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Outboard Engine Market Size
- Report ID: GMI4386
- Published Date: Feb 2024
- Report Format: PDF
Outboard Engine Market Size
Outboard Engine Market size was valued at USD 10 billion in 2023 and is anticipated to register a CAGR of over 5.5% between 2024 and 2032. Rising recreational boating activities attributed to the strong economic growth, along with shifting consumer preferences toward boating to spend quality time with family and friends, will support market growth. According to the National Marine Manufacturers Association (NMMA), the gross output of outdoor recreational boating & fishing accounted for USD 32.4 billion in 2022.
As disposable incomes increase, individuals and families are more likely to invest in recreational activities, including boating. This trend positively impacts the outboard engine market, as boating is often considered a luxury or recreational expenditure. Yachts are a popular choice for recreational boating enthusiasts seeking luxury, comfort, and performance on the water.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Outboard Engine Market Size in 2023: | USD 10 Billion |
| Forecast Period: | 2024 - 2032 |
| Forecast Period 2024 - 2032 CAGR: | 5.5% |
| 2032 Value Projection: | USD 16 Billion |
| Historical Data for: | 2018 – 2023 |
| No. of Pages: | 387 |
| Tables, Charts & Figures: | 250 |
| Segments covered: | Engine type, fuel type, power, ignition type, application, region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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As disposable income rises and lifestyles evolve, there is growing demand for yachts as status symbols and lifestyle investments. Outboard engines offer versatility and convenience for yacht owners, allowing for easy maneuverability, shallow water access, and reduced maintenance compared to inboard engines. The popularity of fishing as a recreational activity contributes significantly to the demand for outboard engines. Anglers and fishing enthusiasts often invest in boats equipped with outboard motors to access fishing spots efficiently.
Top of FormThe high prices of modern outboard engines may restrict some consumers, particularly those with limited discretionary income. As a result, potential buyers may be deterred from purchasing new engines or upgrading their existing ones, leading to a slowdown in sales and market growth. High prices can create market segmentation, with premium engines catering to affluent customers willing to pay for advanced features and performance while budget-conscious buyers opt for lower-cost alternatives or used engines. This segmentation may limit the overall market size and hinder manufacturers' ability to reach a broader customer base.
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Outboard Engine Market Scope
