Marine Outboard Engine Market to Witness Stunted Growth in Near Term amid COVID-19: Concludes Fact.MR
Published : 12 May 2020 Industry: Automotive
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. 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. 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.
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.
“The global marine outboard engine market will witness stunted growth in the short-term due to economic slowdown amid COVID-19 pandemic. However, introduction of novel engine designs with lower emission and improved performance will drive the market growth in long term” says a Fact.MR analyst.
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.
More Valuable Insights on the Marine Outboard Engine Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global marine outboard engine market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on the marine outboard engine market on the basis of power (less than 30 HP, 30HP to 100 HP and Above 100 HP), engine (two stroke carburetted, two stroke electronic fuel injection, two stroke direct injection system, four stroke carburetted, and four stroke electronic fuel injection) ignition (electric, and manual), boat type (fishing vessel, recreational vessel, and special purpose boats) across seven major regions.
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