The global Outboard Engines Market is witnessing impressive growth rates, driven by various factors and key trends. The market size projections indicate a significant increase over the coming years, propelled by the expansion of marine tourism, the fishing industry, economic factors, and disposable income.
In 2024, the market size for outboard engines was recorded at $9.84 billion, with a projected growth rate of 5.2% to reach $10.35 billion by 2025. By 2029, the market size is expected to reach $13.5 billion, reflecting a 6.9% compound annual growth rate. The growth can be attributed to the surge in boating and recreational activities, as well as the booming boat manufacturing industry.
The primary driver for the market growth is the increasing production and sales of yachts. Outboard engines are extensively used for yacht propulsion due to their simplicity and ease of mounting. According to the National Marine Manufacturers Association, over 260,000 new boats and more than a million pre-owned boats were sold in the US recreational boating industry in 2022. The rising production and sales of yachts have fueled the demand for outboard engines, as approximately 95% of registered boats in the US are smaller than 26 feet in length.
Key players driving the growth of the outboard engines market include Honda Motor Co Ltd., Volvo Penta, Suzuki Motor Corporation, Yamaha Motor Co Ltd., Brunswick Corporation, Mercury Marine, Torqeedo GmbH, Lehr LLC, Oxe Marine AB, Cox Powertrain Ltd., and Hidea Power Machinery Co Ltd.
Some key trends in the market include the electrification of marine propulsion, stringent emission regulations, growing interest in water sports, rising demand for small boats, smart and connected technologies, and a shift towards electric and hybrid propulsion.
The market is segmented by type (fuel-oil outboard, electric outboard), engine type (2-stroke, 4-stroke, electric), and application (personal boat, commercial boat, government enforcement boat, other applications). North America led the outboard engines market in 2024, with other regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa also contributing to the market growth.
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