Latin America Outboard Motors Market Analysis

Latin America Outboard Motors Market Analysis

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Based on engine type, the market is segmented into 2-stroke, 4-stroke, and engine. The engine segment dominated the market in 2023, generating a revenue of around USD 198.3 million of the total market in 2023, and is expected to grow at a CAGR of 6.2% in the forecast timeframe.
 

The engine segment in the Latin American outboard motors market includes a wide range of power options. These span from small, low-horsepower engines for personal and recreational boats to high-horsepower engines used in commercial applications such as fishing, transport, and tourism. Coastal regions, where marine activities are expanding, show an increasing demand for fuel-efficient and environmentally friendly engines.
 

Based on fuel type, the Latin American outboard motors market is classified into diesel, gasoline, and electric. The diesel segment dominated the market in 2023, with a share of around 41% of the total market share and is expected to grow at a CAGR of 7.4% in the forecast timeframe. The diesel segment of the market is driven by its application in commercial and industrial marine sectors, including fishing, cargo transport, and tourism.
 

Diesel outboard motors are preferred due to their fuel efficiency, durability, and ability to handle long-distance and heavy-duty operations. These characteristics make them suitable for larger vessels operating in challenging maritime conditions. In countries with extensive coastlines and river networks, such as Brazil, Argentina, and Chile, diesel outboards are widely utilized for commercial fishing and transportation purposes.
 

Brazil outboard motors market size dominated around USD 245.9 million in 2023 and is expected to grow at a CAGR of 7.3% in the forecast timeframe. Brazil is a significant contributor to the market, supported by its extensive coastline, vast river networks, and established maritime tradition.
 

The country's expanding marine tourism sector, particularly in coastal cities such as Rio de Janeiro and São Paulo, as well as in the Amazon region, drives demand for outboard motors used in recreational boating, fishing, and water transport. Brazil's substantial fishing industry, encompassing both commercial and subsistence operations, further contributes to the growth of the market.