The primary driver of the worldwide outboard engine market's expansion is the need for small- and medium-powered boats. They participate in recreational and leisurely pursuits like fishing and travel. The sales of small and medium-sized boats should have a favorable effect on the market for outboard engines worldwide. In 2016, recreational boat sales totaled more than US$ 3.5 billion, per Coherent Market Insights data. Within that amount, U.S. sales in 2016 totaled over 88 million dollars. The expansion of the global outboard engines market during the projected period is anticipated to be aided by coastal tourism activities in the regions of North America and Europe, which have boosted boat sales. In addition, technological advancements like two-stroke indirect fuel injection, four-stroke fuel injection, and four-stroke throttle body fuel injection, and electronic control modules have improved fuel economy for ship owners that operate a fleet. Due to the popularity of low powered engines, North America and Europe held the greatest market share for outboard engines in 2016. Low-powered boats are more fuel-efficient and less expensive, making them ideal for the fishing sector.
According to Coherent Market Insights, The market for Outboard Engines exceeded USD 10.5 billion in 2022, and it is anticipated to expand at a 5% CAGR from 2023 to 2032.
Major Players in the Outboard Engines Industry:
1. Yamaha Motor Company Ltd.
The company was started in 1955 and is based in Iwata, Shizuoka, Japan. The company manufactures outboard motors, boats, motorcycles, and other electric goods. The new YRP10 Premium Printer from Yamaha Motor was introduced in May 2023. It achieves high-speed, high-quality printing and complete automation of setup changeovers.
2. Suzuki Motor Corporation
The company was founded in 1909 and is based in Hamamatsu, Shizuoka, Japan. The Corporation produces motorcycles, cars, and the parts that go with them. Suzuki Motorcycle India introduced E20 and OBD2-A compliant motorcycles in 2023. Suzuki unveiled fresh hues for the Hayabusa in 2023.
3. Honda Motor Co., Ltd.
The firm was started in 1948 and is based in Minato, Tokyo, Japan. The business manufactures vehicles, motorbikes, and power tools. Honda announced in March 2022 that it would partner with Sony to create a joint venture to design and produce electric vehicles. Honda and American automaker General Motors announced a partnership in 2023 to build vehicles with a novel hydrogen fuel technology.
4. Brunswick Corporation
The company was founded in 1845 and is based in Mettawa, Illinois, United States. Recreational marine items are made by the Delaware-based Brunswick Corporation. In addition to controls, rigging, and propellers, the company offers outboard, sterndrive, and inboard engines. Additionally, Brunswick offers distribution services, electrical goods, boat components and systems, and consumables and parts for engines.
5. Torqeedo GmbH
The company was started in 2005 and is based in Germany. Motors for electric boats are produced and sold by Torqeedo GmbH. In addition to necessary battery systems and solar charging modules, the company sells motors for small to medium-sized boats. Electric boat motors are developed, produced, distributed, and sold by Torqeedo GmbH.
6. Elco Motor Yachts, LLC
The company was started in 1893 and is based in New York, United States. The company's business involves performing and offering electrical services. Propulsion systems are produced by Elco Motor Yachts. It specializes in creating electric propulsion systems from scratch.
7. Hidea Power Machinery Co., Ltd.
The company was started in 2008 and is based in China. A reputable manufacturer of outboard motors with a built-in R&D facility, Hidea Power Machinery Co. Ltd. is a publicly traded high-tech corporation. The business specializes in producing and exporting outboard motors, engines, and other goods.
Definition: A component of boats is an outboard engine. The gearbox and jet drive are among its independent components. These outboard motors are a necessary form of propulsion for tiny boats. The boat's steering, which governs the direction of driving, is autonomously controlled.
