Marine Outboard Engines Global Market Overview 2024: Anticipated Growth and Market Dynamics As Per The Business Research Company’s Marine Outboard Engines Global Market Report 2024
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LONDON, Jan. 30, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Marine Outboard Engines Global Market Report 2024, the marine outboard engines market has demonstrated consistent growth, evolving from $4.37 billion in 2023 to $4.52 billion in 2024, boasting a Compound Annual Growth Rate (CAGR) of 3.6%. The upward trajectory in the historic period is credited to trends in recreational boating, consumer preferences for lightweight engines, the expansion of the boating industry, adherence to environmental regulations, and overall economic growth.
Future Projections:
Foreseeing a steady ascent, the market is anticipated to reach $5.26 billion in 2028, with a CAGR of 3.8%. The projected growth in the forecast period is fueled by electrification trends, advancements in materials and manufacturing, global tourism growth, the expanding middle-class population, and adherence to stringent emission standards. Key trends include the integration of smart technology, government incentives for green technologies, technological advancements, the electrification of outboard engines, and a focus on efficiency and fuel economy.
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Outdoor Recreational Activities Driving Market Growth:
The surge in outdoor recreational activities, encompassing boating and fishing, is expected to propel the marine outboard engine market forward. These activities utilize marine outboard engines to power watercraft, enhancing the overall experience for enthusiasts engaging in aquatic leisure pursuits. Notably, according to the Bureau of Economic Analysis, in 2022, boating and fishing contributed significantly to the U.S. outdoor recreation value added, representing $32.4 billion. The increasing popularity of outdoor recreational activities is a significant driver for the marine outboard engine market.
Key Industry Players and Innovation:
Major companies shaping the marine outboard engine market landscape include Honda Motor Co Ltd., Selva SpA, AB Volvo, Suzuki Motor Corporation, Yamaha Motor Co Ltd., and others. These companies are focused on advanced solutions, including high-performance premium outboard marine engines, to meet the growing demand for enhanced efficiency and power in marine applications. For instance, Honda Marine’s recent launch of the BF350, a V8 outboard engine, exemplifies high-performance premium outboard marine engines, setting new industry standards with its 350 horsepower, 5-liter V8 capacity, and advanced technologies like Variable Valve Timing and Lift Electronic Control (VTEC).
Market Segmentation:
- Engine Type: Two Stroke Carbureted, Two Stroke Electronic Fuel Injection, Two Stroke Direct Injection System, Four Stroke Carbureted, Four Stroke Electronic Fuel Injection
- Boat Type: Fishing Vessel, Recreational Vessel, Special Purpose Boats
- Power: Less Than 30 HP, 30 HP To 100 HP, Above 100 HP
- Ignition Type: Electric, Manual
- Application: Military, Civilian
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Regional Dominance:
In 2023, North America emerged as the largest region in the marine outboard engines market, reflecting the region’s significant contribution to market growth and development.
Various stakeholders, including manufacturers, investors, and policymakers, can leverage this comprehensive market report to gain strategic insights, identify emerging trends, and make informed decisions. The report serves as a valuable resource for planning and aligning initiatives with the evolving landscape of the marine outboard engine market.
Marine Outboard Engines Global Market Report 2024 by The Business Research Company provides insights on the marine outboard engines market size, marine outboard engines market segments, marine outboard engines market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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