December 30, 2019
According to the research report titled ‘Outboard Engines Market Size By Engine Type (2-Stroke, 4-Stroke, Electric), By Fuel Type (Diesel, Gasoline, Electric), By Power (Low, Mid, High), By Ignition Type (Electric, Manual), By Applications (Commercial, Recreational, Military), Regional Outlook, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global outboard engines market is expected to grow significantly by the year 2025.
Surging need for small and medium powered boats for recreational activities and fishing is a major factor driving outboard engines market. Outboard motors not only offer wider interior space on boats but also improve the NVH properties of motors which further enhances the boating experience for consumers. Moreover, rising numbers of watersport boats are aiding the expansion of the market. Key industry players are launching various corporate offices around the world in order to meet consumer demands.
As per engine type, 4-stroke engine segment will dominate the outboard engines market due to low environment impact and high power output. Strict policies over emission mitigation by various governments is further contributing to the popularity of 4-stroke engines across the globe, thereby stimulating the segment.
By fuel type, gasoline segment holds the largest share in outboard engines market owing to rising adoption of gasoline-based motors in new generation boats. Gasoline is largely used in high-end leisure boats as they are high-powered models. However, gasoline fuel is highly volatile and raise safety issues which might hinder the growth of the segment.
In terms of power rating, mid-powered engines will grow substantially during the estimated timeframe. Mid-powered engines offer fuel efficiency, high performance, and quick-start during operations. Thus, shifting preference towards such type of engines for fishing boats will fuel the segmental growth.
Citing ignition type, manual ignition motors segment will show moderate growth during the forecast period. Manual ignition motors are available at low ownership cost and offer easy engine starting operations in harsh weather conditions. Thus, rising adoption of such motors in low-powered boats, coupled with flourishing fishing activities, especially in Latin America, will further surge the product demand.
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The report cites that outboard market from commercial application segment is estimated to grow significantly in the upcoming years, owing to booming coastal tourism across the globe. Development of high-powered engines and increasing boat renting activities are also facilitating the growth of segmental share.
Considering geographical landscape, Europe outboard engines market will register considerable growth due to rising production of leisure boats and yachts, in tandem with increasing watersport activities. Favorable government policies which encourage coastal tourism and rising adoption of such motors for search & rescue operations will propel the industry outlook.
The prominent companies operating in outboard engines market are Honda Motor Co., Ltd., Mercury Marine, Inc., Suzuki Marine, and Yamaha Motor Co., Ltd. among others.
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