PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1182296
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1182296
Outboard Motors Market Forecasts to 2028 - Global Analysis By Engine Type, Ignition Type, Thrust, Power, Application and Geography
According to Stratistics MRC, the Outboard Motors Market is accounted for $5.77 billion in 2022 and is expected to reach $8.08 billion by 2028 growing at a CAGR of 5.79% during the forecast period. An outboard motor is a system used in boats. It is made up of independent parts like the jet drive and gearbox. These outboard motors are required for small watercraft powered propulsion. It independently regulates the boat's steering, which in turn controls the direction of driving.
According to NMMA (National Marine Manufacturers Association) in their annual Outboard Engine Sales Trends report, US outboard engine sales reached a 20-year high in 2020, which records a sale of 310,000 new powerboats in 2020. Also, the total spending on new boats accounted for USD 20.8 billion of the total marine expenditure, registering an increase of 3.8% compared to 2020.
Market Dynamics:
Driver:
Demand for Larger Boats Continues to Rise
Modern boating and fishing activities are increasingly using high-performance and faster boats, and this trend is spreading. Multi-engine pontoons from a variety of manufacturers are becoming more common. A number of anglers have upgraded to centre console fishing boats powered by outboard motors over the past ten years, which has increased the need for cutting-edge outboard engines to power these ground-breaking, huge boats.
Restraint:
Expand Portfolio to Include Alternative-fuel Engines
Manufacturers of outboard engines should recognize that achieving great performance requires striking a balance with strict fuel efficiency regulations and environmental compliance. Outboard engines made for commercial use must adhere to pollution standards set by regulatory agencies, which may have a negative effect on the market's overall growth.
Opportunity:
Electric Propulsion to Gain Traction
The future of marine boats has been predicted to be electric-drive boats. Electric propulsion is preferred by many boat owners for fishing boats, recreational boats, cruisers, pontoons, and tender boats. Electric propulsion outboards are becoming more and more popular, which is attributed to their simplicity of use, lack of gas fumes, engine noise, and vibrations. Electric outboard engines are a good substitute for traditional outboard motors for small boats since they have a lot of moving parts and are less likely to wear out or break down.
Threat:
High Prices of Outboard Engines
Sales of new boats are being hampered by the high price of new boats, consumer preference for used boats due to the boats' longer lifespans, and the requirement to modify engines to meet pollution standards. Another factor that is anticipated to limit market growth for outboard engines is a decline in participation among the younger generation.
COVID-19 Impact:
The COVID-19 outbreak had a significant negative impact on the boat manufacturing industry in 2020 and reduced recreational activities globally, which had a negligible effect on outboard motor sales. However, the industry gained momentum in 2021 as a result of the removal of restrictions, and in 2022, the market is anticipated to grow rapidly in the years to come.
The recreational boats segment is expected to be the largest during the forecast period
The demand for small and medium-powered boats increased as disposable income rose, which notably aided in the watercraft industry's rapid expansion. The market is expanding due to rising interest in water recreation activities and the preference for outboard motors with greater authority. As per capita and disposable income levels increase globally, the recreational industry is anticipated to expand.
The commercial segment is expected to have the highest CAGR during the forecast period
Outboard motors are widely used in commercial applications due to the rising power output and efficiency of high-powered outboard engines. Companies all over the world are considering the benefits of high-powered outboards for cost-effective and reliable operations as commercial watercraft. Diesel outboard technology developments are another significant factor in the use of these engines, which offer stability and fuel efficiency in addition to new potential applications in the commercial business segment.
Region with largest share:
Due to a robust economy and an increase in disposable income, North America generally dominates the majority of the outboard motor market in terms of revenue. In comparison to other regions of the world, people in this region have higher income levels and a higher tendency for leisure activities.
Region with highest CAGR:
Due to the popularity of low-powered engines, the outboard motor market in North America held the highest CAGR. Low-powered boats are most appropriate for the fishing industry because they are less expensive and use less fuel. Additionally, marine engine manufacturers constantly develop new products and provide strong solutions to attract clients, which drives up market demand.
Key players in the market
Some of the key players in Outboard Motors market include Tohatsu Corporation, Honda Motor Co., Ltd, Yamaha Motor Co., Ltd, Suzuki Motor Corporation, Parsun Power Machine Co., Ltd., DEUTZ Aktiengesellschaft, Selva S.p.A., Hidea Power Machinery Co., Ltd, Mercury Marine, LEHR, LLC and Brunswick Corporation
Key Developments:
In February 2022, Tohatsu Corporation announced it would soon add the next generation of 25/30 horsepower 4-stroke engines to its model line-up. In addition, the new MFS25/30D model, which may be added soon to the company's outboard product line, is the lightest 3-cylinder in its class and is engineered to fit a variety of boating applications.
