Marine Outboard Engine Market

Marine Outboard Engine Market Study by Two Stroke Carbureted, Two Stroke Electronic Fuel Injection, Two Stroke Direct Injection, and Four Stroke Carbureted, Types from 2024 to 2034

Analysis of Marine Outboard Engines Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Marine Outboard Engine Market Outlook (2024 to 2034)

The global marine outboard engine market size is set to reach a value of US$ 5.52 billion in 2024. Worldwide sales of marine outboard engines are forecasted to increase at a CAGR of 3.9% and reach US$ 8.07 billion by the end of 2034.

A marine outboard engine is a propulsion system for marine vessels (fishing boats, recreational boats, rescue boats, and other special-purpose boats). The outboard engine is itself a self-contained unit consisting of an engine, gearbox, and propeller. An outboard motor is the most commonly used and popular motorized mechanism to power small watercraft.

  • The North American marine outboard engine market size is estimated at US$ 1.58 billion in 2024.
  • East Asia is projected to account for 38.4% of the global marine outboard engine market share by 2034.

Along with delivering adequate propulsion, marine outboard engines provide steering to control the direction of thrust. Marine outboard engines are available in a wide range of power options, catering to the requirements of small boats to larger boats. Marine outboard engines are offered in a power range from 2.5 HP to as high as 800 HP.

High-horsepower marine outboard engines are particularly used in heavier and larger boats. Growing sales of boats that require high-power engines are forecasted to drive the overall marine outboard engine market growth during the coming decade. This is also prompting key market players to focus on introducing engines with high power.

  • Short Term (2024 to 2027): Rapidly growing shipping and marine industry is projected to positively influence the sales of marine outboard engines during this period.
  • Medium Term (2027 to 2030): Countries in North America, East Asia, and Europe are projected to exhibit healthy marine outboard engine demand due to their growing penetration in shipping, fishing, and other marine-related activities.
  • Long Term (2030 to 2034): Introduction of electric marine outboard engines is projected to aid key market players gain large market shares and benefit in the long run.
Report Attributes Details
Marine Outboard Engine Market Size (2024E) US$ 5.52 Billion
Forecasted Market Value (2034F) US$ 8.07 Billion
Global Market Growth Rate (2024 to 2034) 3.9% CAGR
Canada Market Growth Rate (2024 to 2034) 4.4% CAGR
South Korea Market Value (2034F) US$ 138 Million
Key Companies Profiled
  • Brunswick Corporation
  • BRP Inc.
  • Yamaha Motors Co., Ltd.
  • Volvo Penta
  • Honda Motor Co., Ltd.
  • Suzuki Motor Corporation
  • Tohatsu Corporation
  • Mahindra and Mahindra
  • Johnson Outdoors, Inc.
  • Kräutler Elektromaschinen GmbH
  • Parsun Power Machine Co., Ltd.

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What is Pushing Global Sales of Marine Outboard Engines?

“Increasing Marine Transportation Driving Adoption of Advanced Outboard Engines”

Burgeoning demand for cargo shipping is leading to an increasing need for ships, boats, barges, industrial workboats, and others to be used as a mode of transportation.

Different types of cargo ships, boats, workboats, bulk carriers, and reefer vessels are extensively used for the transportation of heavy goods such as oil and gas, industrial goods, and others. Growing infrastructure activities in waterways are further generating profitable opportunities for outboard engine technology manufacturers.

“Shift toward Sustainable Shipping Driven by Adoption of Hybrid Technologies”

No industry in the world can grow steadily without the utilization of technology. Shipbuilding is also extensively using smart technologies and is progressing at a healthy growth rate. The usage of propulsion systems that have power differences is set to be significant, but the improvements in hybrid technologies and regulations are moving toward more sustainable alternatives.

For maritime transportation, digitalization and breakthrough opportunities in the fields of artificial intelligence, IoT (Internet of Things), automation, and blockchain are becoming increasingly important. They help streamline existing processes, creating new business opportunities and transforming supply chains and trade geography.

“Technological Advancements in Engine Components and Utilization of Lightweight Materials”

In terms of engine technology, ongoing research and development efforts are focusing on improving the combustion process, enhancing fuel efficiency, and optimizing power delivery. Electronic fuel injection systems, advanced engine control units, and innovative ignition systems are some examples of technological advancements that result in smoother operation, better fuel economy, and increased overall performance of outboard propulsion systems.

