The global marine outboard engine market was valued at US$ 3.3 Bn in 2020 and is expected to add value worth US$ 616.4 million during the forecast period (2020-2030). The COVID-19 pandemic has caused latency in the global marine outboard engine market as sales of new vessels have lowered dramatically since over the last couple of months. The market is poised to witness stunted growth on the back of the fiscal uncertainty created by the pandemic. Significantly reduced demand for seafood due to restaurant closures & lowered marine recreational activities amid ongoing lockdown in many regions has caused a slump in the commercial marine industry.
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Key Takeaways of Marine Outboard Engine Market Study:
- Global marine outboard engine market is expected to grow at a CAGR of 1.7%, and is slated to be valued at US$ 3.9 Bn by the end of forecast period (2020 – 2030).
- Four stroke electronic fuel injection type engines will hold the maximum share in terms of value, at US$ 1.7 Bn market value by the end of forecast period.
- Marine outboard engines with power above 100 HP type is set to grow at a value CAGR of 1.8% , gaining 43 BPS into its market share by the end of the forecast period.
- Electric ignition type marine outboard engine is expected to account for majority share in terms of value. It is projected to create an absolute $ opportunity of more than US$ 495.4 Mn during the forecast period.
- Marine outboard engine used in fishing vessels is projected to grow at a CAGR of 1.7% and will create an absolute $ opportunity of more than US$ 259.6 Mn by the end of the forecast period.
- North America is prophesied to hold the maximum share in terms of value, expanding at a CAGR of 1.4% during the forecast period.
“The global marine outboard engine market will witness stunted growth in the short-term due to economic slowdown amid COVID-19 pandemic. However, introduction of novel engine designs with lower emission and improved performance will drive the market growth in long term” says a Fact.MR analyst.
Key Segments of the Marine Outboard Engine Market
Fact.MR’s study on the marine outboard engine market offers information divided into two key segments-power, engine, ignition, boat, across seven major regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
By Power :
- Less than 30 HP
- 30HP to 100 HP
- Above 100 HP
By Engine :
- Two Stroke Carburetted
- Two Stroke Electronic Fuel Injection
- Two Stroke Direct Injection System
- Four Stroke Carburetted
- Four Stroke Electronic Fuel Injection
By Ignition :
By Boat :
- Fishing Vessel
- Recreational Vessel
- Special Purpose Boats
By Region :
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa