Global Marine Outboard Engine Market to Grow 4X by the End of 2029

The global marine outboard engine market was valued at US$ 3.3 Bn in 2020 and is expected to add value worth US$ 616.4 million during the forecast period (2020-2030). The COVID-19 pandemic has caused latency in the global marine outboard engine market as sales of new vessels have lowered dramatically since over the last couple of months.

For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=4339

The market is poised to witness stunted growth on the back of the fiscal uncertainty created by the pandemic. Significantly reduced demand for seafood due to restaurant closures & lowered marine recreational activities amid ongoing lockdown in many regions has caused a slump in the commercial marine industry.

As a result, leading vessel manufacturing companies have ceased production. For instance, In March 2020, major boat manufacturing companies in the U.S. such as Viking Yachts, Regal Boats, Brunswick Corporation, Yamaha Outboard, Groupe, Beneteu, and Malibu Boats stopped entire production at their sites in the country. Such dormancy in vessel manufacturing poses a serious threat to the marine outboard engine market.

For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=4339

However, as the pandemic is brought under control, the global marine outboard engine market is poised to regain traction and is set to grow by 1.2X by the end of forecast period.

marine outboard engine market image 01

Key Takeaways of Marine Outboard Engine Market Study:

  • Global marine outboard engine market is expected to grow at a CAGR of 1.7%, and is slated to be valued at US$ 3.9 Bn by the end of forecast period (2020 – 2030).
  • Four stroke electronic fuel injection type engines will hold the maximum share in terms of value, at US$ 1.7 Bn market value by the end of forecast period.
  • Marine outboard engines with power above 100 HP type is set to grow at a value CAGR of 1.8% , gaining 43 BPS into its market share by the end of the forecast period.
  • Electric ignition type marine outboard engine is expected to account for majority share in terms of value. It is projected to create an absolute $ opportunity of more than US$ 495.4 Mn during the forecast period.
  • Marine outboard engine used in fishing vessels is projected to grow at a CAGR of 1.7% and will create an absolute $ opportunity of more than US$ 259.6 Mn by the end of the forecast period.
  • North America is prophesied to hold the maximum share in terms of value, expanding at a CAGR of 1.4% during the forecast period.

For in-depth competitive analysis, buy now – https://www.factmr.com/checkout/4339

Product Launches to be the Prime Strategy for Marine Outboard Engine Manufacturers

The global marine outboard engine market is highly consolidated. Prominent manufacturers are continuously focusing on product launches in order to fulfil the increasing demand from boat manufacturers. For Instance,

  • In February 2018, Honda Motor Co., Ltd. redesigned and improved BF200, BF225, and BF250 V6 outboard motors with features such as Intelligent Shift and Throttle (IST) and mechanical control options which enables the operator to fine tune throttle settings at any speed.
  • In May 2018, Yamaha Motors, in North America announced the launch of F425A/FL425A outboard motor engine with 425 horsepower. The launch helped Yamaha to cater to the demand of high capacity (over 100HP) marine outboard engines.

Why Choose Fact.MR?

  1. 24/7 Service Offering
  2. Digital Business Strategy Solutions
  3. Precise Supply Chain Augmentation Analysis
  4. Syndicated and Customized Reports for Clients
  5. Up-To-Date Insights on Industry Trends

Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/18/2002632/0/en/Aerospace-Parts-Manufacturing-Market-to-Grow-1-5X-Through-2029-Replacement-of-End-of-Life-Aircraft-Fleets-to-Accelerate-Sales-Finds-Fact-MR.html

About Us:

Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.

Contact:

US Sales Office:
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583

Corporate Headquarter:
Unit No: AU-01-H Gold Tower (AU),
Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers,
Dubai, United Arab Emirates
Email: sales@factmr.com
Visit Our Website: https://www.factmr.com

Back to top button