Materials innovation is also playing a pivotal role in enhancing the durability, weight, and corrosion resistance of outboard motors. The use of lightweight yet robust materials, such as advanced alloys and composites, contributes to the overall weight reduction of the engines, improving fuel efficiency and maneuverability. Corrosion-resistant materials extend the lifespan of the engines, ensuring longevity even in challenging marine environments.

“Growing Demand for Electric Outboard Engines”

Shift toward electrification is a notable marine outboard engine market trend, primarily driven by a growing global awareness of environmental concerns and a regulatory push towards cleaner and more sustainable technologies. With an increasing focus on reducing carbon footprints and mitigating the impact of traditional combustion engines on marine ecosystems, demand for electric outboard engines is gaining traction as a promising solution. These engines operate without the emissions of traditional fuel-based counterparts, contributing to cleaner air quality and a reduced ecological footprint.

Electric outboard engines also offer a quieter and emission-free alternative, enhancing the overall boating experience while addressing concerns about noise pollution and air quality. Additionally, respective governments worldwide are implementing stringent regulations to curb emissions from marine vessels, fostering an environment conducive to the adoption of electric propulsion systems.

What are the Challenges Faced by Marine Outboard Engine Manufacturers?

“High Cost of Advanced Outboard Engines Impacting Product Sales”

High initial cost of advanced outboard engines, particularly electric models, represents a significant factor that may act as a restraint for some consumers, despite the potential long-term cost savings associated with these technologies. While electric outboard engines offer many advantages, including lower operating costs and environmental benefits, their high upfront price can pose a barrier to adoption for certain segments of the market.

Consumers, especially those in price-sensitive market segments, may find the initial investment in an electric outboard engine prohibitive, particularly when compared to the lower upfront costs of conventional outboard engines. This initial cost disparity can be a deterrent for boat owners, especially those who prioritize immediate affordability over long-term operational savings.

“Preference for Inboard Motors and Stern Drives as Alternative Propulsion Systems”

Competition posed by inboard motors and stern drives represents a significant restraint for market growth, particularly within specific boat segments. Inboard motors and stern drives are alternatives to outboard engines, and their presence creates a competitive environment that can impact the profits of outboard engine producers.

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What Tactics Can Help New Marine Outboard Engine Companies?

“Focus on Tailoring Products to Meet Specific Requirements of Customers”

New companies should often focus on identifying specific market segments or niches where they can excel. This may involve targeting particular boat types, customer demographics, or regions with unique needs. By tailoring products to meet the specific requirements of a niche market, new companies can carve out a specialized position and establish themselves as experts in serving those segments effectively.

Country-wise Analysis

According to Fact.MR, a market research and competitive intelligence provider, the strong recreational boating culture, expansive coastlines, preference for innovation and engineering excellence, and a rich maritime tradition are some of the factors driving marine outboard engine sales in the United States, Germany, and Japan.

Why are Marine Outboard Engine Sales Growing Steadily in the United States?

“Vast Coastline Facilitating Fishing Activities and Driving Need for Marine Outboard Engines”

Attribute United States
Market Value (2024E) US$ 1.13 Billion
Growth Rate (2024 to 2034) 4.3% CAGR
Projected Value (2034F) US$ 1.72 Billion

Extensive coastline and several inland waterways in the United States are facilitating boating and fishing activities. This geographical characteristic is boosting the demand for marine outboard engines across a wide range of boat types, from small fishing boats to larger recreational vessels.

Why is Germany a Lucrative Market for Marine Outboard Engine Manufacturers?

“Strong Emphasis on Precision Engineering and Technological Innovation”

German consumers value precision engineering and technological innovation. Manufacturers of marine outboard engines that offer high performance, reliability, and cutting-edge features are finding lucrative opportunities in Germany, where a reputation for engineering excellence influences purchasing decisions.

How is the Market Shaping Up in Japan?

