The Global Outboard Boats Market size was accounted for USD 5,683 Million in 2021 and is estimated to reach USD 10,669 Million by 2030, with a CAGR of 7.5% from 2022 to 2030.
Outboard motors are mounted on the transom of the boat. Outboard motors are primarily used on fishing boats and small commercial vessels. Because of their positioning, outboard motors are easier to maintain than inboard motors. They also make the most of the available space inside the boat. The popularity and advancements in outboard engines have mirrored the expansion in recreational boating. Outboard engine sales have been steadily increasing in recent years by growing popularity in saltwater fishing vessels and pontoon boats. For instance, as per the National Marine Manufacturers Association (NMMA) Outboard Motor Sales report, outboard motor retail sales increased for the seventh year in a row year in 2018, reaching a 12-year high. As a result, increasing sales of outboard boats, growing economic developments, and innovation in boat engines are some of the recent trends in outboard boats market.
Outboard Boats Market Dynamics
Market Growth Drivers:
|Outboard Boats Market
|Market Size 2021
|USD 5,683 Million
|Market Forecast 2030
|USD 10,669 Million
|CAGR During 2022 - 2030
|2018 - 2030
|2022 - 2030
|By Type, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Brunswick Corporation, Bombardier Recreational Products Inc., Polaris Inc., Campion Marine Inc., Groupe Beneteau, Cantieri Capelli S.r.l., LLC, Marine Products Corporation, Nimbus Group, POSEIDON BOATS, Sightseer Marine, Inc., Waterline Systems, Inc., and White River Marine Group.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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The growing popularity of outboard boats for recreational activities such as water sports and fishing are some of the factors driving the outboard boats market revenue. Outboard boats are specifically used by families, individuals, and groups for recreational and leisure activities as well as non-commercial purposes. Individuals can enjoy boating, fishing, and watersports through recreational boating. Fishing, travel and tourism, transportation, and sports are just a few of the leading recreational boat applications. Because of their low cost and high power, outboard boats are the most popular in these areas.
The adoption of advanced technologies is a prominent factor in the growth of the outboard boat industry. The boating industry is rapidly changing as a result of cutting-edge technologies aimed at addressing issues such as pollution and rising fuel costs. High R&D investments and manufacturing company growth have resulted in the adoption of revolutionary technologies, such as 3-D printing technology and robotics, to design innovative boats to meet consumer demand. Furthermore, due to the need for an environmentally friendly and superior alternative to fossil fuels, electric outboard-powered boats are expected to see strong demand in the coming years. Companies developing electric outboards offer controllers, electronic dash features, and battery management in electric outboards.
However, the high initial and ownership costs of recreational boats, as well as environmental issues associated with recreational boating, are expected to stymie market growth. Additionally, the increase in the number of fatalities during recreational boating also has a negative impact on the market's growth.
On the other hand, the rapidly growing water tourism industry is one of the leading growth opportunities for the market that is expected to gain a significant impetus in the coming years. In addition to that, the rising popularity of marine leisure activities is fueling market demand throughout the forecast timeframe 2022 - 2030. Customers' disposable income is increasing, as is their interest in marine tourism and leisure activities such as sailing, powerboating, yachting, and others, which has seen significant growth in recent years. Moreover, the natural landscapes of countries with a sea/ocean as a border attract a large number of international tourists each year, particularly from the affluent segment of the population. Furthermore, favorable government initiatives and water tourism awareness programs promoting marine tourism are opening up enormous opportunities for the outboard boat market. Thus, the outboard engine boats are anticipated to witness a mind-blowing growth in the coming future.
Outboard Boats Market Segmentation
Type and geography are the segments for global outboard boats market.
Market by Type
The recreational boat industry is growing rapidly in tandem with the tourism industry. This market has revealed the potential to grow alongside the tourism industry over the last decade, particularly in the sales of cruises, pontoons, and water sports boats. According to a report published by the European Ministry of Foreign Affairs in February 2021, river and small sea cruises have become more attractive for small and medium-sized boat operators. Additionally, water sports vessels and pontoons are in high demand due to increased local tourism. Countless local tourism destinations in the world that have nearby rivers, lakes, and beaches have developed a market for water sports and pontoons. As a result, these boats are becoming increasingly admired in popular tourist locations around the world.
Outboard Boats Market Regional Overview
The Middle East & Africa (MEA)
Supportive Government Regulations On Nautical Tourism Boost The North America Outboard Boats Market Share
According to regional analysis, North America region witnessed the largest market share during the forecast period from 2022 to 2030. With both new and used boat sales increasing across the country, now is an excellent time for boat dealers to target American consumers. Rising consumer disposable incomes and government regulations that encourage nautical tourism are improving market statistics in the US and Canada. Furthermore, due to the increase in maritime security, tourism, fishing, and recreational activities, large outboards are becoming increasingly popular in North America. On the other hand, key players are entering the European market as a result of the growing interest in outboards among European boat builders. This could open up new opportunities for outboard boat engine manufacturers in the future. Furthermore, Asia-Pacific region is gaining significant traction for these boats because of the growing water tourism in Asian countries as well as the increasing trend of recreational boating activities in countries like Australia, New Zealand, Thailand, Singapore, Malaysia, and many others.
Outboard Boats Market Players
Some of the top outboard boats companies offered in the professional report include Brunswick Corporation, Bombardier Recreational Products Inc., Polaris Inc., Campion Marine Inc., Groupe Beneteau, CantieriCapelliS.r.l., LLC, Marine Products Corporation, Nimbus Group, POSEIDON BOATS, Sightseer Marine, Inc., Waterline Systems, Inc., and White River Marine Group.
The global outboard boats market size was valued at USD 5,683 Mn in 2021.
The projected CAGR of outboard boats market during the analysis period of 2022 to 2030 is 7.5%.
The prominent players of the global outboard boats market involve include Brunswick Corporation, Bombardier Recreational Products Inc., Polaris Inc., Campion Marine Inc., Groupe Beneteau, CantieriCapelliS.r.l., LLC, Marine Products Corporation, Nimbus Group, POSEIDON BOATS, Sightseer Marine, Inc., Waterline Systems, Inc., and White River Marine Group.
North America held the dominating share for outboard boats during the analysis period of 2022 to 2030.
Asia-Pacific region exhibited fastest growing CAGR for outboard boats during the analysis period of 2022 to 2030.
Rising demand for recreational activities, fishing, and water sports, adoption of advanced technologies in outboard boats, and rapid development of the boating sector drives the growth of global outboard boats market.
Based on type, rigid inflatable boat segment held the maximum share for outboard boats market in 2021.