Global Outboard Motor Market to grow at 3% CAGR through 2027

November 22, 2021

According to the report titled ‘Global Outboard Motor Market Size study, by Thrust (Portable, Mid-range, High power) by Application type (Commercial, Recreational) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global outboard motor market was valued at USD 9.1 billion in 2020 and is expected to grow at a healthy rate of 3%, projecting a valuation of USD 11.19 billion during the forecast period 2021-2027.

Increased preference for boating and various other water sports, as well as rising demand from the tourism and recreational sectors are factors driving the growth of global outboard motor market.

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To this effect, Statista predicted that the tourism industry is likely to be worth USD 1311.1 billion by the end of 2021, up from USD 1094.8 billion in 2020.

For the unversed, an outboard motor is a type of boat propellant system that consists of a self-contained shaft, engine, gearbox, or jet pump mounted on the bow.

Numerous technological advancements, and an increase in disposable income of individuals are anticipated to propel the industry growth over the forecast period.

However, decline in recreational activities, and rising availability of substitutes are projected to impede the market growth through 2027.

Based on thrust, global outboard motor market is divided into high-power, portable, and mid-range. In terms of application, the market is categorized into recreational, and commercial segments.

From regional standpoint, the market spans North America (Canada, U.S.), Latin America (Brazil, Mexico), Europe (Germany, Italy, France, UK, Spain), and Asia Pacific (India, China, Japan, Australia, South Korea). Of these, North America held a significant market share in the past year and is poised to showcase similar growth trends during the projected timeframe, owing to high disposable income.

Additionally, Europe market is presumed to grow at a fast rate between 2021 and 2027, attributed to a boost in recreational activities creating lucrative opportunities for the industry partakers.

The competitive landscape of global outboard motor market is defined by companies like Bombardier Recreational Products Inc., Volvo Penta, Deutz AG, LEHR Incorporated, Yamaha Motor Co. Ltd., Tohatsu Corporation, Suzuki Motor Corporation, Honda Motor Company Ltd., Brunswick Corporation, and Mercury Marine among others.

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