Marine outboard engine manufacturers are largely pushing for industry collaborations, and product development to ease the transition to electric and hybrid options.
ROCKVILLE, MD / ACCESSWIRE / August 4, 2020 / Fact.MR: The marine outboard engines market is anticipated to reflect sluggish growth to surpass a valuation of US$ 3.9 Bn by the end of the projection period in 2030. The covid-19 pandemic has caused disruptions to supply chains and has forced engine manufacturers to close production facilities, hurting sales and inventories in the short term. Sluggish sales are likely to keep recovery slow in the months to come.
"Outboard engines provide superior flexibility for boat manufacturers by allowing greater cabin space while reducing noise and vibrations substantially. Further, these engines can be completely detached when not in operating condition, which reduces maintenance downtime and bolsters overall adoption," says the Fact.MR analyst.
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Marine Outboard Engines Market - Important Takeaways
- Electric marine outboard engines are anticipated to display a high growth rate, primarily supported by strict emission laws.
- Defense applications of marine outboard engines are on the rise, aided by improvements in performance, and lower noise levels.
- North America is a lucrative market for marine outboard engines, supported by rising interest in recreation and water sport activity.
Marine Outboard Engines Market - Driving Factors
- Rise in disposable incomes for recreational spending on yachts is a key factor supporting the sales of high-performance outboard engines.
- Advancements in battery and ignition technologies, make operations significantly easier, bolstering adoption rates.
Marine Outboard Engines Market - Leading Constraints
- Modern marine outboard engines are largely cost-prohibitive, holding back sales.
- Balancing performance parameters with compliance to fuel efficiency and emission regulations is a key challenge for manufacturers.
Anticipated Market Impact by Coronavirus Outbreak
The global marine outboard engines market is facing significant challenges during the coronavirus pandemic. Component and engine production facilities in many parts of the world have suspended operations owing to health concerns associated with the workforce. In addition, the outbreak has also significantly reduced outdoor recreational activity hurting the demand for marine outboard engines for the duration of the pandemic.
Explore the global marine outboard engine market with 181 figures, 90 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4339/marine-outboard-engine-market
Competition Landscape
Some of the leading manufacturers in the global marine outboard engine market include but are not limited to Tohatsu Corp, DEUTZ AG, Volvo Penta, Honda Motor Co, Parsun Power Machine Co. Ltd., Suzuki Motor Corp., Kräutler Elektromaschinen GmbH, Yamaha Motors Co., Johnson Outdoors Inc., and Mahindra & Mahindra.
Marine outboard engine systems manufacturers are largely interested in seeking funding and strategic industry collaborations towards product development and product launch requirements.
For example, OXE Marine has entered into a partnership with BMW Group for the sales of OXE's 6-cylinder, 3-liter, biturbo outboard engine. ALFADAN is seeking funding for its proprietary low-weight, high performance marine outboard engine design. On a similar note, Suzuki Marine has unveiled a new 115/140 outboard engine platform, with drive-by-wire throttle and shift.
More on the Report
The FACT.MR's market research report provides in-depth insights on marine outboard engine market. The market is scrutinized according to power (less than 30 hp, 30 hp to 100 hp, and above 100hp), engine (two stroke carbureted, two stroke electronic fuel injection, two stroke direct injection, four stroke carbureted, and four stroke electronic fuel injection), ignition (electric and manual) and boat (fishing vessel, recreational vessel, and special purpose boat) across eight key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, Caribbean, and Middle East and Africa).
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SOURCE: FactMR