Marine Outboard Engine Market Insights:
The global marine outboard engine market is poised to witness stunted growth of of 1.7% and is pegged to be valued more than US$ 3.9 Bn by the end of forecast period (2020 – 2030). Plummeting global demand for fish and seafood due to the coronavirus pandemic is likely to halt commercial fishing activities, thus idling boat fleets.
The coronavirus outbreak has negatively impacted sales of marine outboard engines, affecting at least 0.4% of the global GDP. At the same time, manufacturers are suspending production due to falling demand, and insufficient inventory.
For instance, In March 2020, Brunswick Corporation stopped production of all its marine outboard engines due to scarce raw material supply as well as projected near term weakness in the market.
In addition, nation-wide lockdowns imposed in numerous countries have restricted movement of people resulting in a sharp downturn in marine tourism. Marine outboard engine repairs and maintenance services have also witnessed a sharp downfall. Demand and prices have collapsed in Asian markets, which has the largest consumption of seafood. This has reduced the demand for marine outboard engines.
Marine Outboard Engine Market Boat Type Insights:
The marine outboard engines used in fishing vessels is projected to expand at CAGR of 1.7% to be value at more than US$ 1.7 Bn by the end of forecast period. Engines used in fishing vessels account for the majority share in the global marine outboard engines market.
However, the demand for these engines lowered significantly in the last fiscal quarter due to a major slump in the commercial fishing industry amid the COVID-19 pandemic. This is attributed to the substantially collapsed demand for seafood due to restaurant closures, generating a dormancy in the fishing industry.
This, in turn is expected to hit the queued expansion plans of the major fishing companies. Consequently it is poised to hamper the demand for marine outboard engines used in fishing vessels in next couple of fiscal quarters. The EU has enacted emergency measures to give financial aid to help the fishing and aquaculture industries.
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Marine Outboard Engine Market Engine Type Insights:
Four stroke is the most preferred engine-type as it offers higher fuel efficiency and better performance. For instance, both four stroke marine outboard engine types, carburetted and electronic fuel injection collectively accounted for a major share of the global market in 2020. However, the economic uncertainty created due to COVID-19 pandemic is set to stall the demand for four stroke marine outboard engines as well.
Exceptionally lowered marine recreational activities and plunging demand for seafood globally is likely to affect the adoption for these engines. In addition, manufacturers had to suspend production which is likely to disturb the business eco-system.
For instance, in March 2020, leading four stroke marine outboard engine provider Yamaha Motor Corporation stopped production in the U.S. Due to which, the carburetted & electronic fuel injection type four stroke marine outboard engines are projected to witness growth at CAGRs of 1.7% & 1.8% respectively during the forecast period, predicts Fact.MR.
Marine Outboard Engine Market Regional Insights
North America has dominated the global marine outboard engine market throughout the historical period. The region created an absolute $ opportunity worth US$ 325.5 Mn between 2015 and 2019. The booming marine industry in the U.S. makes the region most suitable for marine outboard engine manufacturers.
The U.S. registered sales of around 280,000 boats in 2019, accounting for 2.2% of the country’s GDP. However, the outbreak of the COVID-19 pandemic in North America is expected to drastically impact the economy of the region. Marine outboard engine manufacturers are halting production due to expected latency in the market in the near future. Consequently, this is poised to hinder the growth of the marine outboard engine market in North America. In Fact.MR’s report, North America is projected to account for 51.4% share of the global market by the end of forecast period.
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Marine Outboard Engine Market Manufacturer Strategies:
Global marine outboard engine market is highly consolidated and competitive. Leading players are introducing new products in order to retain their position in the market. For instance, in February 2019, Mercury Marine, a subsidiary of Brunswick Corporation launched 400hp Verado, the highest power outboard engine that company offers.
COVID-19 Impact Insights:
The unprecedented effects of the novel coronavirus is burgeoning as the lockdowns in most of countries are extending. Shipping accounts for 90% of the global trade ensuring steady supply of food, fuel, and medicines to consumers across the globe.
The coronavirus infection is threating to disrupt this trade channel. Countries like China, Singapore, Spain, Panama and Portugal are denying shipping vessels entry. Demand for boats have already started falling, and it is poised to continue for next couple of fiscal quarters.
In addition, insufficient supply of raw materials due to the lockdown is forcing companies to either shut down the production or run at lesser capacity. This is expected to hinder the growth of global marine outboard market in the short run. However, in the second half of the forecast period, as the economic impact of the pandemic is brought under control, the market is expected to gain momentum. The global marine outboard engine market is expected to grow by 1.2X by 2030 over 2020.
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“The outbreak of the COVID-19 has substantially impacted to the production and demand for marine outboard engine. As a result, the market is poised to witness sluggish growth for next couple of fiscal quarters. However, in the long run it will register significant opportunities.”
Global Marine Outboard Engine Market: Scope of the Report:
The recent global marine outboard engine market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global marine outboard engine market. A detailed segmental analysis, based on power, ignition type, engine type, boat type, and regions, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global marine outboard engine market. In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the global marine outboard engine market.
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Key Segments of the Marine Outboard Engine Market
Fact.MR’s study on the marine outboard engine market offers information divided into two key segments-power, engine, ignition, boat, across seven major regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Less than 30 HP
- 30HP to 100 HP
- Above 100 HP
- Two Stroke Carburetted
- Two Stroke Electronic Fuel Injection
- Two Stroke Direct Injection System
- Four Stroke Carburetted
- Four Stroke Electronic Fuel Injection
- Fishing Vessel
- Recreational Vessel
- Special Purpose Boats
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
Key Questions Answered in the Fact.MR’s Marine Outboard Engine Market Report
- Which regions will continue to remain the most profitable regional markets for marine outboard engine market players?
- Which factors will induce a change in the demand for marine outboard engine during the assessment period?
- How will changing trends impact the marine outboard engine market?
- How can market players capture the low-hanging opportunities in the marine outboard engine market in developed regions?
- Which companies are leading the marine outboard engine market?
- What are the winning strategies of stakeholders in the marine outboard engine market to upscale their position in this landscape?
Marine Outboard Engine Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the marine outboard engine market, and reach conclusions on future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the marine outboard engine market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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