According to PersistenceMarketResearch, the global outboard engines market will grow at the rate of more than 2% between 2020 and 2030.
The present scenario speaks volumes about the inclination of people towards recreational boating, especially in the US. As per a top notch trade association, recreational boating vertical witnessed linear transition for the 7th time in a row before the outbreak of Covid-19. Also, people in the other parts of the world are willing to shell out more money on adventure sports and tourism. This factor is all set to boost the outboard engines market in the years to come.
As of the year 2020, diesel engines held more than 10% of the market share. This could be credited to lower emission of carbon monoxide coupled with a broad range of the power output. “Bison” is one such development project (wherein minimum impact of environment is looked into).
Plus, as per the NMMA (National Marine Manufacturers Association), the year 2020 witnessed bumper sales (more than 310 thousand units) of new powerboats in spite of the onslaught of Covid-19. The future also looks promising in this regard. The ICOMIA (International Council of Marine Industry Associations) has also reported that out of the marine engines sold all over the US, 88% are outboards. This factor is likely to keep North America at the topmost position in the forecast period.
The key market participants include Honda Motor Co., Ltd., DEUTZ Akiengesellschaft, Brunswick Corporation, Tohatsu Corporation, BRP Inc., Suzuki Motor Corporation, Yamaha Motor Co., Ltd., LEHR, LLC, Krautler Elektromaschinen GmbH, Yongkang Longxiao Industry, Volvo Penta, and Parsun Power Machine Co., Ltd. On the developments’ front, at the Genoa Boat Show organized in the year 2018, Suzuki Motor Corporation launched two big outboard motors – DF175A and DF150A. In Miami International Boat Show held in the same year, Honda Marine debuted with BF250, BF200, and BF225 v6 outboard motors