7:43 AM The changing dynamics in Marine Outboard Engines Market with covid-19 impact assessment |
| Marine Outboard Engines Market Overview:
Outboard engines are the brightest stars of the marine industry as they represent the lion’s share of the marine engines market for the global recreational boating industry. In the USA itself, which is the biggest market for recreational boats, outboard engines account for more than 85% share of the total marine engines sold in the country. The history of marine outboard engines can be seen back in the early ’90s and have come along a long path of more than 100 years. The power of outboard engines gradually increased with the first 100 HP V-6 outboard engine was introduced in 1975. This gave the rise of 175- and 200-horsepower outboards on the market. In the past few years, the major push has been towards producing larger and more powerful outboard engines. The Great Recession (2008-2009) greatly plunged the sales of marine outboard engines, throwing the sales even below to its previous decade level. (The USA: 275.5 thousand units in 2007 and 180.7 thousand units in 2009; EMEA (including Russia): 332.4 thousand units in 2007 and 204.7 thousand units in 2009. It took almost a decade to the USA to hit back its pre-recession sales level in 2018 (278.5 thousand units in 2018), whereas, till 2019, Europe even could not close to its pre-recession level. The outbreak of COVID-19 destructively pressed the break-in engine sales, making the sales almost standstill in leading economies. It is estimated that the global marine outboard engine sales will experience a colossal decline in 2020, taking the engine sales to touch below the Great Recession Level in the year 2020. It is anticipated that there would be a gradual recovery in the sales of outboard engines post-pandemic. From 2022 onwards, the market is likely to mark speedy recovery in the sales of outboard engines across regions, assisting the outboard engine sales to mark a long-term growth. The pandemic will imprint both short as well as long-term repercussions in the marine outboard engines market; however, the market will find some solace in the long-term scenario with some driving factors including expected growth in HNWI population, increasing boating participants, growing interest towards outboard boats from sterndrive or inboard boats, and increasing demand for high-power outboard engines. Healthy recovery in outboard engine sales from 2022 assist the industry stakeholders to push the global sales to marginally above 750 thousand units by 2025; however, it will be significantly lower than the 2019-sales figure. Report Overview: This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market. Salient Features of the Report The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future. The following are the key features of the report:
Get a free sample of the report here Marine Outboard Engines Market Segment Insights Stratview has firstly segmented the marine outboard engines market based on the engine power type as <75kW, 75-110 kW, 110-150 kW, and >150 kW. <75kW engine power segment is likely to remain dominant in terms of unit shipments by 2025. However, the segment is likely to losing away its share to the mid-range and high-power segments, majorly in the USA and some key Western European countries. Japan, China, Russia, and Germany are some key countries with the highest penetration of low-power engines. The majority of outboard engines’ demand in these countries is less than <30 kW. The <150 kW engine power segment has been gaining significant share in the market, especially in the USA. Click below to run through the detailed ToC of the report Our analysis based on the market segment of the boat type suggests that the fishing segment is expected to remain the dominant boat type segment among fishing, leisure, sailing/transport, and others. Pontoon, center console, and multi-species boat have been gaining traction in the segment. Both saltwater and freshwater fishing are generally performed on an outboard-powered boat, which creates a huge demand for outboard engines. The market is registering significant changes in regional dynamics in pre-COVID and post-COVID scenarios. All regions to mark a huge decline in outboard engine sales in 2020; however, EMEA is estimated to be the worst-hit region due to the pandemic. The North American market is also estimated to register huge losses due to the pandemic. Despite severely hit region, the region is projected to remain the largest market for marine outboard engines during the forecast period. The USA is the world’s largest market for both outboard engines as well as recreational boats, with Florida being the largest single market. All the major players have a strong presence in the region to tap the huge market. Asia-Pacific is currently a small market but is likely to be the fastest-healing region in the market in a post-pandemic scenario. China, Australia, and Japan are key countries in the market generating considerable market demand. The supply chain of this market comprises material suppliers, parts manufacturers, outboard engine manufacturers, boat manufacturers, and dealers/distributors. The key players in the marine outboard engines market are Yamaha Motor Co. Ltd., Brunswick Corporation (Mercury Marine), Suzuki Motor Corporation, Honda Motor Co. Inc., Bombardier Recreational Products Inc., Tohatsu Corporation, AB Volvo, Suzhou Parsun Power Machine Co., Ltd., and Hidea Power Machinery Co., Ltd. About Stratview Research Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas. We have a strong team of industry veterans and analysts with an extensive experience in executing custom research projects for mid-sized to Fortune 500 companies, in the areas of Market Assessment, Opportunity Screening, Competitive Intelligence, Due Diligence, Target Screening, Market Entry Strategy, Go to Market Strategy, and Voice of Customer studies. Stratview Research is a trusted brand globally, providing high quality research and strategic insights that help companies worldwide in effective decision making. For enquiries, Contact: Stratview Research E-mail: sales@stratviewresearch.com Direct: +1-313-307-4176 |
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