Global Marine Outboard Engines Market 2018-2022
About Marine Outboard Engines
Outboard engines consist internal combustion engines and gasoline-powered spark-ignition engines. They are used in marine propulsion for all types of recreational light boats and commercial boats.
Technavio’s analysts forecast the global marine outboard engines market to grow at a CAGR of 4.54% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine outboard engines market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Outboard Engines Market 2018-2022
Technavio recognizes the following companies as the key players in the global marine outboard engines market: Mercury Marine, SUZUKI MOTOR, Yamaha Motor, Honda Motor, and Volvo Penta.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand of outboard engines. The rise in recreational boating is achieved due to advancements in the power of marine outboard engines. The growing participation in boat shows across all regions has also played a critical role for the overwhelming prevalence of marine outboard engines. When compared with marine inboard engines, marine outboard engines are dominating globally.”
According to the report, one driver in the market is rising sales of boats. The global marine outboard engines market is heavily dependent on the demand for powerboats like pontoon boats, personal watercraft, ski boats, and wakeboards. Globally, the sales of such boats increased in 2016. Economic factors, strong consumer confidence, high employment, and growing disposable income are the key factors driving the demand for these boats.
Further, the report states that one challenge in the market is economic factors affecting sales of boats. The demand for outboard engines is positively correlated with the sales of boats. The performance of the global economy is a critical factor affecting the boating industry. Crucial economic factors affecting the boating industry are the performance of the global economy, job market prospects, sales opportunities, performance of the boating industry, the disposable income of consumers, and the number of people participating in boat shows.