Persistence Market Research’s latest market study on outboard engines projects that increasing participation in water sports, considerable growth in the fishing businesses and a rise in recreational tourism are expected to drive the demand for outboard engines in the upcoming years. Key findings from the study reveal that the global outboard engines market will expand robustly at a CAGR of 8.7% and reach a value of US$ 8.1 Bn by the end of the forecast period, 2017-2026.
In the foreseeable future, the demand for outboard engines equipped with four-stroke electronic fuel injection technology is anticipated to gain traction. It is estimated that in 2017, over US$ 1.5 Bn worth of outboard engines running on four-stroke electronic fuel injection technology will be sold across the globe. Higher efficiency of this technology in delivering maximum torque at minimal fuel consumption is anticipated to boost its adoption over other technologies namely, two-stroke carburetion, two-stroke electronic fuel injection, two-stroke direct injection system, and four-stroke carburetion.
Europe to Register Highest Sales of Outboard Engines
A regional analysis on the global outboard engines market has been provided in the report. According to the findings, Europe is anticipated to dominate the global outboard engines market in terms of revenues. Robust growth in Europe’s fishing industry and increasing investments in maritime operations will continue to drive the sales of outboard engines in the region. The report also projects that North American and Asia-Pacific excluding Japan (APEJ) will emerge as leading regions in the global outboard engines market through 2022. High proximity to beaches will continue to propel the use of boats for recreational activities across countries such as the US, Canada, Indonesia, Singapore and South Korea. During the forecast period, North America’s outboard engines market is anticipated to register expansion at 9.4% CAGR, while the APEJ market will create around US$ 1 Bn of incremental opportunity.
The study has further analyzed the global outboard engine market on the basis of power, wherein low and medium power engines are anticipated to procure more than three-fourth share of global revenues through 2026. In addition, the start type of outboard engines is also viewed as a key factor changing the dynamics of the global market. In 2017, outboard engines with electric starters sold across the globe will bring in over US$ 2.7 Bn in revenues. The study also estimates that in 2017, nearly one-third of outboard engines being sold in the global market will be used on recreational boats.
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Leading Manufacturers of Outboard Engines
The report has also profiled leading players in the global outboard engines market, which include, Kräutler Elektromaschinen Gmbh, LEHR, LLC, Johnson Outdoors Inc., Yamaha Motor Co., Ltd., Tohatsu Corporation, BRP Inc., Suzuki Motor Corporation, Brunswick Corporation, Honda Motor Co., Ltd., and DEUTZ Aktiengesellschaft. Manufacturers of outboard engines are likely to focus on reducing engine failures due to corrosion. New materials are being tested to change the shaft blades and rotors that tend to corrode due to exposure to saline water. In the near future, companies manufacturing outboard engines will also focus on providing routine servicing by creating stations across prominent beaches and waterways. While the basic construction and design of outboard engines is less likely to witness transformation, several manufacturers are anticipated to work towards improving fuel efficiency of these engines.