Marine Outboard Engine Market Revenue Growth Predicted by 2019 to 2029
The maritime industry is going through a range of changes with the growing demand for activities including shipping and fishing, which is likely to result in the emergence of diversification in related businesses. Frequent innovations in technology are also aiding in the expansion of the marine outboard engines industry.
The global marine outboard engines market is set to grow by 1.3 times during the forecast period till 2029 and is expected to surpass a value of USD 2.5 billion during this time. The rise can be attributed to the increased production of heavier boats and the associated development of outboard engines with higher power outputs. These trends are supported by a rising demand for boats such as larger day boats and sports cruisers, which will ensure above average growth in the industry during this period.
Product Innovation Strategies are Key to Growth
Major players in the industry are increasingly focusing their efforts towards the launch of advanced marine outboard engines, which have greater reliability and higher levels of power efficiency. As the demand for speedier boats has gone up, manufacturers have been pushing to the development of more powerful outboard engines.
However, recent times have forced these businesses to balance higher performance parameters with increasingly strict regulations and compliance to emission reduction standards. The need to comply with emission standards is expected to negatively impact the industry.
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Consequently, manufacturers have been increasing efforts to offset these issues by developing marine outboard engines which run on alternative fuels. This definitely helps manufacturers to widen their product portfolios with the use of easily available alternative fuels, the most popular of which is LPG. LPG-based engines are not only faster to start, they also run quieter, and maintenance is minimal for the engines and associated accessories.
In addition, high power engines have become a popular choice among end users, as boat makers are pushing for increasing the size of the newer boats. Companies have started to contribute towards engines with higher capabilities to meet the needs of new cutting edge boat designs, which require unique configurations such as multiple engines, center consoles, and lightweight engines to offer better performance.
Diesel Variants Gain Traction as Electrics Compete
At present, the marine diesel outboard engines are fairly new to the industry. However, these machines are thought to be effective with greater efficiency, higher levels of acceleration, and better torque levels as well.
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On the other hand, diesel outboard motors are expected to struggle with the growing strictness of environment and emission reduction regulations. In turn motors using electric drives have been touted to be the future of marine outboard engines. Boat owners are also pushing for the use of electric power for numerous applications including power fishing, tender boats, recreation, pontoons, and cruisers, among others. Of these recreational boats are projected to gain substantial traction to attract a larger number of participants, and has resulted in proportional changes to the global marine outboard engines market.