BERLIN, June 30, 2022 (GLOBE NEWSWIRE) — 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 engines are used on more boats as compared to inboard engines, owing to their ease of use and low maintenance costs. Pontoons, bowriders, aluminum boats, small cruisers, bass boats, and some high-performance off-shore speed and fishing boats are commonly seen with outboard engines. Outboard motors are most commonly found on boats used for recreational cruising or fishing because the benefits are more favorable in this setting.
Covid-19 Impact on the Global Outboard Boats Industry
In 2020, the COVID-19 pandemic had a major impact on the outboard boats market. During this period, the industry faced several challenges, including a scarcity of skilled workers, the closure of manufacturing facilities, and international supply chain disruptions. Global travel restrictions imposed by regulatory bodies reduced investment and revenue in the industry. Due to lower demand and the temporary closure of businesses, market participants involved in the production of boats faced financial constraints. Thus, the overall market was significantly impacted by the pandemic. However, the relaxation of lockdown measures and increased public interest in recreational boating are stabilizing industry statistics.
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|Market||Outboard Boats Market|
|Market Size 2021||USD 5,683 Million|
|Market Forecast 2030||USD 10,669 Million|
|CAGR During 2022 – 2030||7.5%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Type, And By Geography|
|Regional Scope||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.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Rising Interest In Recreational Water Sport Activities Boosts The Outboard Boats Market Revenue
Water sports activities for recreation include sailing, rowing, jet skiing, kayaking, yachting, rafting, power boating, canoeing, and boat racing, among others. Consumer interest in water sports, combined with increased participation across all age groups, has inspired the development of recreational boating facilities across the globe. Furthermore, watersports are becoming increasingly popular not only for the excitement of getting fit but also for a variety of health benefits. Furthermore, the growing popularity of sport fishing and motorized watersports such as sailing, jet-skiing, and yachting activities contributes to the expansion of the outboard boat market. Furthermore, in recent years, various government agencies have begun to emphasize the promotion of water sports. Several countries have launched initiatives to promote the development of water sports facilities and recreational boating. Thus, the increasing number of recreational water sports activities is one of the trends in the outboard boats market that is fueling the demand all around the world.
High Initial Investments In These Boats Act As A Hindrance To The Industry’s Growth
Because of its sheer size and complexity, outboard boat construction necessitates massive facilities and professional workers, which significantly raises the initial manufacturing cost of the boat. Furthermore, the cost of a boat engine is one of the most direct costs associated with a boat. Outboard engines can range in price from $1,000 to more than $15,000. Some popular outboard engine brands include – Evinrude, Honda, Mercury, Suzuki, Torqeedo, and Yamaha.
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Global Outboard Boats Market Segmentation
The outboard boats market is divided into two categories: type, and geography. Based on type, the market is split into the recreational boat (bowrider, pontoon, center console, and express cruiser), rigid inflatable boat, utility boat, and water taxi. Among them, recreational boats generated significant outboard boats market share. Market participants are taking steps to implement new outboard boats in order to improve the segment’s outlook. Furthermore, increased availability through widespread distribution channels in coastal areas is driving outboard boat market demand. However, the utility boats are expected to achieve a significant growth rate throughout the forecast timeframe.
Outboard Boats Market Regional Stance
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa comprise the regional group. North America among all the regions accounted for the majority of the share in 2021. Factors such as the availability of customized boats for a range of activities (onshore & offshore) and the boats’ competitive pricing are fueling the region’s recreational boat market growth. People’s disposable income in the United States and Canada has increased, as has their interest in spending time and money on leisure activities. This factor has also supported the North America region to grow with a significant share. Meanwhile, Asia-Pacific is the world’s fastest-growing outboard boats market, thanks to increased tourism and water sports activities as well as increased investment in developing markets. The Asian market serves as a manufacturing center for European and North American manufacturers. As national companies face challenges to compete with the global players, the domestic market for foreign-made ships has increased in Australia and New Zealand.
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Outboard Boats Market Key Players
The leading outboard boats companies presented in the 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.
In May 2020 – Bombardier Recreational Products, Inc. announced a new strategy for its marine business and the expansion of its boat brands. For instance, the company invested in R&D to create next-generation marine engines with improved operational efficiency.
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