UNITED STATES, February 5, 2024 /EINPresswire.com/ -- Outboard engines, also known as boat engines, are marine propulsion systems used to power recreational boats, fishing boats, pontoons, and other watercrafts. They convert internal combustion engine power into thrust to propel boats.

Market Dynamics:

Rising recreational boating activities and increasing consumer spending on water sports are driving the growth of the outboard engines market. According to the National Marine Manufacturers Association, sales of new powerboats in the U.S. increased by more than 10% in 2021 compared to the previous year. Furthermore, innovations in engine technology are fueling the market growth. Major engine manufacturers are focusing on developing smaller, fuel-efficient, and lightweight outboard engines to boost the boat performance. Also, adoption of electric outboard engines is expected to create new growth opportunities over the forecast period.

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Market Driver: Increased Participation in Water Recreational and Sports Activities is Driving Demand for Outboard Engines

The participation in water recreational and sports activities such as boating, fishing, water skiing, etc. has increased significantly over the past decade. People are spending more leisure time engaged in such activities near lakes, rivers, seas and coastal areas which has boosted the demand for motorboats, yachts and other water vehicles that utilize outboard engines. According to reports, boat sales have grown steadily between 2010-2020 with an increasing preference for power boats and water sports vehicles that require outboard engines for propulsion and maneuvering. This growing interest in water sports as a popular leisure activity is a major driver propelling the sales and demand for outboard engines in the market.

Market Driver: Technological Advancements are Enhancing Performance and Efficiency of Outboard Engines

Manufacturers in the outboard engines market are constantly investing in research and development to introduce new engine designs and technologies that improve fuel efficiency, enhance performance, and reduce emissions. Features such as electronic fuel injection, advanced engine monitoring systems, turbocharging and four-stroke engine designs are reducing operating costs while delivering more power and torque. The incorporation of new materials and manufacturing techniques is helping to reduce weight and improve horsepower-to-weight ratio of engines. Such continual technological innovations are satisfying the evolving needs of customers and boosting the demand for high-performance yet efficient outboard engine models.

Key Company Profiles:

Yamaha Motor Company Ltd., Suzuki Motor Corporation, Honda Motor Co., Ltd., Tohatsu America Corp., Mudd Hog Mud Motors, LLC, Brunswick Corporation, Evinrude Outboard Motors, Torqeedo GmbH, Seven Marine LLC, Powertec Group, Hidea Power Machinery Co., Ltd., and Elco Motor Yachts, LLC.

Market segmentation:

On the basis of product type, the global outboard engines market is segmented into:
Two Stroke Engine
Four Stroke Engine

On the basis of engine type, the global outboard engines market is segmented into:
Low power (>50 HP)
Mid power (50 HP-150 HP)
High power (<150 HP)

On the basis of fuel type, the global outboard engines market is segmented into:
Gasoline Engine
Diesel Engine

On the basis of boat type, the global outboard engines market is segmented into:
Fishing
Recreational
Special purpose

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Market Restrain: Stringent Environmental Regulations on Emissions are Challenging Growth

Governments across countries have implemented stringent environmental norms and regulations regarding carbon emissions from internal combustion engines including those used in outboard motors. Regulations such as IMO III specify limits on the release of hazardous exhaust gases like carbon monoxide, hydrocarbons and nitrogen oxides from marine engines. Complying with these evolving emissions standards necessitates regular upgrades and redesigning of engine components, raising production costs. It is challenging for manufacturers, especially those catering to budget markets, to continuously invest in R&D and pass on added costs to price-sensitive customers. Tighter emission laws can restrain the demand of old inventories of engines and impact the overall sales growth of the outboard engines industry.

Market Opportunity: Growth of Electric Outboard Engines to Support Sustainable Boating

With growing environmental concerns, the market is seeing increasing focus on developing electric outboard boat engines that produce zero or near-zero emissions. Major industry players like Yamaha, Brunswick and BRP are heavily investing in the research and development of advanced lithium-ion battery packs and electric drive motors for marine use. The efficiency, reliability and driving range of electric outboard engines is improving steadily, making them a viable alternative to traditional fuel-powered models. As electric boating gains wider acceptance, it can open up new growth avenues for manufacturers in the outboard engines industry. Governments are also providing purchase incentives for eco-friendly electric boats and engines to promote cleaner water transport and recreational activities.

Market Trend: Increasing Adoption of Engine Digitalization and Telematics Solutions

A notable trend gaining traction in the outboard engines market is the increasing integration of digital technologies and remote monitoring systems. Manufacturers are launching engine models with advanced digital control units, sensors and computer software. Features like onboard diagnostics, real-time performance monitoring via smartphone apps, remote engine start/stop, predictive maintenance alerts are becoming common across new engine lines. Telematics allows engine users and dealerships to access valuable usage data, track boat location and receive timely service notifications. It significantly enhances the ownership experience. As digitalization improves convenience and lower maintenance costs, more boat owners are willing to pay extra for connectivity features in outboard engines. This trend is opening up revenue opportunities for OEMs through supplementary digital services and aftermarket parts sales.

Key Insights of Report:

Based on the product, the wheel Outboard Engines Market segment is expected to dominate the market over the forecast period.

Based on the application, the Outboard Engines Market segment is expected to grow significantly during the forecast period.

Based on region, the North American region is expected to dominate the market over the forecast period.

Evaluate your own strategic posture in light of this information by comparing the quantity of Outboard Engines Market items and the level of innovation in significant domains of application and indications.

Be aware of the significance and benefits of both rapid and gradual innovation in the various contexts and fields of today.

Carefully consider where innovation comes into your portfolio of Outboard Engines Market

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