New York, June 01, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the launch of the “Outboard Engines Global Market Report 2023” – https://www.reportlinker.com/p06464221/?utm_source=GNW
Ltd., Cox Powertrain, Elco Motor Yachts, Evinrude Outboard Motors, Golden Motor Technology Co. Ltd., Lehr LLC, Mercury Marine Inc., Mudd Hog Mud Motors LLC. , Torqeedo GmbH and Volvo Penta.
The global outboard motor market is expected to grow from USD 9.05 billion in 2022 to USD 9.61 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The war between Russia and Ukraine disrupted the chances of global economic recovery from the COVID-19 pandemic. , at least in the short term. The war between these two countries has led to economic sanctions on several countries, an increase in commodity prices and supply chain disruptions, causing inflation in goods and services and affecting many markets around the world. The outboard motor market is expected to reach USD 11.81 billion by 2027 at a CAGR of 5.4%.
The outboard engine market consists of sales of trolling outboard engines and jet propulsion outboard engines. The values in this market are “factory gate” values, i.e. the value of goods sold by the manufacturers or creators of the goods, either to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes the related services sold by the creators of the goods.
Outboard motors are self-contained portable propulsion devices used to propel boats. Outboard motors are located at the stern of the boat, outside the hull.
They are used to propel and steer the ship.
North America was the largest region in the outboard motor market in 2022. Regions covered in the outboard motor report are Asia-Pacific, Western Europe, Eastern Europe, North America, America of the South, the Middle East and Africa.
The main types of outboard motors include the fuel oil outboard and the electric outboard. Fuel oil outboard refers to the outboard that uses fuel oil as power to drive the boat.
They consist of different types of engines such as 2-stroke, 4-stroke and electric for use in applications such as personal boat, commercial boat, government application boat and others.
Increasing production and sales of yachts are expected to drive the growth of the outboard motor market in the future. Yachts refer to large sailing or motor boats used for racing or pleasure cruising.
Outboard motors are widely used for yacht propulsion because of their simplicity and ease of assembly. For example, in October 2022, according to data published by the National Marine Manufacturers Association (NMMA), a US-based association that represents a boat. , manufacturers of marine engines and accessories, global Yatch unit sales increased 16 percent from 2019 to 2021.
Therefore, increasing production and sales of yachts will drive the outboard motor market.
Product innovation is the key trend gaining popularity in the outboard motor market. Major companies operating in the outboard motor market are focusing on developing outboard motors with better fuel efficiency and lower emissions.
For example, in February 2021, Mercury Marine, a US-based marine engine manufacturer operating in the outboard engine market, launched a 7.6-liter V12 600-Verado outboard engine. The Verado outboard motor has a steerable gearbox that rotates freely up to 45 degrees, instead of 30 degrees and increases a boat’s agility thanks to counter-rotating propellers. The Verado outboard has a two-speed automatic transmission.
In November 2022, Correct Craft, an American manufacturer of powerboats used primarily for water skiing, wakeboarding and wake surfing, acquired Indmar Marine Engines for an undisclosed amount. The acquisition expands Correct Craft’s portfolio to include outboard motor manufacturing.
Indmar Marine Engines is an American manufacturer of marine engines.
The countries covered in the Outboard Motor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Market value is defined as the revenue earned by businesses from the sale of goods and/or services within the specified market and geography through sales, grants or donations in currency terms (in USD unless otherwise specified ).
Revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, regardless of where they are generated. It does not include resale revenue along the supply chain, either further along the supply chain or as part of other products.
Outboard Motor Market Research Report is one of a series of new reports that provides Outboard Motor Optical Components market statistics, including global market size of Outboard Motor Optical Components industry, shares regional, competitors with Outboard Motor Optical Components market share, detailed Outboard Motor Optics Components market segments, market trends and opportunities and any other data you need to thrive in Outboard Motor Optical Components industry . This Outboard Motor Optical Components market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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