Marine Outboard Engines Global Market Report 2024

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 during the historical period can be linked to trends in recreational boating, consumer preferences favoring lightweight engines, the expansion of the boating industry, adherence to environmental regulations, and overall 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 projected growth in the forecast period is driven by various factors: the trend toward electrification, advancements in materials and manufacturing processes, the continual growth of global tourism, the increasing population of the middle class, and the imposition of strict emission standards. Notable trends expected during this period encompass the integration of smart technology, government incentives promoting green technologies, ongoing technological advancements, the electrification of outboard engines, and a sustained focus on efficiency and fuel economy.

The increasing demand for marine transportation is expected to drive the growth of the marine outboard engine market. Marine transportation involves the movement of goods or passengers via sea routes, and marine outboard engines are essential components of boats used in this mode of transportation. These engines enhance a boat's speed and maneuverability, making them crucial for efficient marine transportation. For example, a report published by Statistics Finland in March 2023 indicated that Finland transported 1.2 million metric tonnes of goods by general cargo and 0.7 million persons in passenger traffic, with a 10% increase in import volume to 4.0 million metric tonnes. Additionally, foreign shipping traffic totaled 7.4 million metric tonnes in 2023. Furthermore, the Handbook of Statistics 2022 published by the United Nations Conference on Trade and Development reported a 3.2% increase in seaborne trade in 2021. These statistics highlight the growing demand for marine transportation, which in turn is driving the need for marine outboard engines. As maritime trade continues to expand globally, the marine outboard engine market is expected to experience significant growth to meet the demands of the marine transportation industry.

The increasing popularity of outdoor recreational activities is expected to drive the growth of the marine outboard engine market in the future. Outdoor recreational activities include leisure pursuits and sports undertaken in natural settings, such as hiking, camping, boating, and fishing, which encourage a connection with the outdoors. Activities such as boating and fishing rely on marine outboard engines to power watercraft, providing essential mobility and propulsion for navigating bodies of water and enhancing the overall experience for enthusiasts engaging in aquatic leisure pursuits. For example, according to the Bureau of Economic Analysis in November 2023, conventional outdoor recreation accounted for 34.2% of U.S. outdoor recreation value added in 2022, while other outdoor recreation comprised 19.8% (up from 19.0% in 2021). Supporting activities represented the remaining 46.0% in 2022 (up from 43.6% in 2021). Boating or fishing, with a value of $32.4 billion, was the second-largest conventional activity nationwide and the leading activity in 24 states and the District of Columbia, notably contributing in Florida ($4.4 billion), California ($2.4 billion), and Texas ($2.1 billion). Therefore, the increasing popularity of outdoor recreational activities is a key driver behind the growth of the marine outboard engine market.

Product innovation is a significant trend gaining momentum in the marine outboard engine market, with major companies in the sector focusing on developing innovative solutions to enhance their market position. For example, in January 2023, Yamaha Motor Co. Ltd., a Japan-based manufacturing company, launched its new marine outboard engines, the XTO 450hp V8 and the XTO 400hp V8, designed to offer users increased acceleration and faster speeds. These outboard engines feature a new cowl design, refined graphics, and new functionalities, including full tilt capability with an integrated tilt limiter and integrated digital electric steering (DES). Moreover, they ensure durability for easy maintenance and charging, and a silent muffler has been added to improve quietness at high speeds.

Key players in the marine outboard engine market are directing their efforts towards advanced solutions such as high-performance premium outboard marine engines to address the increasing demand for improved efficiency and power in marine applications. High-performance premium outboard marine engines are top-of-the-line propulsion systems designed for boats, renowned for their exceptional speed, efficiency, and advanced features. For example, in September 2023, Honda Marine, a US-based marine engine manufacturer, introduced the V8 outboard engine, known as the BF350. Boasting a 5-liter V8 capacity, this engine delivers an impressive 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 represents the pinnacle of high-performance premium outboard marine engines, featuring distinctive designs that aim to set new industry benchmarks.

In November 2022, Correct Craft, a US-based manufacturer of powerboats primarily designed for waterskiing, wakeboarding, and wake surfing, acquired Indmar Marine Engines for an undisclosed sum. This acquisition is intended to create substantial opportunities for long-term growth for Correct Craft, while also maintaining and honoring its family legacy and providing increased security and opportunities for its employees. Indmar Marine Engines, based in the US, is a manufacturer of inboard marine engines.

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.

North America was the largest region in the marine outboard engines market in 2023. The regions covered in the marine outboard engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine outboard engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Marine outboard engines come in types such as two-stroke carburetor, two-stroke electronic fuel injection, two-stroke direct injection system, four-stroke carbureted, and four-stroke electronic fuel injection. These engines operate in various boat types such as fishing vessels, recreational vessels, and special purpose boats, consuming less than 30 hp, 30 hp to 100 hp, and above 100 hp with electric and manual ignition. They are used for both military and civilian applications.

The marine outboard engines market research report is one of a series of new reports that provides marine outboard engines market statistics, including marine outboard engines industry global market size, regional shares, competitors with marine outboard engines market share, detailed marine outboard engines market segments, market trends, and opportunities, and any further data you may need to thrive in the marine outboard engines industry. The marine outboard engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The marine outboard engine market consists of sales of verado 600HP outboard engines, seapro 500HP outboard engine, and pro xs outboard engine, and jet outboard engines. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.