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Outboard Engines Market growth is anticipated to be triggered through 2027 led by rising initiatives taken by governments to support the development of their tourism sector. Rise in number of tourist visiting costal holiday destinations along with escalating interest in recreational activities could stir the requirement for boats equipped with outboard engines. Increasing disposal income across emerging countries like Australia, China, and India, and a sudden rise in interest of people in leisure boating activities may grant promising growth opportunities to outboard engine manufacturers. According to a report by Global Market Insights Inc., the global outboard engines market demand will surpass USD 13 billion by 2027.Notably, manual ignition outboard engines are gaining commendable demand as to their wide-ranging application and feasible cost in low-powered boats. Technological advancements including twist-grip control for ease in maneuverability and expansions in the motor capacity to support proficiently in all weather conditions are endorsing the utilization of these engines.
How has the COVID-19 pandemic impacted the outboard engines market growth?
The COVID-19 pandemic has negatively impacted the outboard engines market. Aspects like imposition of strict restrictions, social distancing, and lockdown norms by governments have affected industry growth. This has led to cut down in sales of the outboard engines in the year 2020. However, the government has started giving some leniency in import and export, which is expected to boost the market demand.
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What are the strategies being adopted by outboard engine manufacturers?
Manufacturers of outboard engines are focusing on the development of lightweight and compact outboard engines to lessen fuel consumption. Rigorous emission rules have compelling industry players to engage in R&D projects to develop efficient engine models.
Separately, companies are participating in partnerships with boat manufacturers to gain a competitive edge over other firms. For instance, Cox Powertrain got into a strategic business deal with Metal Shark Boats, a viable nautical boat manufacturer, in the year 2018. This initiative helped the company to reinforce its position in a commercial application as well as enter into the military segment.
Why is Europe a prominent business ground for outboard engine makers?
Burgeoning tourism sector along with a strong presence of renowned boat manufacturers have supplemented the growth of Europe outboard engines industry. Increasing activities like boat shows and launch of new outboard engines in launch events will support regional market expansion. For instance, DF325A motors were launched by Suzuki Marine during the Düsseldorf International Boat Show in January 2018. While reports indicate that Europe held for around 20% share in the global outboard engines market share in the year 2020.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Address: 4 North Main Street, Selbyville, Delaware 19975 USA
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/outboard-engines-market
Release ID: 89037790
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