NEW YORK, May 17, 2024 /PRNewswire/ — The global outboard motor market size is estimated to grow by USD 1.25 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.46% during the forecast period.
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Technavio has announced its latest market research report titled Global Outboard Motor Market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Type (Electric and Manual), Application (Commercial, Recreational, and Military), and Geography (APAC, Europe, North America, South America, and Middle East and Africa) |
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Region Covered |
APAC, Europe, North America, South America, and Middle East and Africa |
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Key companies profiled |
AB Volvo, Bombardier Recreational Products Inc., Brunswick Corp., Cox Powertrain Ltd., DEUTZ AG, Elco Motor Yachts, Golden Motor Technologies Co. Ltd., Hangzhou Hidea Power Machinery Co. Ltd., Honda Motor Co. Ltd., Johnson Outdoors Inc., Kraeutler Elektromaschinen GmbH, LEHR Holdings LLC, Oxe Marine AB, Power Tec Outboards, Ray Electric Outboards Inc., Selva SpA, Suzhou Parsun Power Machine Co. Ltd., Suzuki Motor Corp., Tohatsu Corp., and Yamaha Motor Co. Ltd. |
Key Market Trends Fueling Growth
The outboard motor market is experiencing significant growth, with an increase in new product launches and collaborations among industry participants. Manufacturers are focusing on developing advanced outboard motors, incorporating features such as lightweight design, quiet operation, and long-range capability. Collaborations between motor and boat builders are leading to integrated propulsion solutions, optimizing performance and compatibility. Recent developments include Brunswick Corporation’s introduction of a new boat brand for first-time boaters and their focus on electrification. Other trends include the use of various fuel types, such as gasoline and diesel, and the evolution of 2-stroke and 4-stroke engines, including direct-injection designs. The market is driven by consumer preferences, income levels, and economic growth, with applications ranging from recreational activities to military applications.
Market Challenges
The outboard motor market faces intricate regulatory hurdles in disposing of vessels, particularly in the United States. Manufacturers, distributors, and vessel owners must coordinate with multiple regulatory bodies, including the USACE District Office, USCG Sector, and EPA Region, to adhere to stringent protocols. This process involves written notices, careful coordination, and adherence to regulatory timelines, adding administrative work and potential delays. Outboard motors offer versatility, convenience, maneuverability, shallow water access, reduced maintenance, and recreational activity. Consumers, with discretionary income, seek premium engines, advanced features, and performance. Affluent buyers prefer high-priced, electric outboard engines with quieter operation, reduced emissions, digital technology, and smart solutions. Budget-conscious buyers opt for used engines or lower-cost alternatives. Environmental regulations focus on emissions, service intervals, and simplicity. Innovations include hybrid propulsion systems, electric components, fuel efficiency, lightweight designs, and smaller boats for kayaks.
Research report provides comprehensive data on impact of trend, driver and challenges – Buy Report
Segment Overview
This outboard motor market report extensively covers market segmentation by
Type
1.1 Electric
1.2 Manual
Application
2.1 Commercial
2.2 Recreational
2.3 Military
Geography
3.1 APAC
3.2 Europe
3.3 North America
3.4 South America
3.5 Middle East and Africa
1.1 Electric- The outboard motor market segmentation by type reveals a growing trend towards electric propulsion systems, driven by consumer preferences for sustainability, quieter operation, and reduced emissions. Gross output in the electric outboard motor market is projected to increase, fueled by disposable income and lifestyle choices of affluent customers seeking status symbols and advanced features. Yacht owners and recreational users value the versatility, convenience, and maneuverability of electric outboard motors for shallow water access and fishing spots. High-performance premium engines cater to consumers with discretionary income, while budget-conscious buyers opt for used engines or lower-cost alternatives. The electric outboard motor market is characterized by advancements in battery technology, digital technology, and smart solutions, including real-time diagnostics, hybrid propulsion systems, and electric components. Environmental regulations and emissions concerns drive the shift towards fuel efficiency and lightweight designs, appealing to consumers seeking simplicity and ease of use in smaller boats and kayaks.
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Market Research Overview
The Outboard Motor Market encompasses a wide range of watercraft applications, including recreational boats, personal watercraft, and commercial vessels. These motors are essential for propulsion and maneuverability in various water environments. The market is driven by factors such as increasing demand for water sports and recreational activities, technological advancements, and growing tourism industries. Additionally, the market is influenced by regulations regarding emissions and safety standards. Actives and civicities are significant consumers of outboard motors, with a focus on fuel efficiency, reliability, and durability. The market is segmented based on horsepower, type, application, and region. Manufacturers are continually innovating to meet the evolving needs of consumers and regulatory bodies.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Electric
Manual
Application
Commercial
Recreational
Military
Geography
APAC
Europe
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
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Jesse Maida
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Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
