North America Outboard Engines Market is Set to Register Highest Growth $7.6 Bn by 2027

Author : Ronak Bora | Published Date : 2021-08-27 

The North America outboard engines market is set to witness promising growth on account of proliferating consumer spending on recreational activities coupled with surging fleet of commercial boats. People across the U.S. have been spending more on recreational tourism over the last few years. Because of the increased consumer expenditure, the recreational boats demand is expanding YOY.

As per the NMMA, the sales of recreational boats witnessed a continuous seventh-year growth. In fact, up to 87 million U.S. adults take part in boating activities owing to their huge popularity. Some of the top recreational activities that consumers prefer include traveling, water skiing, and fishing. Following are some of the key trends that would shape the North America outboard engines market:

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Growing demand for electric engines

With respect to engine type, the electric engine segment is expected to witness substantial growth rate of more than 3.1% over 2021-2027. The growth is majorly accredited to the shift towards a more sustainable future and initiatives to reduce carbon footprint. The various initiatives by the governments to promote the expanding use of EVs and to reduce the dependence on fossil fuels will aid the boating electrification.

As electric engines are gaining immense popularity for water vehicles, various manufacturers are now majorly shifting their focus towards motors production running on electric power. For example, Pure Watercraft, Inc., a leading manufacturer for outboard engines in the U.S. is accelerating the electric motors production to replace the standard boating needs under 50 HP. 

Increasing commercial fleet size

In terms of application, the commercial application segment is likely to exhibit more than 4.5% CAGR over the projected time period. The growth is primarily driven by the expanding aquaculture production in North America outboard engines market. As per the NOAA Fisheries, the joint production for farm-raised seafood from freshwater and marine, in 2017, reached up to 626 million pounds. In terms of value, this accounted for around 21% of the seafood production across the U.S. Thus, increasing commercial fleets and growing demand for seafood demand will fuel the regional North America outboard engines market outlook. 

New product offerings and strategies

Boat manufacturers are progressively focusing on novel product offerings coming with extremely appealing designs. This has in fact proved to be a very effective approach to enhance the sales, bringing about a greater number of buyers. Even key industry participants are aiming to target a broader customer base having different interests as well as varying budgets.

Novel strategies are adopted by manufacturers for marketing a wide range of boats, which includes pontoons, fishing and watersport boats, known to witness robust demand in the last few years. With the availability of an extensive product portfolio to select from, users have numerous buying options and are greatly contributing towards outboard engines production.

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OXE Diesel, Cox Powertrain Limited, Suzuki Motor Corporation, Honda Motor Co., Ltd., ALFADAN, Inc., Yamaha Motor Co., Ltd., YANMAR Marine International, Bombardier Recreational Products, Brunswick Corporation, and Mercury Outboard Engines are some of the key market players in the North America outboard engines market.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research Methodology

1.2    Market estimation & forecast parameters

1.3    List of Data sources

1.3.1    Primary

1.3.2    Secondary

Chapter 2   Executive Summary

2.1    North America Outboard Engines market snapshot

Chapter 3   North America Outboard Engines Industry Insights

3.1    Industry coverage

3.2    Industry size and forecast, 2016 – 2026

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Future trends

3.4.1    Innovation Landscape

3.5    Raw material analysis

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Drivers

3.7.2    Restraints

3.8    Application growth mapping

3.9    Industry analysis: Porter’s

3.10    Competitive benchmarking

3.10.1    Strategy dashboard

3.11    PEST analysis

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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