Outboard Motors

Outboard Motors

Global Outboard Motors Market to Reach US$6.1 Billion by 2030

The global market for Outboard Motors estimated at US$5.0 Billion in the year 2023, is expected to reach US$6.1 Billion by 2030, growing at a CAGR of 2.8% over the analysis period 2023-2030. Electric Outboard Motors, one of the segments analyzed in the report, is expected to record a 3.3% CAGR and reach US$3.9 Billion by the end of the analysis period. Growth in the Manual Outboard Motors segment is estimated at 2.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.4 Billion While China is Forecast to Grow at 5.7% CAGR

The Outboard Motors market in the U.S. is estimated at US$1.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.2 Billion by the year 2030 trailing a CAGR of 5.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.8% and 2.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.5% CAGR.

Outboard Motors - Key Trends and Drivers

Outboard motors are propulsion systems used for boats, consisting of an engine, gearbox, and propeller mounted externally on the stern of the vessel. Unlike inboard motors, which are built into the hull of the boat, outboard motors are detachable, which offers flexibility in use and easier maintenance and repair. These motors vary widely in terms of power and size, catering to a range of boats from small fishing vessels to larger recreational craft. Modern outboard motors are predominantly fueled by gasoline, but there is a growing trend towards electric outboards, driven by environmental concerns and advancements in battery technology.

The market for outboard motors has seen significant evolution driven by technological innovation, regulatory changes, and shifting consumer preferences. Technological advancements have led to the development of more efficient and powerful motors that meet stricter emissions standards set by governments worldwide to combat pollution and promote sustainability. The advent of four-stroke engines and direct fuel injection systems has allowed outboards to become more fuel-efficient and quieter, which enhances the boating experience and reduces environmental impact. Additionally, the rise of electric outboard motors has catered to a niche but rapidly growing segment of environmentally conscious consumers looking for greener alternatives.

The growth in the outboard motor market is driven by several factors including increased participation in boating activities, economic growth in key markets, and technological advancements in motor design and materials. The growing middle-class population in emerging economies has resulted in increased leisure spending and recreational activities such as boating. Moreover, innovations such as joystick docking technology, which simplifies boat handling, have made boating more accessible to novices, thereby expanding the consumer base. The trend towards larger boats, which often require more powerful outboard systems, also contributes to market growth. Furthermore, regulatory pressures for lower emissions and noise levels continue to drive advancements in outboard technology, pushing manufacturers to invest in research and development to meet these challenges while catering to consumer demands for high performance and reliability.

Select Competitors (Total 51 Featured) -

• AB Volvo Penta
• American Honda Motor Co., Inc.
• Bombardier Recreational Products Inc.,
• Cox Powertrain Ltd.
• ePropulsion Technology Limited
• Hangzhou Hidea Power Machinery Co.,Ltd
• LEHR, Inc.
• Mercury Marine
• Mud Buddy Motor
• Selva S.p.A.
• Suzhou Parsun Power Machine Co., Ltd
• Suzuki Marine USA, LLC
• Tohatsu Corporation
• Torqeedo GmbH
• Yamaha Motor Co., Ltd.;

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