Marine Outboard Engine Market Overview:
As per MRFR analysis, the Marine Outboard Engine Market Size was estimated at 12.38 (USD Billion) in 2022.The Marine Outboard Engine Market Industry is expected to grow from 12.73(USD Billion) in 2023 to 16.3 (USD Billion) by 2032. The Marine Outboard Engine Market CAGR (growth rate) is expected to be around 2.79% during the forecast period (2024 - 2032).
Key Marine Outboard Engine Market Trends Highlighted
The rising popularity of boating activities, particularly recreational fishing and water sports, is a key driver of the marine outboard engine market. The increasing demand for smaller, more fuel-efficient engines, as well as advanced features such as electronic fuel injection and digital controls, is shaping the market. Emerging markets, particularly in Asia-Pacific and Latin America, are expected to witness significant growth due to increasing disposable incomes and a growing middle class. The trend towards electric outboard engines is gaining traction, offering environmental benefits and lower operating costs. Furthermore, the integration of advanced technologies, such as GPS, sonar and fishfinders, is enhancing the functionality and appeal of outboard engines.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Marine Outboard Engine Market Drivers
Increasing Demand for Recreational Boating
The rising popularity of recreational boating activities, such as fishing, water sports, and cruising, is a major driver of growth in the Global Marine Outboard Engine Market Industry. As disposable incomes increase and leisure time expands, more individuals are investing in boats and other recreational marine vehicles. Outboard engines, known for their portability, fuel efficiency, and ease of use, are the preferred choice for many recreational boaters.The increasing demand for recreational boating is expected to drive the demand for outboard engines in the coming years.
Technological Advancements
The Global Marine Outboard Engine Market Industry is witnessing significant technological advancements, which are enhancing the performance and efficiency of outboard engines. Manufacturers are incorporating innovative technologies, such as electronic fuel injection systems, variable valve timing, and computerized engine management systems, to optimize engine performance and reduce emissions. Additionally, the integration of advanced materials and lightweight designs is improving the durability and fuel efficiency of outboard engines.
Growth in Emerging Markets
Emerging markets, particularly in Asia-Pacific and Latin America, are experiencing a surge in demand for outboard engines. The growing middle class in these regions is driving the demand for recreational boating and fishing activities. Moreover, government initiatives to promote tourism and develop marine infrastructure are further contributing to the growth of the outboard engine market in emerging markets.
Marine Outboard Engine Market Segment Insights:
Marine Outboard Engine Market Engine Capacity Insights
The Engine Capacity segment plays a significant role in shaping the dynamics of the Global Marine Outboard Engine Market. In 2023, the 'Below 200 HP' category dominated the segment, accounting for nearly 55% of the global market revenue. This dominance can be attributed to the widespread use of small and medium-sized boats for recreational and commercial purposes. The '200 - 400 HP' category followed closely, capturing approximately 28% of the market share. This segment caters to mid-sized and high-performance boats, including fishing boats and small cruisers.Looking ahead, the '200 - 400 HP' and '400 - 600 HP' categories are projected to witness significant growth over the forecast period. The increasing demand for larger and more powerful boats for both recreational and commercial applications is driving this growth. The 'Above 600 HP' category, while currently holding a smaller market share, is expected to grow steadily as well, fueled by the rising popularity of high-performance boats and superyachts. The Global Marine Outboard Engine Market is expected to reach a valuation of approximately USD 13.5 billion by 2023, exhibiting a steady growth trajectory.This growth is driven by factors such as increasing boat ownership, rising disposable income, and the growing popularity of water sports and recreational boating. The market is also influenced by technological advancements, such as the development of more fuel-efficient and environmentally friendly outboard engines.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Marine Outboard Engine Market Fuel Type Insights
The Global Marine Outboard Engine Market is segmented by Fuel Type into Gasoline, Diesel and Electric. Gasoline engines are expected to account for the largest revenue share of the market in 2023 due to their high-power output and low maintenance costs. Diesel engines are preferred for commercial applications due to their fuel efficiency and durability. Electric outboard engines are gaining popularity due to their environmental friendliness, low noise levels, and low operating costs. The market for electric outboard engines is expected to witness significant growth over the next decade as governments implement stricter emission regulations.
Marine Outboard Engine Market Power Source Insights
The Power Source segment in the Global Marine Outboard Engine Market is segmented into Two-Stroke and Four-Stroke. The Two-Stroke segment held a larger market share in 2023 and is expected to continue to dominate the market throughout the forecast period. However, the Four-Stroke segment is expected to grow at a faster CAGR during the forecast period, owing to increasing demand for fuel-efficient engines. The Global Marine Outboard Engine Market revenue for the Two-Stroke segment was valued at USD 7.9 billion in 2023 and is projected to reach USD 9.3 billion by 2032, growing at a CAGR of 2.3%.The Four-Stroke segment was valued at USD 4.8 billion in 2023 and is projected to reach USD 7.0 billion by 2032, growing at a CAGR of 3.7%. The growth of the Four-Stroke segment can be attributed to the increasing demand for fuel-efficient engines, as well as the growing popularity of four-stroke engines in recreational applications. Four-stroke engines are more fuel-efficient than two-stroke engines, and they also produce fewer emissions. This makes them more environmentally friendly, which is a key factor driving their growth in the market.
Marine Outboard Engine Market Application Insights
The Global Marine Outboard Engine Market segmentation by Application comprises Recreational, Commercial and Military. In 2023, the Recreational segment held the largest market share of 67.5%. The growth of the recreational segment can be attributed to the increasing popularity of recreational boating activities, such as fishing, cruising, and water sports. The Commercial segment is expected to witness significant growth over the forecast period, owing to the rising demand for outboard engines in commercial fishing vessels and workboats. The Military segment is projected to grow at a steady pace, driven by the increasing adoption of outboard engines in military vessels for patrol, surveillance and combat operations.
