Outboard Motor Market Size Expected to Reach $ 12,100 Million by 2027 at a CAGR of 9.6%
The electric segment is expected to be the most lucrative during the forecast period.
BENGALURU, KARNATAKA, INDIA, Jan 11, 2022 /EINPresswire.com/ – The global outboard motor market size is expected to reach $ 12,100 million by 2027, from $ 6,981 million in 2020, at a CAGR of 9.6 % in 2021-2027.
The main growth factors of the outboard motors market are
The need for small and medium horsepower boats is expected to increase, as is the demand for fuel efficient engines. Outboard motors are more fuel efficient and cost effective than Z-drive motors and inboard motors, so they are optionally used in a number of modern small and medium-sized boats. This in turn is expected to drive the growth of the outboard motor market.
Recreational activities such as boating are increasingly popular around the world. Nautical harbors and fishing are increasingly popular in various places. Boats are being built for commercial purposes as the need to improve the global fishing industry grows. As a result, the outboard motor market is expected to increase.
In today’s boating and fishing activities, there is a growing desire for electric power and the increasing use of high-performance, high-speed boats. Consumer spending on leisure activities is on the rise, which will allow the business to grow even faster.
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TRENDS AFFECTING THE GROWTH OF THE OUTBOARD MOTOR MARKET
Outboards can now be used as an alternative to Z-drive motors thanks to the strict restrictions on exhaust emissions set by a number of countries. Exhaust catalysts and fuel injection technologies are needed for Z-drive engines to reduce pollution. As a result, users had to pay more. Compared to Z-drive motors and inboard motors, outboard motors are more fuel efficient and cost effective, which is why outboard motors are being used in an increasing number of new small and medium-sized boats. . This feature in turn is expected to increase the adoption thereby leading to the growth of the outboard motor market.
The upward trend in recreational boating is expected to drive the growth of the outboard motor market. Recreational boating continues to attract huge crowds, especially in the United States. Recreational boating has grown in recent years largely due to advancements in outboard motor technology. Manufacturers can take advantage of the increased demand for outboard motors in the boating business.
Electrically powered boats have been touted as the future of the marine industry. Electric propulsion is preferred by many boat owners for fishing boats, pleasure boats, cruisers and pontoons, and tender boats. Electrically powered outboards are increasingly popular due to their ease of use, zero gas emissions, engine noise and vibration. Electric outboard motors are a feasible alternative for small boats because they have fewer moving parts and are less likely to wear out or break down. Thus, the increasing adoption of electric propulsion outboard motors is expected to drive the outboard motor market growth.
The increasing use of high-performance, high-speed boats in contemporary boating and fishing activities is becoming commonplace. Over the past decade, a number of anglers have switched to faster, larger and more agile outboard-powered center console fishing boats, which has increased the need for advanced outboard motors to power these vessels. great revolutionary boats. This in turn is expected to fuel the growth of the outboard motor market.
OUTBOARD ENGINE MARKET SHARE ANALYSIS
Europe is expected to be the most lucrative region in the outboard motor market. Some of the reasons contributing to the growth of the market in Europe are the presence of leading competitors in the industry and increased engagement in water recreation activities. North America, on the other hand, is likely to increase due to the growing popularity of high horsepower outboards.
Due to the widespread use of electric outboard motors in military and recreational activities, the electric segment is expected to be the most lucrative during the forecast period.
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