The rising number of motor powered boats and water sports and growing demand rising from a strong global economy is expected to boost the demand for marine outboard engines through the forecast period. As marine outboard engines provide users with both thrust and maneuverability, they are being increasingly being preferred for watercrafts of all types. The rise of jobs in the boating industry and gradually reducing oil prices are also expected to support the marine outboard engines market in the near future.
Limited Countries with Coastlines to Constrain the Marine Outboard Engines Market Revenue Growth
The sale of motor powered boats has increased globally in a substantial way since 2016. Growing confidence among consumers to purchase watercraft, and better employment in the global boating industry through the manufacture of versatile and affordable boating options for the younger generation is boosting the marine outboard engines market.
Increasing application of small and medium sized boats for security purposes are also anticipated to contribute towards market growth. Improvements in design that provide straightforward installation, ease of maintenance, and enhanced durability are some of the major factors that consumers are looking for in the marine outboard engines market.
Increasing number of boat shows and the trend of recreational boating and personal fishing activities across all regions is a major contributing factor to the growth of the marine outboard engines market. There is a growing demand for marine outboard engines for a number of different types of boats ranging from small fishing boats and pontoon boats to large recreational boats, which is expected to boost overall market growth for the foreseeable future. On the other hand, prohibitive prices of modern marine outboard engines is expected to constrain the market outside of Europe and North America, owing to lower spending power, and a smaller base of end users.
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Europe to Witness Higher Rate of Growth in the Marine Outboard Engines Market
Europe is expected to lead the marine outboard engines market through the forecast period. This can be attributed to the rapidly increasing popularity of recreational water sports and the consequent rise in the purchase of motored boasts along with the presence of major market players in the region.
On the other hand the United States is also expected to show a high growth rate in the marine outboard engines market owing to a growing demand for high-powered marine outboard engines. The marine outboard engine market of both regions is also expected to be positively impacted by increase of tourism in coastal areas.
Marine Outboard Engines Market Players Focus on Product innovation to Build on Market Share
Major market players are improving on product portfolios with new marine outboard engines. Cox Powertrain, the leading diesel engine manufacturer has introduced a new 300 horsepower, high-power density diesel marine outboard engine recently, primarily for the United States recreational boating user base which generated high amounts of power while improving on fuel efficiency by 25% in comparison to gasoline counterparts and durability up to 3 times longer.
Latham Marine has also introduce marine outboard engines with variable speed pump and ‘Power on Demand’ control system technology that minimizes pump noise and the amount of power being used during idling, resulting in significantly enhanced fuel efficiency.
The company also added accessories such as Tie Bars to their range of Evinrude E-TEG G2 and the Seven Marine engines, for improved synchronization of rudders that gives users greater control in maneuverability. Seven Marine debuted their 557 horsepower engine, which was designed to replace the use of multiple low power outboard engines for small and medium sized boats.
Lehr Marine is emphasizing on alternative fuel systems for their marine outboard engines that make use of clean-burning propane, which significantly reduces the amount of greenhouse gases being emitted.
Some of the major players of the marine outboard engines market include Yamaha Motor, Latham Marine, Mercury Marine, Cox Powertrain, Suzuki Motor and Brunswick Corporation.
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Segmentation of the Global Marine Outboard Engines Market
The marine outboard engines market can be broadly be categorized by power, injection, start type, and fuel type. In the terms of power marine outboard engines can be divided into medium and high power marine outboard engines. On the basis of injection type, the marine outboard engines can be segmented into two stroke and four stroke marine outboard engines. On the basis of start type, marine outboard engines can be divided into electric start and manual start. As for the fuel type, the marine outboard engines can be categorized into gasoline and diesel.