Traction for small and medium powered boat meant for recreational, fishing is expected to underscore outboard engines market trends. Realizing the potential commercial applicability, stakeholders have upped their investments in outboard engines. Demand for outboard engines is more pronounced than any other engines for they are compact in design and can accommodate larger number of people with an additional interior room. Further, manufacturers are propelling their engine production lines to keep up with the burgeoning demand for outboard engines.
In a bid to propel outboard engines market revenue, players are expanding their footholds by establishing corporate offices globally. For instance, Yamaha Motor Corporation started new corporate office in October 2018 in the U.S. In July this year, Yamaha Marine Precision Propellers, Inc., Yamaha Motor Corporation’s subsidiary, initiated construction of propeller production facility in the U.S., pouring in investment of over US$ 18 million.
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- Government regulations for emission control
Growing carbon emission levels coupled with stringent regulations set by the government and other regulatory authorities to control environmental degradation has led to the adoption of electric fuel type engines over the years. According to reports, electric fuel type engines segment is estimated to witness significant growth rate of approximately 8.5% over the projected period owing to the innovations and technological advancements in electric motors.
Increased rate of efficiency, reduced maintenance requirements, eco-friendly and different charging options are some of the vital benefits offered through the adoption of electric motors. Additionally, low powered electric motors are emerging as strong alternatives to small gasoline motors, ensuring fuel-efficiency and reduced operational cost.
Outboard engines market applications are classified into recreational, military and commercial. With the rise in cross border tensions and political instabilities in many countries, there is a need for a robust military industry across the globe. The market is witnessing increasing adoption of these motors in inflatable boats. Moreover, the requirement for boats for the U.S. coast guards is influencing the market dynamics.
- Deployment of high-powered engine technology
With respect to the types of power, high-powered engine technology has gained popularity over the years. In fact, high powered engines are likely to contribute more than USD 9.5 billion towards outboard engines industry size by 2025.
Increasing demand for high-performance boats and large yachts has splurged the adoption of the technology across the globe. With the rise in rate of affordability among people worldwide, there has been an increase in spending on tourism, leading to the use of large yachts for travel or other leisure activities.
With the constantly changing consumer demand worldwide and the requirement of high-powered motors in Europe and North America, industry participants are rearranging their motor production techniques and are frequently launching upgraded products in the market. Additionally, key industry participants are heavily investing in new machinery.
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- Booming North America tourism sector
In terms of geographical expansion, North America could emerge as a promising revenue ground for outboard engines market share in the coming years. High purchasing power in the region along with rising spending on boating and recreational activities will complement product penetration.
Stable economic development coupled with growing support from government to improve the boating infrastructure and maintain marine life will boost business growth. Moreover, there is growing prevalence of various boat manufacturers and motor distributors across the region aiming towards strengthening the industry landscape and coping with the gradually increasing consumer demand.
Table of Contents (ToC) of the report:
Chapter 1 Methodology and Scope
1.1 Market definitions
1.2 Base estimation & working
1.2.1 North America
1.2.3 Asia Pacific (APAC)
1.2.4 Latin America (LATAM)
1.2.5 Middle East & Africa (MEA)
1.3 Forecast calculations
1.3.1 COVID-19 impact calculations on industry forecast
1.4 Data Sources
Chapter 2 Executive Summary
2.1 Global outboard engines industry 360° synopsis, 2017 – 2027
2.1.1 Business trends
2.1.2 Engine type trends
2.1.3 Fuel type trends
2.1.4 Power trends
2.1.5 Ignition type trends
2.1.6 Application trends
2.1.7 Regional trends
Chapter 3 Global Outboard Engines Industry Insights
3.1 Industry segmentation
3.2 COVID-19 impact on outboard engines industry
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.3 Profit margin trends
3.3.4 Distribution channel analysis
3.3.6 Vendor matrix
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