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Latin America Outboard Motors Market Trends

  • Report ID: GMI11723
  • Published Date: Oct 2024
  • Report Format: PDF

Latin America Outboard Motors Market Trends

The Latin American outboard motor industry is experiencing a transition towards environmentally friendly solutions. The adoption of electric and hybrid outboard motors is increasing as environmental consciousness grows across the region. Consumers and businesses are seeking alternatives to traditional petrol-powered motors that align with global environmental objectives. Governments in several Latin American countries are implementing more stringent regulations to reduce carbon emissions and promote sustainable boating practices. Consequently, there is growing interest in electric and hybrid outboard motors, which offer reduced noise, lower emissions, and improved fuel efficiency.
 

The market is also witnessing an increased emphasis on aftermarket services and maintenance support. As marine tourism and recreational boating sectors expand in the region, the demand for high-quality repair, maintenance, and servicing facilities has become more prominent. Consumers are placing greater value on long-term reliability and performance of their outboard motors. In response, manufacturers are expanding their after-sales service networks in the region.
 

Companies are investing in more accessible maintenance centers and ensuring the availability of spare parts to enhance customer satisfaction and brand loyalty. This trend is strengthening relationships between manufacturers and customers while ensuring optimal performance of outboard motors throughout their operational lifespan.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size for outboard motors in Latin America reached USD 457.3 million in 2023 and is set to register a CAGR of 7% between 2024 and 2032, led by increasing marine tourism and recreational boating activities.

The engine segment dominated the market in 2023, generating around USD 198.3 million in revenue and is expected to grow at a CAGR of 6.2% during the forecast period.

The diesel segment dominated the market in 2023, with a share of around 41% of the total market and is expected to grow at a CAGR of 7.4% during the forecast period.

Brazil's market size was around USD 245.9 million in 2023 and is expected to grow at a CAGR of 7.3% during the forecast period, supported by its extensive coastline, vast river networks, and established maritime tradition.

The key players in the market include Bombardier Recreational Products Inc., Cobra Marine Ltd., Evinrude, Gator-Tail Motors LLC, Hatsu Marine Co., Ltd., Honda Motor Co., Ltd., Johnson Outdoors Inc., Mariner, Mercury Marine, Nissan Marine Co., Ltd.

Latin America Outboard Motors Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 15
  • Tables & Figures: 83
  • Countries covered: 3
  • Pages: 100
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