Marine Outboard Engine Market Regional Insights
The Global Marine Outboard Engine Market segmentation by region offers valuable insights into the industry's geographic presence. North America is expected to remain the dominant regional market, accounting for a revenue of approximately 4.23 billion USD in 2023 and projected to reach 5.38 billion USD by 2032. Europe is another significant market, with a projected revenue of 3.12 billion USD in 2023 and an anticipated growth of 4.02 billion USD by 2032. APAC is expected to exhibit the highest growth rate, with a projected revenue of 2.78 billion USD in 2023 and an anticipated increase of 3.67 billion USD by 2032.South America and MEA are also expected to contribute to the overall growth of the Global Marine Outboard Engine Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Marine Outboard Engine Market Key Players And Competitive Insights:
Major players in Marine Outboard Engine Market industry mainly focus on innovation in technologies to improve their product portfolio and gain a competitive advantage. They also engage in strategic partnerships and acquisitions to expand their market reach and strengthen their position in the industry. Leading Marine Outboard Engine Market players continuously invest in research and development activities to develop advanced and efficient products that meet the evolving needs of customers. This competitive landscape is expected to drive Marine Outboard Engine Market development and growth in the years to come. Continuous technological advancements and strategic initiatives by key players shape the competitive dynamics of the Marine Outboard Engine Market.Mercury Marine is a leading company in the Global Marine Outboard Engine Market, with a strong focus on innovation and product development. The company offers a wide range of outboard engines, from small portable models to high-performance racing engines. Mercury Marine has a global presence and a strong distribution network, which allows it to reach a large customer base. The company also provides excellent customer service and support, which helps it maintain a loyal customer base. Mercury Marine is committed to sustainability and environmental protection, and it has invested in developing environmentally friendly outboard engines.Yamaha Motor is a major competitor in the Marine Outboard Engine Market. The company is known for its high-quality and reliable outboard engines, which are used by both recreational and commercial boaters. Yamaha Motor has a strong brand reputation and a loyal customer base. The company is also active in research and development and continuously invests in new technologies and innovations. Yamaha Motor has a global presence and a strong distribution network, which allows it to reach a large customer base. The company also provides excellent customer service and support, which helps it maintain a loyal customer base.
Key Companies in the Marine Outboard Engine Market Include:
Marine Outboard Engine Market Industry Developments
Recent advancements in the global marine outboard engine market indicate a growing demand for high-powered and fuel-efficient engines. Technological innovations, such as the integration of advanced fuel injection systems and computerized engine management, are driving market growth. In 2023, the market was valued at approximately USD 12.73 billion, and it is projected to reach USD 16.3 billion by 2032, exhibiting a CAGR of 2.79%.
Key market drivers include increasing recreational boating activities, rising disposable income in emerging economies, and the growing popularity of water sports. Asia-Pacific is anticipated to remain a prominent market, with strong growth potential in countries such as China and India. Major industry players are focusing on expanding their product offerings and investing in research and development to cater to the evolving needs of customers.
Marine Outboard Engine Market Segmentation Insights
Marine Outboard Engine Market Engine Capacity Outlook
Marine Outboard Engine Market Fuel Type Outlook
Marine Outboard Engine Market Power Source Outlook
Marine Outboard Engine Market Application Outlook
Marine Outboard Engine Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 12.38(USD Billion) |
| Market Size 2023 | 12.73(USD Billion) |
| Market Size 2032 | 16.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 2.79% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Tohatsu Corporation, Linhai Strong Machinery, Honda Motor, Evinrude, Selva Marine, Suzhou Parsun Power Machinery, Parsun Power Marine, Ningbo Jiansheng Power Equipment, Foton Lovol International Heavy Industry, Mercury Marine, Suzuki Motor, BRP, Yamaha Motor, Hidea Power |
| Segments Covered | Engine Capacity, Fuel Type, Power Source, Application, Regional |
| Key Market Opportunities | 1.      Growing popularity of boating and fishing activities 2.      Rising demand for lightweight and portable engines 3.      Technological advancements 4.      Expansion of boat rental services 5.      Growing emphasis on fuel efficiency and emissions reduction |
| Key Market Dynamics | 1.      Rising fuel efficiency 2.      technological advancements 3.      increasing tourism and 4.      recreational boating |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Marine Outboard Engine Market was expected to reach a valuation of USD 12.73 billion in 2023.
The Global Marine Outboard Engine Market is projected to grow at a CAGR of 2.79% from 2024 to 2032.
North America is expected to hold the largest market share in the Global Marine Outboard Engine Market in 2023.
Key applications of Marine Outboard Engines include powering small to medium-sized boats, such as fishing boats, recreational boats and personal watercraft.
Key competitors in the Global Marine Outboard Engine Market include Mercury Marine, Yamaha Motor, Honda Marine, Suzuki Marine, and Tohatsu.
The Global Marine Outboard Engine Market is expected to reach a valuation of USD 16.3 billion in 2032.
Asia Pacific is expected to experience the highest growth in the Global Marine Outboard Engine Market from 2023 to 2032.
Major factors driving the growth of the Global Marine Outboard Engine Market include increasing demand for recreational boating, rising disposable income, and technological advancements.
Major challenges faced by the Global Marine Outboard Engine Market include environmental regulations, supply chain disruptions, and competition from electric outboard engines.
Electric outboard engines are gaining popularity due to their environmental benefits and lower operating costs, posing a challenge to traditional gasoline-powered outboard engines
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
