Global Outboard Boat Market 2023-2030

Global Outboard Boat Market 2023-2030

Global Outboard Boat Market Size, Share & Trends Analysis Report by Type (Electric boat, LP Gas Boat, and Diesel Boat), by Application (Commercial, and Recreational), and by Thrust (Portable, Mid-range, and High Power), Forecast Period (2023-2030)

The global outboard boat market is anticipated to grow at a CAGR of 6.0% during the forecast period (2023–2030). The growth of the market is attributed to the growing demand for technological advancements across the globe. In order to achieve faster speeds, manufacturers started manufacturing Xtreme Thrust Output. Customers seeking higher efficiency can be intrigued by XTO's enhanced power-to-weight ratio, a revised cowling design, or sophisticated new graphics. For instance, in January 2023, Yamaha launched the Xtreme Thrust Output (XTO) 450-hp V8 and the XTO 400-hp V8 to provide customers with more acceleration and higher speeds. The new XTOs have an improved power-to-weight ratio, a redesigned cowling design, sophisticated new graphics, and increased customer functions, offering an alternative for more boats.

Segmental Outlook

The global outboard boat market is segmented by type, application, and thrust. Based on the type, the market is sub-segmented into electric boats, LP gas boats, and diesel boats. Based on the application, the market is sub-segmented into commercial, and recreational. Further, on the basis of thrust, the market is sub-segmented into portable, mid-range, and high power. Among the types, the electric boat sub-segment is anticipated to hold a considerable share of the market owing to the rising development of electric outboard motors, that increases the focus on electric boats. Electric outboard motors are increasingly viable and competitive with conventional gasoline engines owing to advancements in battery technology and electric motor efficiency. The range and utility of electric boats have increased as a result of better battery capacity and faster charging times. Additionally, to cater such rising demand, the market players are also focusing on launching new electric outboard boats. For instance, in January 2023, Mercury introduced the Avator 7.5e, its latest electric outboard motor for small boats.

The Mid-Range Sub-Segment is Anticipated to Hold a Considerable Share of the Global Outboard Boat Market

Among the thrust, the mid-range sub-segment is expected to hold a considerable share of the global outboard boat market. The segmental growth is attributed to the growing demand for engines and performance. In comparison to the Honda BF75, that has a 1.5-liter displacement, the Mercury Four-Stroke with a bigger engine, offers more horsepower (HP) and torque. Better acceleration and overall performance can result from this, particularly for larger boats or while carrying heavier loads. Accordingly, market players are coming up with new products to cater to the demand for mid-range outboard engines. For instance, in May 2023, Suzuki launched its all-new mid-range DF75A outboard engine in Australia. The lightest engine in its category, that additionally includes the 1.5-liter Honda BF75, 2.1-liter Mercury Four-stroke, and 1.8-liter Yamaha F75LB, weighs 156 kg.

Regional Outlook

The global outboard boat market is further segmented based on geography, including North America (the US and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and the Rest of Asia), and the Rest of the World (the Middle East and Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to its employing innovative technologies to satisfy the rising demand and protect the security of boat users. For instance, in July 2022, SpaceX launched Starlink, the satellite internet service for boats in the US. The feature gives boat users internet access when on the water. The services cost $5,000/month, with a one-time fee of $10,000 that covers two high-performance satellite dishes.

Global Outboard Boat Market Growth, by Region 2023-2030

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Outboard Boat Market

Among all the regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. The regional growth is attributed to the training and skill development across the region. To manage and maintain four-stroke engines correctly, boat operators requires training. By enhancing boat operators' skills and providing them with technological support, the efficient and secure operation of the boats can be ensured. Additionally, it engages in commercial fishing and maritime border security. Hence, the key market players are coming up with new products to cater to the demand for four-stroke engines. For instance, in March 2022, Honda India Power Products launched a four-stroke engine array for boat operators in India's Marine Outboard business. The engine-launched boats operate in maritime border security, commercial fishing, and taxi boat services.

Market Players Outlook

The major companies serving the outboard boat market include Campion Marine Inc., CANTIERI CAPELLI SRL, MAHINDRA POWEROL, Malibu Boats, LLC, Polaris Inc., and others. The market players are considerably contributing to market growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in December 2021, Yamaha Motor acquired the US smart boat tech company Siren Marine. The acquisition aims to further promote technological development for IoT and connected boat support in Yamaha’s outboard-powered boats, personal watercraft, or sports boats.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global outboard boat market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.