Outboard Engines Market Top Companies Analysis To Grow Your Business in 2027
Global outboard engines market size is slated to proliferate at an appreciable rate, owing to rising government initiatives to develop boating infrastructure and subsequently support recreational activities and tourism worldwide. Industry participants are lending a strong focus on manufacturing lightweight and compact outboard motors to lower the energy consumption level. This has resulted in the usage of preheating process to save over 20% of the natural gas while melting scrap aluminum, thereby ensuring significant cost-saving in the development of the engine parts.
With an aim to cater to the escalating demand for outboard engines for boats, numerous manufacturers are leveraging additive manufacturing in component production to drive production rates. This type of approach or manufacturing process has been widely deployed in delivering cost-effective products, owing to ease in production of complex parts and waste minimization. These aforesaid factors will expand the scope of the outboard engines market across the globe.
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In terms of segmentation by ignition type, the global outboard engines market from the manual segment is set to expand at a considerable rate over the forthcoming years, which is attributable to its low costs and widespread applications in low-powered boats. The segmental growth can further be credited to the rapid technological advancements, like twist-grip throttle to ensure ease in maneuverability, coupled with growing motor developments to enable efficient operations in different weather conditions.
With regards to the application spectrum, the military segment is poised to depict nearly 4.5% CAGR through 2027, as a result of the mounting product adoption in RIB (rigid-inflatable boat) for myriad applications like patrolling and rescue operations. In addition, outboard diesel engines are highly used in military applications due to enhanced safety as compared to petrol outboards.
At present, market participants are witnessing high pressure due to the presence of strict emission norms as well as the requirements for updated weight tests, resulting in substantial investments in R&D activities. Moreover, engine manufacturers are encountering roadblocks caused by trade disputes between China and the U.S., as well as fluctuation in raw material prices. In order to gain a competitive edge, major companies in this industry are engaging in partnership deals with various boat manufacturers. For example, Cox Powertrain, in November 2018, partnered with Metal Shark Boats to expand its services for commercial applications as well as enter the military segment.
On the regional front, the Europe outboard engines market accounted for a market share of around 20% in 2020, due to the rising number of boat manufacturers, alongside the growth of tourism in the region. The regional industry is likely to further gain high popularity in the foreseeable future, owing to the rising recreational or boat show activities and the introduction of new outboards in such events. To illustrate, Suzuki Marine, in January 2018, unveiled its DF325A motors at the Düsseldorf International Boat Show.
The outboard engines industry in Asia Pacific will also witness hefty profits in years to come, which is credited to the rising disposable incomes in China, Australia, India, and other emerging countries, along with the proliferating number of people embracing leisure boating activities.
Key market players are focusing on strategies such as R&D, new product launches, and business expansions to expand their footprint in the regional market. For instance, in February 2021, Mercury Marine unveiled a new V12 600hp Verado outboard engine of 7.6 liters with an aim to transform the high-horsepower outboard industry.
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Partial Chapter of the Table of Content
Chapter 6 Outboard Engines Market, By Power
6.1 Global market insights, by power
6.2 Low
6.2.1 Global market estimates and forecasts, 2017 - 2027
6.2.2 Market estimates and forecast, by region, 2017 - 2027
6.3 Mid
6.3.1 Global market estimates and forecasts, 2017 - 2027
6.3.2 Market estimates and forecast, by region, 2017 – 2027
6.4 High
6.4.1 Global market estimates and forecasts, 2017 - 2027
6.4.2 Market estimates and forecast, by region, 2017 - 2027
Chapter 7 Outboard Engines Market, By Ignition Type
7.1 Global market insights, by ignition type
7.2 Electric
7.2.1 Global market estimates and forecasts, 2017 - 2027
7.2.2 Market estimates and forecast, by region, 2017 - 2027
7.3 Manual
7.3.1 Global market estimates and forecasts, 2017 - 2027
7.3.2 Market estimates and forecast, by region, 2017 – 2027
Chapter 8 Outboard Engines Market, By Application
8.1 Global market insights, by application
8.2 Commercial
8.2.1 Global market estimates and forecasts, 2017 - 2027
8.2.2 Outboard Engines Market estimates and forecast, by region, 2017 - 2027
8.3 Recreational
8.3.1 Global market estimates and forecasts, 2017 - 2027
8.3.2 Market estimates and forecast, by region, 2017 – 2027
8.4 Military
8.4.1 Global market estimates and forecasts, 2017 - 2027
8.4.2 Outboard Engines Market estimates and forecast, by region, 2017 - 2027
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