Outboard Engines Market To Record CAGR Of 5% Via Electric Outboard Motors By 2030
Global Outboard Engines Market size from electric outboard motors will register 5% CAGR during the forecast period of 2022-2030. The growing concerns regarding carbon emissions and use of fossil fuels to power boats have compelled manufacturers to adopt an eco-friendlier approach.
They are now partnering with outboard engine manufacturers to integrate innovative technologies in electric engines to not only help them reduce their carbon footprint but also improve their performance and efficiency. For instance, Canada-based Vision Marine Technologies, Inc. signed a manufacture & supply agreement with Linamar and its subsidiary McLaren Engineering to produce and assemble Vision’s fully electric outboard motors.
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Outboard Engines Market from 4-stroke outboard engines will capture 50% of share over the coming years. A majority of diesel and petrol engines are 4-stroke ones because of their wide-ranging applications in high-powered race boats.
One of the major reasons behind manufacturers opting for these engines is their fuel efficiency; a 4-stroke outboard motor is 50% more fuel efficient as compared to a 2-stroke one. This motor also produces more torque at a lower RPM as compared to a 2-stroke one and is eco-friendly.
With new product launches taking place almost every year, the demand for 4-stroke outboard engines will rise. For example, in March 2022, Honda India Power Products entered the marine outboard business by launching its 4-stroke engine range in India from April 2022. These engines will be mainly used in commercial fishing, maritime border security, and taxi boat services.
Global outboard engines market will grow at a steady rate because of a strong increase in recreational activities. Boating activities saw an unprecedented demand among travelers during the COVID-19 pandemic in 2020, so much so that yacht manufacturing companies were running out of inventory.
The producers also saw an increase in multi-month waiting lists because customers purchased boats to fulfill their travel needs as well as fend off the COVID-19 virus. While the pandemic caused heavy losses for the travel & tourism sector, boat sales touched an all-time high during this period. It is predicted that global outboard engines market share will exceed USD 15.5 billion by 2030.
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Some Point from Table of Contents:
Chapter 6 Outboard Engines Market, By Power
6.1 Global outboard engines industry insights, by power
6.2 Low
6.2.1 Global market estimates and forecasts, 2018 - 2030
6.2.2 Market estimates and forecast, by region, 2018 - 2030
6.3 Mid
6.3.1 Global market estimates and forecasts, 2018 - 2030
6.3.2 Market estimates and forecast, by region, 2018 – 2030
6.4 High
6.4.1 Global market estimates and forecasts, 2018 - 2030
6.4.2 Market estimates and forecast, by region, 2018 - 2030
Chapter 7 Outboard Engines Market, By Ignition Type
7.1 Global outboard engines industry insights, by ignition type
7.2 Electric
7.2.1 Global market estimates and forecasts, 2018 - 2030
7.2.2 Market estimates and forecast, by region, 2018 - 2030
7.3 Manual
7.3.1 Global market estimates and forecasts, 2018 - 2030
7.3.2 Market estimates and forecast, by region, 2018 – 2030
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