PUBLISHER: The Business Research Company | PRODUCT CODE: 1489285
PUBLISHER: The Business Research Company | PRODUCT CODE: 1489285
Marine outboard engines refer to compact vessel propulsion systems for boats designed to be mounted on the craft's transom (the flat surface forming the stern of a boat). It includes an engine, reduction gearing and a propeller. These engines are especially suitable for small boats and are extremely light, which improves the power-to-weight ratio and allows the boat to effectively slice through the water.
The marine outboard engines market consists of sales of marine outboard engines by entities (organizations, sole traders and partnerships) that are involved in the production, distribution, installation and support of outboard engines designed for marine vessels.
The global marine outboard engines market was valued at $9,042.6 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 1.0%.
Growing Tourism
During the historic period, the growing tourism industry contributed to the growth of the marine outboard engines market. Tourism contributes to the growing demand for marine outboard engines, by fostering various water-based activities and enhancing transportation services. Tourists often seek boating experiences, such as sailing, fishing or exploring coastal areas, leading to a higher demand for boats equipped with outboard engines. According to the Government of Brazil, the tourism industry in Brazil, for instance, grew by 85.7% in 2022, compared to the same period in 2021. Additionally, according to Forward Keys, a Spain-based database management company, 800,000 cruise ship passengers were estimated to visit Valencia in 2022, double the number of visitors from 2019, with 219 port stops scheduled for the year. Therefore, the growth in tourism supported the growth of the marine outboard engines market.
Proliferation Of Innovative, Powerful And Efficient Engines For Various Marine Applications
Product innovation is a key trend gaining popularity in the marine outboard engines market. Companies operating in the marine outboard engines market are focusing on developing innovative engines for marine applications. For instance, in January 2023, Yamaha Motor Co., Ltd., a Japan-based manufacturing company, launched its new marine outboard engines, the XTO 450hp V8 and the XTO 400hp V8, which offer users increased acceleration and faster speeds. This outboard engine comes with a new cowl design, refined new graphics and new features, including full tilt capability, with an integrated tilt limiter, and integrated digital electric steering (DES). In addition, durability is ensured for easy maintenance and charging, and a silent muffler has been added to improve quietness at high speeds Further, in September 2023, Honda Marine, a US-based company, launched its first V8 engine, the new Honda Marine BF350, at the Genoa International Boat Show in Italy. The BF350 is a naturally aspirated 5.0-litre V8 engine, with variable valve timing and lift electronic control (VTEC), that produces 350 horsepower while running on 86-octane gasoline. The introduction of the BF350 V8 engine is expected to attract new customers to the Honda Marine brand, as it offers a powerful and efficient engine for various marine applications, such as high-performance boats, yachts and sportfishing boats.
The global marine outboard engines market is fairly concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 35.1% of the total market in 2022.
Marine Outboard Engines Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global marine outboard engines market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for marine outboard engines? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The marine outboard engines market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider marine outboard engines market; and compares it with other markets.
Brief introduction to the segmentations covered in the market, definitions, and explanations about the marine outboard engines market.
Highlights the major trends shaping the global marine outboard engines market. This section also highlights likely future developments in the market.
The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war, and impact of rising inflation on the global and regional markets, providing strategic insights for businesses in the marine outboard engines market.
Global historic (2018-2023) and forecast (2023-2028, 2033F) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
Contains the market values (2018-2023) (2023-2028, 2033) and analysis for each segment by engine type, by boat type, by power, by ignition type, and by application industry in the market.
Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
This section includes recommendations for calcium peroxide providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.