An outboard motor is basically a propulsion system for boats that includes a self-contained unit comprising of engine, gearbox and propeller. This setup is designed to be deployed to the outside of the transom. Over the years, the maritime industry has experienced significant changes, primarily driven by a shifting pattern in consumer demand from cruisers to day boats. Stressing on excellent versatility as a factor, most of the small vessels are now equipped with marine outboard engines.
The global marine outboard engine market study presents an all in all compilation of the historical, current and future outlook of the market as well as the factors responsible for such a growth. With SWOT analysis, the business study highlights the strengths, weaknesses, opportunities and threats of each marine outboard engine market player in a comprehensive way. Further, the marine outboard engine market report emphasizes the adoption pattern of the marine outboard engine across various industries.
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According to research findings, outboard engine manufactures are trying to significantly capitalize on R&D accomplishments to achieve a faultless balance between cost and features. Even though new outboard engines may be costlier as compared to its predecessors, but it typically integrates technologies which are aimed at enhancing fuel economy and lessens service costs. Looking at the diverse advantages of marine outboard engines, merged with rising maritime tourism, the concerned market is expected to augment during the forecast period. As per precise insights, the marine outboard engine market is projected to exhibit a fourfold growth to acquire a valuation worth ~US$ 5.3 Bn by 2029-end.
Proclivity for High Performance Diesel Outboards to Benefit Market Growth
At present, the market for diesel marine outboard engines showcase a promising nature. In addition, multiple benefits including higher efficiency, enhanced torque and improved acceleration are expected to drive the adoption of diesel marine outboard engines. Highlighting their burgeoning adoption, the Four Stroke Electronic Fuel Injection marine outboard engines are projected to surpass US$ 2 Bn mark by the end of the decade; with contributions stated to exceed 40% in the overall value opportunity.
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Recreational Vessels to Acquire Impressive Market Share
As per Fact.MR study, marine tourism via recreational vehicles is attracting a wide category of customers. Unquestionably, marine tourism is one of the prominent aspects pushing demand for recreational vessels that is further estimated to amplify sales of marine outboard engines. According to research specifics, recreational vessels will capture more than 30% of the overall marine outboard engine market share by 2029-end. Conversely, the demand for marine outboard engines concerned with fishing vessels is likely to be productive during the stated forecast period, creating a value opportunity close to US$ 500 Mn until 2029.
Developing Nations to Showcase Higher Preference for Four Stroke Marine Outboard Engines
There has been a sizable shift from two stroke to four stroke marine outboard engines, which is viewed as one of the noticeable contributing factors across developing regions. Presently, North America single-handedly underwrites over three fourth market share in the global marine outboard engine market. In addition, markets in South Asia, MEA and Oceania are also exhibiting resilient growth rundowns, that is, surely going to impact development in the global marine outboard engine market.