In December 2021, Yamaha Motor Acquires United States Smart boat tech Company, Siren Marine. This acquisition aims to further promote technological development for IoT and Connected Boat support in Yamaha's outboard-powered boat, personal watercraft, or sports boat.
In December 2021, Honda Marine announced its partnership with Spear Life, the TV spear fishing adventure series; fans of the popular series will see Honda Marine outboards powering the action during season 3. Honda Marine, a division of American Honda Motor Co. Inc., markets a complete range of four-stroke marine outboard motors ranging from 2.3-250 horsepower (hp).
Engine Types Covered:
- 2-Stroke
- 4-Stroke
Ignition Types Covered:
- Electric
- Manual
Thrusts Covered:
- Portable
- Mid-range
- High Power
Powers Covered:
- Low
- Mid
- High
Applications Covered:
- Military
- Commercial
- Recreational Boats
- Diving
- Fishing
- Special Operations
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 Emerging Markets
- 3.8 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Outboard Motors Market, By Engine Type
- 5.1 Introduction
- 5.2 2-Stroke
- 5.3 4-Stroke
6 Global Outboard Motors Market, By Ignition Type
- 6.1 Introduction
- 6.2 Electric
- 6.3 Manual
7 Global Outboard Motors Market, By Thrust
- 7.1 Introduction
- 7.2 Portable
- 7.3 Mid-range
- 7.4 High Power
8 Global Outboard Motors Market, By Power
- 8.1 Introduction
- 8.2 Low
- 8.3 Mid
- 8.4 High
9 Global Outboard Motors Market, By Application
- 9.1 Introduction
- 9.2 Military
- 9.3 Commercial
- 9.4 Recreational Boats
- 9.5 Diving
- 9.6 Fishing
- 9.7 Special Operations
10 Global Outboard Motors Market, By Geography
- 10.1 Introduction
- 10.2 North America
- 10.2.1 US
- 10.2.2 Canada
- 10.2.3 Mexico
- 10.3 Europe
- 10.3.1 Germany
- 10.3.2 UK
- 10.3.3 Italy
- 10.3.4 France
- 10.3.5 Spain
- 10.3.6 Rest of Europe
- 10.4 Asia Pacific
- 10.4.1 Japan
- 10.4.2 China
- 10.4.3 India
- 10.4.4 Australia
- 10.4.5 New Zealand
- 10.4.6 South Korea
- 10.4.7 Rest of Asia Pacific
- 10.5 South America
- 10.5.1 Argentina
- 10.5.2 Brazil
- 10.5.3 Chile
- 10.5.4 Rest of South America
- 10.6 Middle East & Africa
- 10.6.1 Saudi Arabia
- 10.6.2 UAE
- 10.6.3 Qatar
- 10.6.4 South Africa
- 10.6.5 Rest of Middle East & Africa
11 Key Developments
- 11.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 11.2 Acquisitions & Mergers
- 11.3 New Product Launch
- 11.4 Expansions
- 11.5 Other Key Strategies
12 Company Profiling
- 12.1 Tohatsu Corporation
- 12.2 Honda Motor Co., Ltd
- 12.3 Yamaha Motor Co., Ltd
- 12.4 Suzuki Motor Corporation
- 12.5 Parsun Power Machine Co., Ltd.
- 12.6 DEUTZ Aktiengesellschaft
- 12.7 Selva S.p.A.
