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

The Global 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 forecast in terms of value (USD billion) for all the above segments.

Outboard Motors Market Size

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Outboard Motor Market Summary
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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 Motors 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).

The COVID-19 outbreak significantly impacted the boat manufacturing industry and caused a decline in recreational activities worldwide, which led to a negative effect on outboard motor sales. However, in 2021, the market gained momentum due to the easing of restrictions. 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's US boat sales statistics, retail unit sales of new boats reached nearly 320,000 in 2020, which may increase the sales of outboard engines and motors. For instance, global sales of outboard engines increased by around 2% during the last five years.

Newer models that use lesser fuel are substantially more reliable, relatively quieter, and more environment-friendly than older generations. Thus, these new models are continuously entering the market. An increase in the income levels of people worldwide, which enables them to spend more on leisure and recreational activities, will be a growth driver for the outboard motor market.

Outboard Motors Market Trends

This section covers the major market trends shaping the Outboard Motor Market according to our research experts:

Recreation Boating is Expected to Drive Growth During the Forecast Period

The rising 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. 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 grew in recent years.

According to a survey, there was a constant increase in the number of people participating in watersports in the United States from 2020 to 2021. Additionally, the number is expected to grow further in 2022 and the following years, which may aid the recreational boat segment of the outboard motor market during the forecast period.

Outboard Motor Market : Revenue Share (%) by Application Type, 2021

North America is Expected to be a Market Leader

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

In its annual Outboard Engine Sales Trends report, the NMMA (National Marine Manufacturers Association) stated that US outboard engine sales reached a 20-year high in 2020, recording sales of 310,000 new powerboats.

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 were estimated at about 305,734 units, witnessing a slight decrease of 4.1% compared to the record-breaking numbers in 2020. However, the sales numbers were the second highest in 2021 since 2008.

About 35% of the US population takes part in recreational boat activities. Due to the growing stress management program and health awareness among individuals, increasing number of people are participating in watersports activities for relaxation. The coastline is also very big with a number of beaches, consequently creating more opportunities for the sales 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. Thus, North America is expected to be a leader in the outboard motor market in the coming years.

Outboard Motor Market - Growth Rate by Region, 2022 - 2027

Outboard Motors Industry Overview

The outboard motor market is consolidated, with several players accounting for a significant share of the market. Some of the prominent companies in the outboard motor market 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 December 2021, Torqeedo announced the upgrade of its market-leading motors product line. This new lineup consists 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 hp to 250 hp.

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 Motors Market News

  • MAY 2022: Mercury introduced two new 25 hp and 30 hp four-stroke outboards equipped with the 3-cylinder powerhead. The introduction of SmartCraft technologies enables features that have never been available for many boats in this class.
  • FEB 2022: Tohatsu Corporation announced its 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.
  • DEC 2021: Yamaha Motor acquired the US smart boat tech company Siren Marine. This acquisition aims to further promote technological development for IoT and connected boat support in Yamaha's outboard-powered boats, personal watercraft, or sports boats.

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

    2. 4.2 Market Restraints

    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

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Outboard Motors 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).

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 5.89 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 Intelligenceā„¢ 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)