1. Home
  2. > Leisure
  3. > Recreational Activity Market Trends
Outboard Motor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Outboard Motor Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

  • August 2022
  • 114 pages
  • ID: 6317788
  • Format: PDF
  • Mordor Intelligence LLP

Summary

Table of Contents

Search Inside

The Outboard Motor market was valued at USD 5.45 billion in 2021 and is expected to reach USD 6.84 Billion by 2027, registering a CAGR of about 3.79% during the forecast period (2022 – 2027).

In 2020, the COVID-19 outbreak significantly impacted the boat manufacturing industry and caused a decline in recreational activities around the world, which led to a negative effect on outboard motor sales. However, in 2021, the market gained momentum owing to the lifting of restrictions hence, in 2022 the market is expected to register healthy growth in the coming years.

Rising watersports and boating activities worldwide are likely to increase the demand for outboard motors. According to the National Marine Manufacturers Association U.S. boat sales statistics, retail unit sales of new boats reached nearly 320,000 in 2020, which is likely to increase the sale of outboard engines and motors. For instance, global sales of outboard engines increased with a growth rate of around 2% during the last five years.

Newer models that use lesser fuel, are substantially more reliable, are relatively quieter, and those that are more environment-friendly than older generations continue to enter the market. An increase in income levels of people around the world, which enables them to spend more on leisure and recreational activities, will be a growth driver for the outboard motors market.

Key Market Trends

Recreation Boating is Expected to Drive Growth During the Forecast Period

The rise in disposable income resulted in an increasing demand for small and medium-powered boats, which contributed significantly to the rapid growth in the watercraft industry.

Rising participation in water recreational activities and preference for more powerful outboard engines also drive the growth of the market in the region. The recreational industry is expected to grow as per capita and disposable income levels rise worldwide.

The recreational boating industry continues to attract participants, competing strongly with rival luxury leisure pursuits. There are around 140 million active boaters and watersports participants worldwide, including almost 100 million across the United States and Canada, 36 million across Europe, and more than 5 million in Australia.

Factors, such as the expanding tourism industry and rising disposable income, will also drive the market forward. In addition, developments in autonomous marine technology will increase the demand for less skilled recreational boaters. The presence of many manufacturers in this well-integrated and fragmented industry ensures a consistent supply for the worldwide demand for recreational boats.

Outdoor sports and adventure become increasingly popular in Europe and North America, particularly beach tourism, as well as the development of artificial and man-made beaches in landlocked cities (water and theme parks) and urban areas. Cruising also becomes valuable, as interest in luxury marine tourism grew in the recent years.

For instance, in a survey, there has been an constant increase in the number of people participating in water sports from 2020 to 2021 in United States. Additionally, the number is expected to grow further in 2022 and the following years. This is expected to aid recreational boat segment of the Outboard motor market grow in the forecast period.

North America is Expected to be the Market Leader

North America is dominating the outboard motor market in terms of revenue in 2021, owing to high economic growth and a rise in disposable income. People’s increasing income levels and inclination toward recreational and leisure activities are more than in any other part of the world. North America holds around 40% outboard engine market share. The USA is the largest single market for outboard engines, with sales of higher-powered outboards (200hp+) growing annually for the last seven years.

According to NMMA (National Marine Manufacturers Association) in their annual Outboard Engine Sales Trends report, US outboard engine sales reached a 20-year high in 2020, which records a sale of 310,000 new powerboats in 2020.

Also, the total spending on new boats accounted for USD 20.8 billion of the total marine expenditure, registering an increase of 3.8% compared to 2020.

In 2021, the total sales of recreational boats in North America are estimated to be about 305,734 units witnessing a slight decrease of 4.1% when compared to the record-breaking numbers in 2020. Although, in 2021, the sales numbers are the second highest since 2008.

About 35% of the total population of the United States takes part in recreational boat activities. Due to the growing stress management program and health awareness among individuals, more and more people are participating in water sports activities for relaxation. The coastline is also very big, which transpires to a number of beaches, consequently creating more opportunities for the sale of outboard motors.

In addition, companies are entering the boat market with innovative products to cater to the increased demand and safety for boat users.

For instance, in July 2022, SpaceX launched Starlink, the satellite-internet service for boats in the United States. The feature gives the boat users internet access when on water. The services cost USD 5,000 per month with a one-time fee of USD 10,000 that covers two high-performance satellite dishes.

Owing to the rising demand, investments in the boat market are expected to increase, the North America segment of the market is expected to be the market leader in the outboard motor market in the following years.

Competitive Landscape

The Outboard Motors market is consolidated, with several players accounting for significant amounts of shares in the market. Some of the prominent companies in the Outboard Motors market are Yamaha Motor Co, Honda Motors Co. Ltd., Suzuki Motor Corporation, Brunswick Corporation, Tohatsu Corporation, and others.

Stringent emission norms and updated technologies are pushing industry players to invest in R&D projects. For instance,

In December 2021, Torqeedo announced the upgrade of its market-leading motors product line. In addition, this new lineup shall consist of 3 kW, 6 kW, and 12 kW outboard and pod motors powered by lithium-ion batteries.
In December 2021, Honda Marine announced its partnership with Spear Life, the TV spear fishing adventure series; fans of the popular series will see Honda Marine outboards powering the action during season 3. Honda Marine, a division of American Honda Motor Co. Inc., markets a complete range of four-stroke marine outboard motors ranging from 2.3-250 horsepower (hp).

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

Boat Rental Market By Boat Type, By Boat Size, By Power, By Activity : Global Opportunity Analysis and Industry Forecast, 2021-2031

  • $ 3840
  • October 2022
  • 263 pages

Boat Rental Market By Boat Type (Inboard Boats, Outboard Boats, Sail Boats, Others), By Boat Size (Less than 30 ft, between 30 and 79 ft, Greater than 79 ft), By Power (Engine Powered, Man Powered, Sail ...

  • World
  • Sailing
  • Motorboat
  • Industry analysis
  • Disposable Income

ref:plp2022

Reportlinker.com © Copyright 2023. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on