Charting the Course: Navigating the Global Marine Outboard Engines Market"

April 10, 2024

October 26^th,2023/IndustryNewsGlobal/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Marine Outboard Engines Market

The Marine Outboard Engines Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The Global Marine Outboard Engines Market is estimated at US$ 5.11 Billion in 2019 and is expected to grow at a CAGR of 5.8% during the forecast period to reach US$ 5.58 Billion in 2025. Marine outboard engines are the brightest stars of the marine industry as they represent the lion’s share of the marine engines market for the global recreational boating industry. In the USA itself, which is the biggest market for recreational boats, outboard engines account for more than 85% share of the total marine engines sold in the country.

The history of marine outboard engines can be seen back in the early ’90s and has come along a long path of more than 100 years. The power of outboard engines gradually increased with the first 100 HP V-6 outboard engine introduced in 1975. This gave rise to 175- and 200-horsepower outboards on the market. In the past few years, the major push has been toward producing larger and more powerful outboard engines.

The Great Recession (2008-2009) greatly plunged the sales of marine outboard engines, throwing the sales even below their previous decade level. (The USA: 275.5 thousand units in 2007 and 180.7 thousand units in 2009; EMEA (including Russia): 332.4 thousand units in 2007 and 204.7 thousand units in 2009. It took almost a decade for the USA to hit back its pre-recession sales level in 2018 (278.5 thousand units in 2018), whereas, till 2019, Europe even could not close to its pre-recession level.

Segments Analysis

Engine Power Trends

 "<75kW engine power segment held a significant market share in 2019".

Stratview has firstly segmented the market based on the engine power type as < 75 kW, 75-110 kW, 110-150 kW, and >150 kW. <75kW engine power segment held a significant market share in 2019 & is likely to remain dominant in terms of unit shipments by 2025. However, the segment is likely to lose away its share to the mid-range and high-power segments, majorly in the USA and some key Western European countries.

Japan, China, Russia, and Germany are some key countries with the highest penetration of low-power engines. The majority of outboard engine demand in these countries is less than <30 kW. The <150 kW engine power segment has been gaining a significant share in the market, especially in the USA.

Boat Trends

"Fishing segment dominated the market with a significant share in 2019".

 

Our analysis based on the market segment of the boat type suggests that the fishing segment dominated the market with a significant share in 2019 & is expected to remain the dominant boat type among fishing, leisure, sailing/transport, and others.

Pontoon, center console, and multi-species boats have been gaining traction in the segment. Both saltwater and freshwater fishing are generally performed on an outboard-powered boat, which creates a huge demand for outboard engines.

Regional Insights

"North America region is projected to remain the largest market for marine outboard engines during the forecast period".

The North American market is also estimated to register huge losses due to the pandemic. Despite the severely hit region, the region is projected to remain the largest market for marine outboard engines during the forecast period.

The USA is the world’s largest market for both outboard engines as well as recreational boats, with Florida being the largest single market. All the major players have a strong presence in the region to tap the huge market.

Asia-Pacific is currently a small market but is likely to be the fastest-healing region in the market in a post-pandemic scenario. China, Australia, and Japan are key countries in the market generating considerable market demand.

The market is registering significant changes in regional dynamics in pre-COVID and post-COVID scenarios. All regions mark a huge decline in outboard engine sales in 2020; however, EMEA is estimated to be the worst-hit region due to the pandemic.

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Features of the Report

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

The Marine Outboard Engines Market analysis report discusses the following heads in great detail:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors 

About Stratview Research

Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. It is a global market intelligence firm providing a wide range of services including syndicated market reports, custom research, and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

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Author : Emily