- 12.8 Hidea Power Machinery Co., Ltd
- 12.9 Mercury Marine
- 12.10 LEHR, LLC
- 12.11 Brunswick Corporation
List of Tables
- Table 1 Global Outboard Motors Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Outboard Motors Market Outlook, By Engine Type (2020-2028) ($MN)
- Table 3 Global Outboard Motors Market Outlook, By 2-Stroke (2020-2028) ($MN)
- Table 4 Global Outboard Motors Market Outlook, By 4-Stroke (2020-2028) ($MN)
- Table 5 Global Outboard Motors Market Outlook, By Ignition Type (2020-2028) ($MN)
- Table 6 Global Outboard Motors Market Outlook, By Electric (2020-2028) ($MN)
- Table 7 Global Outboard Motors Market Outlook, By Manual (2020-2028) ($MN)
- Table 8 Global Outboard Motors Market Outlook, By Thrust (2020-2028) ($MN)
- Table 9 Global Outboard Motors Market Outlook, By Portable (2020-2028) ($MN)
- Table 10 Global Outboard Motors Market Outlook, By Mid-range (2020-2028) ($MN)
- Table 11 Global Outboard Motors Market Outlook, By High Power (2020-2028) ($MN)
- Table 12 Global Outboard Motors Market Outlook, By Power (2020-2028) ($MN)
- Table 13 Global Outboard Motors Market Outlook, By Low (2020-2028) ($MN)
- Table 14 Global Outboard Motors Market Outlook, By Mid (2020-2028) ($MN)
- Table 15 Global Outboard Motors Market Outlook, By High (2020-2028) ($MN)
- Table 16 Global Outboard Motors Market Outlook, By Application (2020-2028) ($MN)
- Table 17 Global Outboard Motors Market Outlook, By Military (2020-2028) ($MN)
- Table 18 Global Outboard Motors Market Outlook, By Commercial (2020-2028) ($MN)
- Table 19 Global Outboard Motors Market Outlook, By Recreational Boats (2020-2028) ($MN)
- Table 20 Global Outboard Motors Market Outlook, By Diving (2020-2028) ($MN)
- Table 21 Global Outboard Motors Market Outlook, By Fishing (2020-2028) ($MN)
- Table 22 Global Outboard Motors Market Outlook, By Special Operations (2020-2028) ($MN)
- Table 23 North America Outboard Motors Market Outlook, By Country (2020-2028) ($MN)
- Table 24 North America Outboard Motors Market Outlook, By Engine Type (2020-2028) ($MN)
- Table 25 North America Outboard Motors Market Outlook, By 2-Stroke (2020-2028) ($MN)
- Table 26 North America Outboard Motors Market Outlook, By 4-Stroke (2020-2028) ($MN)
- Table 27 North America Outboard Motors Market Outlook, By Ignition Type (2020-2028) ($MN)
- Table 28 North America Outboard Motors Market Outlook, By Electric (2020-2028) ($MN)
- Table 29 North America Outboard Motors Market Outlook, By Manual (2020-2028) ($MN)
- Table 30 North America Outboard Motors Market Outlook, By Thrust (2020-2028) ($MN)
- Table 31 North America Outboard Motors Market Outlook, By Portable (2020-2028) ($MN)
- Table 32 North America Outboard Motors Market Outlook, By Mid-range (2020-2028) ($MN)
- Table 33 North America Outboard Motors Market Outlook, By High Power (2020-2028) ($MN)
- Table 34 North America Outboard Motors Market Outlook, By Power (2020-2028) ($MN)
- Table 35 North America Outboard Motors Market Outlook, By Low (2020-2028) ($MN)
- Table 36 North America Outboard Motors Market Outlook, By Mid (2020-2028) ($MN)
- Table 37 North America Outboard Motors Market Outlook, By High (2020-2028) ($MN)
- Table 38 North America Outboard Motors Market Outlook, By Application (2020-2028) ($MN)
- Table 39 North America Outboard Motors Market Outlook, By Military (2020-2028) ($MN)
- Table 40 North America Outboard Motors Market Outlook, By Commercial (2020-2028) ($MN)
- Table 41 North America Outboard Motors Market Outlook, By Recreational Boats (2020-2028) ($MN)
- Table 42 North America Outboard Motors Market Outlook, By Diving (2020-2028) ($MN)
- Table 43 North America Outboard Motors Market Outlook, By Fishing (2020-2028) ($MN)
- Table 44 North America Outboard Motors Market Outlook, By Special Operations (2020-2028) ($MN)
