilities led to a decline in demand for recreational boats and outboard engines. Manufacturing facilities also faced challenges due to disrupted supply chains and lockdowns imposed in key countries. However, with vaccination drives gaining pace and economies gradually reopening, the market is expected to recover in the coming years. Manufacturers are now focusing on technological innovations to boost demand post pandemic. They are introducing new engine designs with advanced features like smartphone connectivity for better fuel efficiency and performance. This will attract more customers and stimulate market growth.
Geographical Regions with High Market Concentration
North America holds the largest share of the global outboard engines market in terms of value. This can be attributed to high boat ownership and participation in water sports activities in countries like the US. According to industry estimates, over 12 million boats were registered in the US alone in 2020. Being a major economic powerhouse, high disposable incomes of consumers in North America enable greater spending on recreational boating equipment including outboard engines. The region is expected to maintain its leading position over the forecast period as well.
Fastest Growing Region
Asia Pacific is projected to be the fastest growing regional market for outboard engines during 2024-2030. This growth can be credited to increasing middle class population, disposable incomes and spending power in developing Asian countries like China and India. Growing interest of people towards boating and water sports for leisure and recreation is propelling the regional market. Initiatives by governments to promote marine tourism are also supporting market expansion. With high growth potentials and evolving consumer base, Asia Pacific will likely emerge as a key market for outboard engines globally in the coming years.
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