Electric Propulsion is Fastest Growing Segment Fueling the Growth of Outboard Engines Market

 


The global Outboard Engines Market is estimated to be valued at US$ 5.89 Bn in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Outboard engines are powerful engines that propel marine vessels such as boats. They are mounted outside the hull of boats. Outboard engines are advantageously portable and easy to use. They allow more flexibility in boat design and offer better maneuverability compared to inboard engines.

Market key trends:
One of the key trends in the outboard engines market growth is the increasing adoption of electric propulsion. Electric outboard engines are gaining popularity as they are more environment-friendly with zero direct emissions. They are also relatively quieter and more efficient compared to traditional gasoline-powered outboard engines. Manufacturers are increasingly focusing on developing innovative electric outboard engines with advanced lithium-ion batteries to cater to the growing demand. The advantages of electric propulsion are expected to boost its demand and make it the fastest growing segment in the global outboard engines market during the forecast period.
Segment Analysis
The global outboard engines market is segmented by engine power, fuel, and boat type. Based on engine power, the less than 30 HP segment dominated the global outboard engines market in 2023 and is projected to continue its dominance over the forecast period. Less than 30 HP outboard engines are used in a wide range of fishing and leisure boats due to their compact size. They offer sufficient power for basic fishing, recreational activities, and touring applications in lakes, rivers, and coastal waters.

Key Takeaways
The global outboard engines market is expected to witness high growth, exhibiting CAGR of 3.7% over the forecast period, due to increasing recreational and leisure boating activities.

Regional analysis:
North America dominated the global outboard engines market in 2023 and is expected to maintain its leading position during the forecast period. The U.S. accounted for the major share in the North America outboard engines market in 2023. Rising consumer spending on recreational activities such as fishing and boating is driving the demand for outboard engines in the region.

Key players:
Key players operating in the outboard engines market are Yamaha Motor Co. Ltd,,Honda Marine,,Suzuki Motor Corporation,,Tohatsu Corporation, and Brunswick Corporation. Yamaha Motor Co. Ltd is the global market leader with over 25% share in 2023 owing to its strong global distribution network and wide product portfolio across engine power segments.

 

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