- Table 45 Europe Outboard Motors Market Outlook, By Country (2020-2028) ($MN)
- Table 46 Europe Outboard Motors Market Outlook, By Engine Type (2020-2028) ($MN)
- Table 47 Europe Outboard Motors Market Outlook, By 2-Stroke (2020-2028) ($MN)
- Table 48 Europe Outboard Motors Market Outlook, By 4-Stroke (2020-2028) ($MN)
- Table 49 Europe Outboard Motors Market Outlook, By Ignition Type (2020-2028) ($MN)
- Table 50 Europe Outboard Motors Market Outlook, By Electric (2020-2028) ($MN)
- Table 51 Europe Outboard Motors Market Outlook, By Manual (2020-2028) ($MN)
- Table 52 Europe Outboard Motors Market Outlook, By Thrust (2020-2028) ($MN)
- Table 53 Europe Outboard Motors Market Outlook, By Portable (2020-2028) ($MN)
- Table 54 Europe Outboard Motors Market Outlook, By Mid-range (2020-2028) ($MN)
- Table 55 Europe Outboard Motors Market Outlook, By High Power (2020-2028) ($MN)
- Table 56 Europe Outboard Motors Market Outlook, By Power (2020-2028) ($MN)
- Table 57 Europe Outboard Motors Market Outlook, By Low (2020-2028) ($MN)
- Table 58 Europe Outboard Motors Market Outlook, By Mid (2020-2028) ($MN)
- Table 59 Europe Outboard Motors Market Outlook, By High (2020-2028) ($MN)
- Table 60 Europe Outboard Motors Market Outlook, By Application (2020-2028) ($MN)
- Table 61 Europe Outboard Motors Market Outlook, By Military (2020-2028) ($MN)
- Table 62 Europe Outboard Motors Market Outlook, By Commercial (2020-2028) ($MN)
- Table 63 Europe Outboard Motors Market Outlook, By Recreational Boats (2020-2028) ($MN)
- Table 64 Europe Outboard Motors Market Outlook, By Diving (2020-2028) ($MN)
- Table 65 Europe Outboard Motors Market Outlook, By Fishing (2020-2028) ($MN)
- Table 66 Europe Outboard Motors Market Outlook, By Special Operations (2020-2028) ($MN)
- Table 67 Asia Pacific Outboard Motors Market Outlook, By Country (2020-2028) ($MN)
- Table 68 Asia Pacific Outboard Motors Market Outlook, By Engine Type (2020-2028) ($MN)
- Table 69 Asia Pacific Outboard Motors Market Outlook, By 2-Stroke (2020-2028) ($MN)
- Table 70 Asia Pacific Outboard Motors Market Outlook, By 4-Stroke (2020-2028) ($MN)
- Table 71 Asia Pacific Outboard Motors Market Outlook, By Ignition Type (2020-2028) ($MN)
- Table 72 Asia Pacific Outboard Motors Market Outlook, By Electric (2020-2028) ($MN)
- Table 73 Asia Pacific Outboard Motors Market Outlook, By Manual (2020-2028) ($MN)
- Table 74 Asia Pacific Outboard Motors Market Outlook, By Thrust (2020-2028) ($MN)
- Table 75 Asia Pacific Outboard Motors Market Outlook, By Portable (2020-2028) ($MN)
- Table 76 Asia Pacific Outboard Motors Market Outlook, By Mid-range (2020-2028) ($MN)
- Table 77 Asia Pacific Outboard Motors Market Outlook, By High Power (2020-2028) ($MN)
- Table 78 Asia Pacific Outboard Motors Market Outlook, By Power (2020-2028) ($MN)
- Table 79 Asia Pacific Outboard Motors Market Outlook, By Low (2020-2028) ($MN)
- Table 80 Asia Pacific Outboard Motors Market Outlook, By Mid (2020-2028) ($MN)
- Table 81 Asia Pacific Outboard Motors Market Outlook, By High (2020-2028) ($MN)
- Table 82 Asia Pacific Outboard Motors Market Outlook, By Application (2020-2028) ($MN)
- Table 83 Asia Pacific Outboard Motors Market Outlook, By Military (2020-2028) ($MN)
- Table 84 Asia Pacific Outboard Motors Market Outlook, By Commercial (2020-2028) ($MN)
- Table 85 Asia Pacific Outboard Motors Market Outlook, By Recreational Boats (2020-2028) ($MN)
- Table 86 Asia Pacific Outboard Motors Market Outlook, By Diving (2020-2028) ($MN)
- Table 87 Asia Pacific Outboard Motors Market Outlook, By Fishing (2020-2028) ($MN)
- Table 88 Asia Pacific Outboard Motors Market Outlook, By Special Operations (2020-2028) ($MN)
- Table 89 South America Outboard Motors Market Outlook, By Country (2020-2028) ($MN)
- Table 90 South America Outboard Motors Market Outlook, By Engine Type (2020-2028) ($MN)
