Global Marine Outboard Engines Market - Trends, Drivers, and Challenges | Technavio
The global marine outboard engines market is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.
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Technavio has published a new market research report on the global marine outboard engines market from 2018-2022. (Graphic: Business Wire)
The report presents a comprehensive research of the global marine outboard engines market by engine power, including low-power marine outboard engines, mid-power marine outboard engines, and high-power marine outboard engines. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: rising sales of boats
The demand for powerboats like pontoon boats, personal watercraft, ski boats, and wakeboards have a significant effect on the global marine outboard engines market. The sales of such boats have increased in 2016, globally. Major aspects that are driving the demand for these boats are economic factors, strong consumer confidence, high employment, and growing disposable income.
According to a senior analyst at Technavio for powertrain research, “Manufacturers are developing boats that are versatile and affordable to attract new and young boaters. Boats are also becoming more versatile, as OEMs are manufacturing boats, which can provide an improved experience, and can be attractive to a wider audience. These factors display a strong and stable growth in the sales of boats, which further drives the global marine outboard engines market.”
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Market trend: growing demand for outboard engines
The advancements in the power of marine outboard engines have led to a rise in recreational boating. The increasing participation in boat shows across all regions has played a critical role in the adoption of marine outboard engines. Globally, there is a higher prevalence of marine outboard engines when compared to marine inboard engines. Small fishing boats come with lightweight and portable marine outboard engines, and large boats that are primarily used for water-related recreational activities are equipped with and heavy V8 engines. In 2016, Out of all the marine outboard boats sold, the freshwater fishing boats accounted for nearly 47% of all, followed by pontoon boats at 30%, and saltwater fishing boats at 20%. The increase in the sale of pontoon boats that are equipped with outboard engines are also driving the demand for the marine outboard engines.
Market challenge: economic factors affecting sales of boats
The demand for outboard engines is related with the sales of boats. The performance of the global economy is a crucial factor affecting the boating industry. The performance of the global economy, job market prospects, sales opportunities, performance of the boating industry, the disposable income of consumers, and the number of people participating in boat shows are some of the crucial factors affecting the boating industry. Additionally, the sales of boats are limited to the countries with coastal areas.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180319006032/en/
