Outboard Motor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Outboard Motor Market Report is Segmented by Application Type (Commercial and Recreational), Thrust (Portable, Mid-Range, and High Power), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World). The Report Offers Market Size and Forecast in Terms of Value (USD Billion) for all the Above Segments.

Outboard Motors Market Size

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Outboard Motor Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 6.11 Billion
Market Size (2029) USD 7.37 Billion
CAGR (2024 - 2029) 3.79 %
Fastest Growing Market Asia-Pacific
Largest Market North America

Major Players

Outboard Motor Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Outboard Motor Market Analysis

The Outboard Motor Market size is estimated at USD 6.11 billion in 2024, and is expected to reach USD 7.37 billion by 2029, growing at a CAGR of 3.79% during the forecast period (2024-2029).

Rising maritime activities and rising demand for small and medium-powered boats from recreational activities are expected to drive demand in the market studied. Furthermore, the growing demand for large horsepower outboards for rescue operations and commercial activities will drive the market during the forecast period.

Growth in recreational boating and the increasing popularity of pontoon boats and saltwater fishing vessels represent significant growth opportunities for the market studied.

Moreover, with increased production of yachts and leisure boats, regions such as North America and Europe will see significant growth in the outboard engine market. Rising watersports events and government initiatives to promote coastal tourism will further support market growth.

However, high outboard engine prices will hinder market growth during the forecast period.

Outboard Motors Market Trends

Recreation Boating is Expected to Drive Growth During the Forecast Period

The rising disposable income increased 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. The recreational industry is expected to grow with rising per capita and disposable incomes 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 may also drive the market forward. In addition, developments in autonomous marine technology may increase the demand for less skilled recreational boaters. The presence of many manufacturers in this well-integrated and fragmented industry ensures a consistent supply to the global demand for recreational boats.

Outdoor sports and adventure are gaining increasing popularity 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 is also becoming valuable, as interest in luxury marine tourism has grown in recent years.

Owing to the glowing global demand, many players are investing and starting new operations in various countries. For instance,

• In April 2022, Honda India Power Products (HPPI) intended to import outboard motor units to supply OEMs operating in India. However, if the market expands sustainably, it may eventually consider transitioning to local production.

Outboard Motor Market :  Share of population who participated in water sports in the United States, 2019 - 2022

North America is Expected to be a Market Leader

North America dominated the outboard motor market in revenue in 2023 due to high economic growth and rising disposable income. People's income levels and inclination toward recreational and leisure activities are increasing in North America compared to other parts of the world.

• Florida, Texas, and Michigan were among the top three states for marine expenditures in the United States in 2023.

Owing to the rising demand, many boat manufacturers are expanding to new locations, indicating the increased demand for recreational boats in the country.

For instance, in March 2022, The Limestone Boat Company, having a manufacturing facility in the United States, inaugurated three new dealerships. Limestone boat company offers boats like Aquasport Boats, Bay boats, and others. More than 80% of the boats the company manufactures use outboard motors.

In addition, companies are entering the boat market with innovative products to cater to the increased demand 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. Also, with new companies coming up with new convenience features for boats, the demand is further expected to grow in the upcoming years, aiding the growth of the outboard motor market during the forecast period.

Outboard Motor Market - Growth Rate by Region, 2024- 2029

Outboard Motor Industry Overview

The outboard motor market is consolidated, with several players accounting for a significant market share. Some prominent outboard motor market companies are Yamaha Motor Co., Honda Motors Co. Ltd, Suzuki Motor Corporation, Brunswick Corporation, and Tohatsu Corporation. Stringent emission norms and updated technologies are pushing industry players to invest in R&D projects.

• In April 2022, Temo launched a new range of electric outboard motors, the Tamo 1000. As the name suggests, the outboard motor produces a peak power of 1000W and a static trust of 28kgs.

• In August 2022, Navalt, a Kerela-based electric boat and propulsion systems manufacturer, revealed its new all-electric outboard motor, MAKO. The company claims its new motor features a simple motor structure, reducing maintenance substantially. The company will use the outboard motor to power in-house manufactured boats, such as Nirva.

