Marine Outboard Engines Market size is set to grow by USD 3019.33 mn from 2023-2027,Rising sales of boats boost the market- Technavio

NEW YORK, March 19, 2024 /PRNewswire/ -- The global marine outboard engines market size is estimated to grow by USD 3019.33 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 5.36% during the forecast period. The marine outboard engines market experiences growth due to rising demand for powerboats, particularly in watersports and outdoor adventure activities. Factors fueling this trend include the expanding tourism industry, economic recovery, and strong consumer confidence. In the US, sales reached record highs in 2019, driven by boat shows and a robust job market. Urban areas and landlocked cities also contribute, with manufacturers focusing on fuel efficiency and developments in autonomous marine technology catering to luxury marine tourism and cruising.

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 Market Segmentation

This Marine Outboard Engines Market report extensively covers market segmentation by Product Type (2-stroke, 4-stroke) Power Rating (Low-power, Mid-power, High-power) Geography (North America, Europe, APAC, South America, Middle East and Africa)

Market Segmentation by Product Type

Along the coastline and beaches, outboard motor companies innovate, offering distinctive products for the boat market. Two-stroke and four-stroke engines differ in fuel delivery and combustion cycles. Safety is prioritized through advancements in technology. SpaceX and Starlink bring satellite-internet service to waters, enhancing connectivity. Companies invest in emission norms compliance for their motors' product lines, ensuring environmental sustainability.

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Research Analyst Overview

The Marine Outboard Engines Market is a significant sector in the global marine industry. These engines are essential for powering various watercraft, including recreational boats, fishing boats, and work boats. The market for marine outboard engines is driven by several factors, including increasing demand for leisure activities, growing fishing industry, and the need for efficient and powerful engines for commercial applications. Manufacturers of marine outboard engines are focusing on developing innovative technologies to improve fuel efficiency, reduce emissions, and enhance engine performance. Some of the key players in the market include Mercury Marine, Yamaha Motor Co., Suzuki Motor Corporation, and Honda Marine. These companies are investing in research and development to introduce new models and improve existing ones to meet the evolving needs of consumers. The market for marine outboard engines is expected to grow at a significant rate in the coming years due to the increasing popularity of water sports and recreational activities, as well as the expanding fishing industry in developing countries. Additionally, the growing trend towards electric and hybrid marine engines is expected to provide new opportunities for market players in the coming years.

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Key Company

Marine Outboard Engines Market  is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Marine Outboard Engines Market report includes information on the product launches, sustainability, and prospects of leading vendors including AB Volvo, Bombardier Recreational Products Inc., Brunswick Corp., Cox Powertrain Ltd., DEUTZ AG, Elco Motor Yachts, Greaves Cotton Ltd., Hangzhou Hidea Power Machinery Co. Ltd., Honda Motor Co. Ltd., Kraeutler Elektromaschinen GmbH, LEHR Holdings LLC, Mahindra and Mahindra Ltd., Oxe Marine AB, Parsun, Suzuki Motor Corp., TAIZHOU GONGDA MOTORS PARTS CO. LTD., West Marine, Yamaha Motor Co. Ltd., Yongkang Longxiao Industry and Trade Co. Ltd., Tohatsu Corp. 

Key benefits for Companies

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• Data is qualitatively analyzed to categorize vendors as pure play, category focused, industry focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. Expand operations in the future.

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SOURCE Technavio