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The outboard engine, or outboard motor, is a fuel-powered, internal combustion engine, primarily used in marine propulsion for all types of light recreation and commercial boats. Outboard engines are attached to boats and propel the boat through the water. A complete outboard engine consists of three major components namely the powerhead, the midsection, and the gearcase assemblies. Outboard engine are used in various applications such as recreation activities, sports, military combats, rescue operations, and other applications. Higher horsepower rating outboard engines are mostly in demand owing to increased operational efficiency & reliability and wide application in recreation activities.
The outboard engines market is segmented into engine type, ignition type, fuel type, and application segment. Based on the engine type, the market is segmented into 2-stroke and 4-stroke engine. 4-stroke engine segment is dominating the market owing to growing demand as it consumes less fuel delivering more reliability and efficiency in operation. Based on ignition type, the market is segmented into electric and manual. Demand for electric ignition type is increasing due to growing advancement in technology in outboard engines. Based on fuel type segment, the market is categorized into diesel, gasoline, and electric. Electric segment is expected to led the market for outboard engines market owing to wide application of electric outboard engines within military and recreation activities. Based on application, the market is divided into commercial, recreational, and military. Increase in recreation activities and growing trend of consumer spending for recreational activities and sports, recreation segment dominates the outboard engine market during the forecast period.
Key Market Driver -
Increasing Demand for Small and Medium-Powered Boat from Recreation Activities
Key Market Restraint -
High Prices of Outboard Engines
The growth of outboard engines market is primarily attributed due to increasing demand for small and medium-powered boat owing to growth in recreation activities, fishing, and transportation purpose. Additionally, increasing demand for large horsepower outboards for rescue operations & military activities drives the demand for outboard engines market during the forecast period. Growth in recreation boating and growing popularity of pontoon boats and saltwater fishing vessels holds substantial growth opportunity for the market. However, high prices of outboard engines hampers the market growth during the projected period.
The major players in the outboard engines market are Elco Motor Yachts, Mercury Marine, Cox Powertrain Limited, Cape Romain Marine, Honda Motor Co., Ltd., LEHR LLC., Mudd Hog Mud Motors, LLC, Suzuki Marine, Powertec Outboards, Yamaha Motor Co., Ltd., Torqeedo, Volvo Penta, and YANMAR Marine International B.V.
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The outboard engines market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is expected holds the largest market share of the outboard engines market owing to increasing sales of motored boat and growing demand for recreation activities. Europe is also boosting the demand for outboard engine market due to increasing adoption of outboard engines from small and medium watercrafts for recreational water sports. These factors accelerates the growth of outboard engines market during the forecast period.
By Engine Type
By Ignition Type
By Fuel Type
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