Outboard Motors Market Leaders

  1. Yamaha Motor Co. Ltd

  2. Honda Marine

  3. Suzuki Motor Corporation

  4. Tohatsu Corporation

  5. Brunswick Corporation

*Disclaimer: Major Players sorted in no particular order

Outboard Motor Market Concentration
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Outboard Motor Market News

  • MAY 2022: Mercury introduced two new 25 hp and 30 hp four-stroke outboards equipped with the 3-cylinder powerhead. Introducing SmartCraft technologies enables features that have never been available for many boats in this class.
  • MAR 2022: The company announced the launch of its new outboard BFT150D model. The BFT150D features a new aerodynamic styling cowling and improved waterproofing with a new cowl latch and sealing.
  • FEB 2022: Tohatsu Corporation plans to add the next generation of 25/30 horsepower 4-stroke engines to its model line-up. The new MFS25/30D model, which may be added soon to the company's outboard product line, is the lightest 3-cylinder in its class and is engineered to fit a variety of boating applications.

Outboard Motors Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

      1. 4.1.1 Rising Demand for Small Boats

      2. 4.1.2 Expanding Recreational Boating Opportunities

    2. 4.2 Market Restraints

      1. 4.2.1 Strict Emission Norms for Recreation Boats Likely to Have Negative Impact

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value )

    1. 5.1 Application Type

      1. 5.1.1 Commercial

      2. 5.1.2 Recreational

    2. 5.2 Thrust

      1. 5.2.1 Portable

      2. 5.2.2 Mid-range

      3. 5.2.3 High Power

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 France

        4. 5.3.2.4 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 India

        2. 5.3.3.2 China

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Mexico

        3. 5.3.4.3 United Arab Emirates

        4. 5.3.4.4 Other Countries

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 DEUTZ Aktiengesellschaft

      2. 6.2.2 Honda Motor Co. Ltd

      3. 6.2.3 Brunswick Corporation

      4. 6.2.4 Tohatsu Corporation

      5. 6.2.5 LEHR LLC

      6. 6.2.6 Suzuki Motor Corporation

      7. 6.2.7 Yamaha Motor Co. Ltd

      8. 6.2.8 Hidea Power Machinery Co. Ltd

      9. 6.2.9 Parsun Power Machine Co. Ltd

      10. 6.2.10 Selva SpA

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Shifting trends toward electric Outboard Motors

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Outboard Motor Industry Segmentation

An outboard motor is a type of boat propulsion system that is one of the most common motorized methods of propelling watercraft. Unlike inboard motors, this type of motor is intended to be installed on the outside of the transom or outside the boat, allowing for more space in the interior. Outboard motors have many advantages, including a high horsepower-to-weight ratio, ease of installation and maintenance, and extended maintenance intervals.

The outboard motor market is segmented by application type (commercial and recreational), thrust (portable, mid-range, and high power), and geography (North America, Europe, Asia-Pacific, and the Rest of the World). The report offers market size and forecasts for the market studied in value (USD ) for all the above segments.

Application Type
Commercial
Recreational
Thrust
Portable
Mid-range
High Power
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
Brazil
Mexico
United Arab Emirates
Other Countries
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Outboard Motors Market Research FAQs

The Outboard Motor Market size is expected to reach USD 6.11 billion in 2024 and grow at a CAGR of 3.79% to reach USD 7.37 billion by 2029.

In 2024, the Outboard Motor Market size is expected to reach USD 6.11 billion.

Yamaha Motor Co. Ltd, Honda Marine, Suzuki Motor Corporation, Tohatsu Corporation and Brunswick Corporation are the major companies operating in the Outboard Motor Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the North America accounts for the largest market share in Outboard Motor Market.

In 2023, the Outboard Motor Market size was estimated at USD 5.88 billion. The report covers the Outboard Motor Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Outboard Motor Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Outboard Motors Industry Report

Statistics for the 2024 Outboard Motors market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Outboard Motors analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Outboard Motor Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)