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Marine Outboard Engines Market Size, Impacted by COVID-19, to Reach 761 Thousand Units in 2025, Says Stratview Research
Outboard engines are the brightest stars of the marine industry as they represent lion's share of the marine engines market in the global recreational boating industry. . The history of marine outboard engines can be seen back in the early '90s and have come a long path of more than 100 years. The power of outboard engines gradually increased when the first 100 HP V-6 outboard engine was introduced in 1975. This gave rise to 175- and 200-horsepower outboards in 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 for the USA to hit back its pre-recession sales level in 2018 (278.5 thousand units in 2018), whereas, till 2019, Europe could not even come close to its pre-recession level.
The outbreak of COVID-19 destructively pressed the break in engine sales, bringing it to 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 in 2020 to touch below the Great Recession level. 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 a speedy recovery in the sales of engines across regions.
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The ongoing pandemic will have both short as well as long-term impact 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. ; however, it will be significantly lower than the 2019-sales figure.
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. . However, the segment is likely to lose 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. Most of the outboard engines' demand in these countries is for less than <30 kW. The <150 kW engine power segment has been gaining significant share in the market, especially in the USA .
Our analysis based on the market segment of the boat type suggests that . 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.
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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 USA is the world's largest market for both outboard engines as well as recreational boats, with Florida being the largest market. All major players have 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 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, part manufacturers, outboard engine manufacturers, boat manufacturers, and dealers/distributors.
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This report studies the marine outboard engines market and has segmented the market in three ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the three ways in which the market is segmented:
Stratview Research has number of high value market reports in the marine and consumer goods industry. Please refer to the following link to browse through our reports:
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