“Rich Maritime Tradition Boosting Production of Improved Boat Engines”

Attribute Japan
Market Value (2024E) US$ 135 Million
Growth Rate (2024 to 2034) 5.1% CAGR
Projected Value (2034F) US$ 203.5 Million

Japan has a rich maritime tradition, and boating is deeply ingrained in the culture. This tradition is influencing the demand for marine outboard engines as consumers seek reliable and efficient propulsion systems for a variety of watercraft, from fishing boats to large vessels. Japan has a strong fishing culture, and many enthusiasts own small- to medium-sized fishing boats. This is further driving the demand for fuel-efficient marine outboard engines tailored to fishing applications.

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Category-wise Analysis

While demand for alternative fuel options is gaining traction due to environmental considerations, the high sales of gasoline marine outboard engines can be attributed to their widespread availability, affordability, versatility, and well-established infrastructure, meeting the diverse needs of boaters across different segments of the marine industry.

Why are Sales of Gasoline Marine Outboard Engines Higher?

“Lower Initial Cost and Ease of Maintenance of Gasoline Outboard Engines”

Attribute Gasoline Marine Outboard Engines
Segment Value (2024E) US$ 273.38 Million
Growth Rate (2024 to 2034) 3.9% CAGR
Projected Value (2034F) US$ 400.8 Million

Gasoline outboard engines generally have a lower upfront cost compared to diesel or electric engines. This affordability makes them more accessible to a broader range of boaters, including those in the recreational and small boat market segments. Wide availability of gasoline makes it convenient for boaters to refuel their vessels. The extensive infrastructure for gasoline distribution, including marinas and fuel stations is contributing to the popularity of gasoline outboard engines.

Gasoline outboard engines tend to be lighter in weight and have a more compact design compared to some alternative propulsion systems. This feature is particularly advantageous for smaller boats, where weight considerations are crucial for performance and maneuverability. Also, their versatility and suitability for various boat types, ranging from small fishing boats to larger recreational vessels, are contributing to market growth.

Competitive Landscape

Some of the prominent players in the marine outboard engine market are DEUTZ AG, Honda Motor Co., Ltd., Brunswick Corporation, Suzuki Motor Corporation, BRP Inc., Johnson Outdoors, Inc., and Volvo Penta.

Leading companies are focused on the expansion of their business by setting up more sales offices and distribution centers to enhance their presence across the globe. Key manufacturers are also found to be involved in material optimization, technological advancements, and increasing production to cater to a large customer base worldwide.

  • In 2022, Mercury Marine, a division of Brunswick Corporation, unveiled its latest iteration of 25 and 30HP four-stroke outboard engines. These next-generation engines are meticulously engineered from the ground up with a focus on achieving reduced weight, increased speed, and enhanced ease of operation and maintenance.

Key Segments of Marine Outboard Engine Market Research

  • By Power Source :

    • Diesel
    • Gasoline
    • Electric
    • Others
  • By Power :

    • Less than 30 HP
    • 30HP to 100 HP
    • Above 100 HP
  • By Ignition Type :

    • Electric
    • Manual
  • By Engine Type :

    • Two-Stroke Carbureted
    • Two-Stroke Electronic Fuel Injection
    • Two-Stroke Direct Injection Systems
    • Four-Stroke Carbureted
    • Four-Stroke Electronic Fuel Injection
  • By Boat Type :

    • Fishing Vessels
    • Recreational Vessels
    • Special Purpose Boats
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • Middle East & Africa

- FAQs -

How big is the marine outboard engine market in 2024?

The global marine outboard engine market is estimated at US$ 5.52 billion in 2024.

What is the demand projection for marine outboard engines for the decade?

Demand for marine outboard engines is forecasted to reach a market value of US$ 8.07 billion by 2034.

At what rate are the sales of marine outboard engines forecasted to increase?

Sales of marine outboard engines are forecasted to rise at a CAGR of 3.9% from 2024 to 2034.

What will the sales of gasoline marine outboard engines be by 2034?

Demand for gasoline marine outboard engines is projected to reach a market value of US$ 400.8 million by 2034-end.

Which country is projected to account for high sales of marine outboard engines?

Sales of marine outboard engines in the United States are forecasted to rise at a CAGR of 4.3% and reach US$ 1.72 billion by 2034-end.

Who are the leading producers of outboard engines?

Leading marine outboard engine manufacturers are Brunswick Corporation, DEUTZ AG, Suzuki Motor Corporation, and Honda Motor Co., Ltd.

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Marine Outboard Engine Market

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