Outboard Engines Market Size
Industry participants are making increasing R&D investments and efforts to meet the rising consumer expectations pertaining to performance, reliability and durability of these motors. Manufacturers focusing on launching innovative products using recycled materials to meet the ever-growing demand for outboard engines. This in turn will help manufacturers cut raw material procurement costs and facilitate significant minimization of environmental impact.
2-stroke outboards engines are prominently used in small watercrafts and fishing boats on account of several major advantages including higher operational output and simpler structure as opposed to the 4-stroke versions. In addition, 2-stroke outboard motors are lightweight and compact in design, making them best-suited for application in smaller boats. 2-stroke outboard engines industry size will hold over 40% of the global share in terms of revenue by 2025.
Mounting concerns pertaining to emission of hazardous gases and substances have consequently resulted in development of highly energy-efficient alternatives such as electric fuel type outboard motors. Low-power electric motors are gradually emerging as a potential substitute for gasoline-driven motors and engines. Electric fuel type outboard engines market share will register a healthy 8.5% CAGR over 2019-2025.
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Electric ignition type engines are majorly employed in commercial boats owing to benefits such as easy and hassle-free ignition of motor even in adverse weather conditions. Manufacturers are increasingly incorporating electric ignition type engines in smaller watercrafts and fishing boats due to the aforementioned advantages, which will undeniably expand outboard engines industry scope in the next few years.
High-power outboard engines market is projected to generate revenues in excess of USD 9.5 billion over the projected timeframe. This growth can be mainly attributed to positive application outlook in larger boats and yachts which are facing robust demand worldwide. Manufacturers are aiming to expand and upgrade their existing motor production facilities and making investments to develop high-power motors to keep up with the global demand.
Military represents a key application segment driving global outboard engines industry trends. These engines find widespread use in rescue boats and inflatable boats. Surging demand for outboard motors by the U.S. Coast Guard will further fuel the product demand, bolstering outboard engines market outlook. North America outboard engines market size will witness unprecedented growth in the coming years mainly due to the presence of prominent boat manufacturers along with motor distributors.
An increasing number of people are undertaking recreation and leisure boating activities in the U.S. and Canada which will further propel the regional demand. Robust economic growth coupled with favorable government initiatives to upgrade the boating infrastructure will ensure lucrative opportunities for regional manufacturers.
Author Name : Hrishikesh Kadam