SELBYVILLE, Del., Feb. 1, 2021 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the outboard engines market which estimates the market valuation for outboard engines will cross US$ 13 billion by 2027. The rising government interest in developing boating infrastructure to support recreational activities and enhance tourism will further drive outboard engines industry size.
The military segment will observe over a 4.5% CAGR in the outboard engines market size owing to increasing outboard engine adoption in rigid-inflatable boats (RIB) for patrolling and rescue operations. Diesel outboard engines are preferred in military applications owing to enhanced safety features compared to petrol outboards. Additionally, outboard engines enable defense organizations to improve the military amphibious reconnaissance system.
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The outboard engine manufacturers including Cox Powertrain are adopting additive manufacturing in their component production to increase production rates owing to a higher demand for outboard engines. Additive manufacturing-enabled manufacturers will offer cost-effective products to customers owing to waste minimization and ease in complex part production. Stringent emission norms and updated weight test requirements are pressurizing industry players to invest in R&D projects.
Fluctuating raw material prices owing to trade disputes between the U.S. and China are posing threats to engine manufacturers. Major market participants are engaged in partnerships with boat manufacturers to gain a competitive edge over other companies; for instance, in November 2018, Cox Powertrain entered into a strategic partnership with Metal Shark Boats, a commercial maritime boat manufacturer. This strategy enabled the company to strengthen its position in commercial applications. Additionally, it enabled the company to enter the military segment.
In 2020, Europe held around 20% share in the global outboard engines market, which is mainly attributed to increasing tourism along with a strong presence of boat manufacturers across the region. Rising boat show activities along with the launch of new outboard in such events will further support market growth. For instance, in January 2018, Suzuki Marine launched DF325A motors during the Düsseldorf International Boat Show.
The key market players of outboard engines are focusing on investment in R&D to acquire advanced technology to cater to the increasing demand from the outboard engines market. For instance, in September 2018, Tohatsu Corporation completed the construction of its R&D facility in Tokyo, Japan. This facility is designed in accordance to facilitate the research and development of outboard motors and portable fire pumps, enabling the company to introduce innovation in its products.
Some major findings of the outboard engines market report include:
The increase in disposable income in the emerging economies, such as India, China, Australia, and an upsurge in the number of people preferring leisure boating activities have led to the rise in the outboard engine demand across Asia Pacific.
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Many manufacturers are focusing on the development of more lightweight and compact outboard engines to minimize energy consumption. Additionally, the usage of the preheating process enabled manufacturers to save around 20% natural gas in melting scrap aluminum and thereby offer cost-saving in engine part manufacturing.
Manual ignition outboard engines are growing at a considerable rate owing to low costs and wide applications in low-powered boats. Advancements in technologies including twist-grip throttle for ease in maneuverability and developments in the motor to start efficiently in all weather conditions will support segment growth.
The ongoing COVID-19 pandemic has affected global boat production owing to stringent lockdown and social distancing norms by several government authorities. Moreover, the average halt duration of outboard engine manufacturing plants across the world is nearly 20-30 operational days, which is likely to affect the overall sales of outboard engines in 2020.
Partial chapters of the report's table of contents (TOC):
Chapter 3 Global Outboard Engines Industry Insights
3.1 Industry segmentation
3.2 COVID-19 impact on outboard engines industry
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.3 Profit margin trends
3.3.4 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Pricing analysis (including COVID-19 impact)
3.4.1 Regional price trends
3.4.2 Cost structure analysis, 2019
3.5 Technology landscape
3.5.1 Burn Control
3.5.2 Boosted Low Speed Torque (BLAST)
3.6 Regulatory landscape
3.6.1 North America
3.6.3 Asia Pacific
3.6.4 Latin America
3.7 Industry impact forces
3.7.1 Growth drivers
184.108.40.206 Increasing recreational boating activities
220.127.116.11 Rising production and sales of yachts
18.104.22.168 Improved economy and the rising government funding for infrastructure development
22.214.171.124 Growing tourism sector along with the strengthening distribution network
126.96.36.199 Increasing disposable income along with surging import & export activities
3.7.2 Industry pitfalls & challenges
188.8.131.52 Prohibitive prices of modern outboard engines
3.8 Innovation & sustainability
3.8.1 3D Printing
3.8.2 V8 425 XTO offshore engine
3.9 Growth potential analysis, 2020
3.10 Porter's analysis
3.11 Competitive landscape
3.11.1 Top player's analysis, 2020
3.11.2 Strategy dashboard
3.12 PESTLE analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Outboard Engines Market size worth over $13 Bn by 2027
Outboard Engines Market size is expected to exceed USD 13 billion by the end of 2027, according to a new market research study published by the Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.