Outboard Boats Market Analysis - Global Industry Size, Share, Trends and Forecast 2022 - 2030

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:

• Rising demand for recreational activities, fishing, and water sports
• Adoption of advanced technologies in outboard boats
• Rapid development of the boating sector

Market Restraint:

• High initial investments
• Growing fatalities and injuries during boating

Market Opportunities:

• Rapidly growing water tourism industry
• The increasing popularity of marine leisure activities

Report Coverage

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

• Recreational Boat
  • Bowrider
  • Pontoon
  • Center Console
  • Express Cruiser
• Rigid Inflatable Boat
• Utility Boat
• Water Taxi

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

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Latin America

• Mexico
• Brazil
• Rest of Latin America

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

The Middle East & Africa (MEA)

• Gulf Cooperation Council (GCC)
• South Africa
• Rest of the Middle East & Africa