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Marine Outboard Engines Market Report Reveals Size, Share, and Key Market Trends || Honda Motor Co Ltd., Selva SpA, AB Volvo, Suzuki Motor Corporation
Marine Outboard Engines Global Market Report 2024
The Business Research Company offers in-depth market insights through Marine Outboard Engines Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The marine outboard engines market size has grown steadily in recent years. It will grow from $4.37 billion in 2023 to $4.52 billion in 2024 at a compound annual growth rate (CAGR) of 3.6%. The growth in the historic period can be attributed to recreational boating trends, consumer preferences for lightweight engines, boating industry expansion, environmental regulations, economic growth.
The marine outboard engines market size is expected to see steady growth in the next few years. It will grow to $5.26 billion in 2028 at a compound annual growth rate (CAGR) of 3.8%. The growth in the forecast period can be attributed to electrification trends, advanced materials and manufacturing, global tourism growth, rising middle-class population, stringent emission standards. Major trends in the forecast period include smart technology integration, government incentives for green technologies, technological advancements, electrification of outboard engines, efficiency and fuel economy.
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Market Segmentation:
The marine outboard engine market covered in this report is segmented -
1) By Engine Type: Two Stroke Carbureted, Two Stroke Electronic Fuel Injection, Two Stroke Direct Injection System, Four Stroke Carbureted, Four Stroke Electronic Fuel Injection
2) By Boat Type: Fishing Vessel, Recreational Vessel, Special Purpose Boats
3) By Power: Less Than 30 HP, 30 HP To 100 HP, Above 100 HP
4) By Ignition Type: Electric, Manual
5) By Application: Military, Civilian
Major Driver - Surging Demand For Marine Transportation Propels Growth In The Marine Outboard Engine Market
The surging demand for marine transportation is expected to propel the growth of the marine outboard engine market going forward. Maritime transport refers to a mode of transport in which goods or people are transported via sea routes. Marine outboard engines are primarily attached to marine transportation boats which increase the boat's speed and allow the boat to slice through the water more easily. Hence, the increasing marine transportation will result in demand for marine outboard engines. For instance, in March 2023, according to a report published by Statistics Finland., a Finland-based government agency, in 2023, Finland transported 1.2 million metric tones of goods by general cargo where all together, 0.7 million persons were transported in passenger traffic, and import volume increased by 10% to 4.0 million metric tones. and foreign shipping traffic totaled 7.4 million metric tones in 2023. Additionally, according to Handbook of statistics 2022 published by United Nations Conference on Trade and Development, a Switzerland-based Intergovernmental organization, seaborne trade jumped by 3.2% in 2021. Therefore, surging demand for marine transportation is driving the growth of the marine outboard engine market.
Competitive Landscape:
Major companies operating in the marine outboard engines market report are Honda Motor Co Ltd., Selva SpA, AB Volvo, Suzuki Motor Corporation, The Electric Launch Company, Yamaha Motor Co Ltd., Mahindra And Mahindra Limited, Bombardier Recreational Products Inc., Brunswick Corporation, YANMAR Marine International B.V., Hidea Power Machinery Co Ltd., Parsun Power Machine Co Ltd., Mercury Marine, Deutz AG, Johnson Outdoors Inc., PropEle Electric Boat Motors Inc., West Marine, Greaves Cotton Ltd., Torqeedo GmbH, Taizhou Gongda Motors Parts Co Ltd., LEHR Holdings LLC, Cimco Marine AB, Oxe Marine AB, Cox Powertrain Ltd., Krautler Elektromaschinen GmbH, Tohatsu Corporation, Hangzhou Hidea Power Machinery Co Ltd., Marine Power Inc., Yongkang Longxiao Industry And Trade Co Ltd., Suzhou Parsun Power Machine Co Ltd.
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Top Trend - High-Performance Premium Marine Propulsion Solutions Enhanced The Market Growth
Major companies operating in the marine outboard engine market are focusing on advanced solutions such as high-performance premium outboard marine engines to meet the growing demand for enhanced efficiency and power in marine applications. High-performance premium outboard marine engines are top-tier propulsion systems designed for boats, known for their superior speed, efficiency, and advanced features. For instance, in September 2023, Honda Marine, a US-based marine engines manufacturer, launched V8 outboard engine, the BF350. With a 5-liter V8 capacity, this engine delivers 350 horsepower and incorporates advanced technologies such as Variable Valve Timing and Lift Electronic Control (VTEC). Engineered for robust acceleration, minimal noise, and vibration, the BF350 exemplifies high-performance premium outboard marine engines, offering distinctive designs that aim to redefine industry standards.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Marine Outboard Engines Market Characteristics
3. Marine Outboard Engines Market Trends And Strategies
4. Marine Outboard Engines Market - Macro Economic Scenario
5. Marine Outboard Engines Market Size And Growth
…..
27. Marine Outboard Engines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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