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Outboard Boats Market Size

Report ID: GMI5179
Published Date: Jan 2022
Report Format: PDF

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Outboard Boats Market Size

Outboard Boats Market size exceeded USD 5 billion in 2021 and is projected to grow at over 6% CAGR from 2022 to 2028. Increasing consumer spending on recreational activities and water sports is encouraging boat companies to launch new models, thereby driving the industry growth.

Outboard boats are experiencing an increase in demand globally due to rising inclination toward outdoor recreational activities and significant participation in boating events. Boat manufacturers are emphasizing on improving the productivity of their boats for their market share enhancement. Furthermore, rising boat club spending on boating event promotion is accelerating the market revenue.

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Outboard boats are becoming popular not only for riding activities but also owing to increasing awareness regarding the health benefits of water sports. Several government authorities are establishing strategic partnerships with each other to improve boating activities will create a favorable environment for the market. For instance, in November 2021, the U.S. government announced a deal with the EU to remove retaliatory tariffs on American boats sold in Europe. This deal will result in a 25% discount in custom duties on American-made boat engines and boats sold in Europe.

Outboard boats are witnessing an upward market trend on account of increasing OEMs initiatives on new product innovations. Market players, such as Brunswick Corporation, Walker Bay Boats, Inc., and Malibu Boat, are introducing innovative outboard boats to gain a higher revenue share.

Outboard Boats Market Report Attributes
Report Attribute	Details
Base Year:	2021
Outboard Boats Market Size in 2021:	5 billion (USD)
Forecast Period:	2022 to 2028
Forecast Period 2022 to 2028 CAGR:	6%
2028 Value Projection:	9 billion (USD)
Historical Data for:	2017 to 2021
No. of Pages:	180
Tables, Charts & Figures:	244
Segments covered:	Type
Growth Drivers:	Implementation of advanced technologies in outboard boats Growing demand for water sports and recreational activities in North America Rapid development of boating sector in Europe Proliferation of water taxis in Europe Rising popularity of marine leisure activities in Asia Pacific High growth of tourism industry in Latin America and Middle East
Pitfalls & Challenges:	Rising fatalties and injuries during boating High initial investments

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High investments, which are required to build outboard boat manufacturing facilities are important factors impacting the industry statistics. The high prices and ownership cost of outboard boats led by expensive maintenance activities are affecting the outboard boats market worldwide. Additionally, the limited availability of skilled labor and boat riders, especially for express cruiser and center console, is creating a hindrance in the industry.

The worldwide spread of COVID-19 in 2020 and 2021 impacted outboard boats demand in the international market. In 2020, the industry was challenged by various factors including the limited availability of skilled employees, shutdown of manufacturing facilities, and international supply chain disruptions. Manufacturers closed their boat production facilities several times in 2020 & 2021 impelled by increasing number of COVID-19 patients.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of outboard boats surpassed USD 5 billion in 2021 and will witness a CAGR of over 6% through 2028 with increasing consumer expenditure on recreational activities and water sports.

Recreational boats segment will record around 6.5% CAGR till 2028 with the wide availability of these boats through extensive distribution channels in coastal areas.

North America market had recorded valuation of about USD 3 billion in 2021 owing to the supportive government regulations on nautical tourism and rising consumer demand in the region.

Key industry participants include Bombardier Recreational Products Inc., Brunswick Corporation, Campion Marine Inc., Polaris Inc., Cantieri Capelli S.r.l., Groupe Beneteau, White River Marine Group, LLC, Nimbus Group, Sightseer Marine, Inc., Waterline Systems, Inc., Marine Products Corporation, and POSEIDON BOATS.