- Table 91 South America Outboard Motors Market Outlook, By 2-Stroke (2020-2028) ($MN)
- Table 92 South America Outboard Motors Market Outlook, By 4-Stroke (2020-2028) ($MN)
- Table 93 South America Outboard Motors Market Outlook, By Ignition Type (2020-2028) ($MN)
- Table 94 South America Outboard Motors Market Outlook, By Electric (2020-2028) ($MN)
- Table 95 South America Outboard Motors Market Outlook, By Manual (2020-2028) ($MN)
- Table 96 South America Outboard Motors Market Outlook, By Thrust (2020-2028) ($MN)
- Table 97 South America Outboard Motors Market Outlook, By Portable (2020-2028) ($MN)
- Table 98 South America Outboard Motors Market Outlook, By Mid-range (2020-2028) ($MN)
- Table 99 South America Outboard Motors Market Outlook, By High Power (2020-2028) ($MN)
- Table 100 South America Outboard Motors Market Outlook, By Power (2020-2028) ($MN)
- Table 101 South America Outboard Motors Market Outlook, By Low (2020-2028) ($MN)
- Table 102 South America Outboard Motors Market Outlook, By Mid (2020-2028) ($MN)
- Table 103 South America Outboard Motors Market Outlook, By High (2020-2028) ($MN)
- Table 104 South America Outboard Motors Market Outlook, By Application (2020-2028) ($MN)
- Table 105 South America Outboard Motors Market Outlook, By Military (2020-2028) ($MN)
- Table 106 South America Outboard Motors Market Outlook, By Commercial (2020-2028) ($MN)
- Table 107 South America Outboard Motors Market Outlook, By Recreational Boats (2020-2028) ($MN)
- Table 108 South America Outboard Motors Market Outlook, By Diving (2020-2028) ($MN)
- Table 109 South America Outboard Motors Market Outlook, By Fishing (2020-2028) ($MN)
- Table 110 South America Outboard Motors Market Outlook, By Special Operations (2020-2028) ($MN)
- Table 111 Middle East & Africa Outboard Motors Market Outlook, By Country (2020-2028) ($MN)
- Table 112 Middle East & Africa Outboard Motors Market Outlook, By Engine Type (2020-2028) ($MN)
- Table 113 Middle East & Africa Outboard Motors Market Outlook, By 2-Stroke (2020-2028) ($MN)
- Table 114 Middle East & Africa Outboard Motors Market Outlook, By 4-Stroke (2020-2028) ($MN)
- Table 115 Middle East & Africa Outboard Motors Market Outlook, By Ignition Type (2020-2028) ($MN)
- Table 116 Middle East & Africa Outboard Motors Market Outlook, By Electric (2020-2028) ($MN)
- Table 117 Middle East & Africa Outboard Motors Market Outlook, By Manual (2020-2028) ($MN)
- Table 118 Middle East & Africa Outboard Motors Market Outlook, By Thrust (2020-2028) ($MN)
- Table 119 Middle East & Africa Outboard Motors Market Outlook, By Portable (2020-2028) ($MN)
- Table 120 Middle East & Africa Outboard Motors Market Outlook, By Mid-range (2020-2028) ($MN)
- Table 121 Middle East & Africa Outboard Motors Market Outlook, By High Power (2020-2028) ($MN)
- Table 122 Middle East & Africa Outboard Motors Market Outlook, By Power (2020-2028) ($MN)
- Table 123 Middle East & Africa Outboard Motors Market Outlook, By Low (2020-2028) ($MN)
- Table 124 Middle East & Africa Outboard Motors Market Outlook, By Mid (2020-2028) ($MN)
- Table 125 Middle East & Africa Outboard Motors Market Outlook, By High (2020-2028) ($MN)
- Table 126 Middle East & Africa Outboard Motors Market Outlook, By Application (2020-2028) ($MN)
- Table 127 Middle East & Africa Outboard Motors Market Outlook, By Military (2020-2028) ($MN)
- Table 128 Middle East & Africa Outboard Motors Market Outlook, By Commercial (2020-2028) ($MN)
- Table 129 Middle East & Africa Outboard Motors Market Outlook, By Recreational Boats (2020-2028) ($MN)
- Table 130 Middle East & Africa Outboard Motors Market Outlook, By Diving (2020-2028) ($MN)
- Table 131 Middle East & Africa Outboard Motors Market Outlook, By Fishing (2020-2028) ($MN)
- Table 132 Middle East & Africa Outboard Motors Market Outlook, By Special Operations (2020-2028) ($MN)
