Outboard Boat Market – Global Industry Analysis and Forecast (2023-2029)

Outboard Boat Market was valued at US$ 5.51 Bn. in 2022. Global Outboard Boat Market size is expected to grow at a CAGR of 6 % through the forecast period.
Outboard Boat Market Overview:
The outboard motor propels as well as steers the boat. Outboard boats are popular because of the enhanced adaptability afforded by external strength, according to several boat builders. The outboard motor propels as well as steers the boat. On smaller boats, you must stair an outboard & move the entire engine. Engineers frequently use a hand tiller, whereas the steering wheel on large outboards adjusts the engine's direction. Unlike inboards, they can be clipped for better performance or taken into shallower water & out of the water when not in use to minimize saltwater corrosion. Outboard motors are preferred by fishermen, speed boaters, & party captains because of their rapid handling, tight turn ratio, & low speed maneuverability. Because the motor may be safely tilted out of the water at any time, boating in shallow water is not a problem.

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Outboard Boat Market Dynamics:
Covid-19 Scenario:

Due to the Covid 19 pandemic and with the travel restrictions and social distancing norms imposed, all recreational activities were avoided. Consequently, the outboard boat market shows a dip in its revenues. With no public moment & loop phase of the global economy, neither new purchases were made, nor did any transactions occur. This forced the market towards economic downfall.

The drivers for the Outboard market are

 
Implementations of outboard new technologies
A number of new peripheral products enter the market. Manufacturers want to offer existing consumers the ability to re-engine or add power to their ships, which is not surprising given that nearly half, or 7.9 million, of those ships the recreational boats being used are motor boats. Honda’s BF 250 outboard is a shining example of what new technology is being used and how it affects engine performance. Technology used is exclusive to Honda marine but many technological advances are also used by other manufacturers in one form or another and each purports their own unique advantages. Increased efficiency and greater power is the result of some of technology and it is achieved in various ways.

 
Rising Popularity of marine leisure activities
The growing popularity of coastal and marine tourism, coupled with the growing trend towards yachting as a leisure activity, is one of the main drivers of the market. The increasing urge of the public to engage in leisure activities in the post-closure period further presents bright opportunities for the market during the forecast period. The increase in the marine activities like sports and leisure activities will help increase the outboard boat market.
High growth of tourism industries
The rise in tourism industry has led to increased use of water transport for traveling in the coastal areas of the world. Marine-related tourism and maritime activities are becoming increasingly popular and revolves around a wide range of recreational, marine, marine or other maritime activities. The government’s schemes promoting the tourism industries will help the growth of outboard boat market in forecasted period.

 
Rise of water taxi services, across the globe water taxi
A new service sector is being promoted and will have around 500 Bn USD till forecasted period (2029). The growing popularity of water taxis is due to the provision of a variety of sightseeing opportunities, including water cruises, historical excursions, snorkeling, and sightseeing tours. Continuously improving economic conditions globally are continuing to drive water taxi market penetration due to increased leisure spending.

The Challenges for the Outboard market are

 
Rising casualties and injuries during boating
With the increased exposure there are there are greater risk of deaths injuries and accidents. From 2019 to 2020 the total number of accidents increased by 26.3%. With the risk and less safety precautions creates problem for the rising market.

 
High Initial investment
The high investments required for the construction of offshore boat manufacturing facilities are important factors influencing the industry statistics. High prices and outboard ownership costs due to costly maintenance operations are affecting the global offshore boat market. In addition, the limited availability of skilled labor and ship operators, especially for express cruisers and center consoles, creates a roadblock in the industry.
Outboard Boat Market Segment Analysis:
Based on Type, the Outboard Boat Market is segmented into recreational boats, rigid inflatable boats and small utility boats. Rigid inflatable boats are lightweight but high performance and high-capacity unsinkable port constructed with rigid bottom join to side forming air tubes that are inflated in the air to a high pressure so as to give the sides firm rigidity along the board’s top sides. Since it is low cost compared to other form of the boats and mostly used in many big cruises ships this kind of boat have high market share.



Based on application, the market can be segmented into tourism, water sport, leisure activity and commercial activity. Boats are purchased mostly for commercial purpose is the most among other applications. Commercial use of boating may include fishing, water taxi and any other type where boats are being used for commercial purpose. Fishing industry is estimated to increase by 3 trillion USD till 2030 while Water taxi market is estimated to be 415 billion USD. Hence rise in the commercial use of boats will lead to increase in Outboard boat market.

Based on end user, based on end user the market can be segmented as fishing, water taxi, transportation, hospitality business. Fishing and water taxi market are rising with CAGR od 4% with forecast period of 2023 to 2029 and the consistent rise will help outboard boat market to rise. The water taxi service business is new in some parts of the globe and has scope to grab higher market share.
Regional Insights:
The North America region dominated the market with USD 3 Bn in 2022. The boating and fishing market in this region is increased to USD 28 billion in 2022. Hence the use of outboard boat market will rise in the forecasted period.

The objective of the report is to present a comprehensive analysis of the global Outboard Boat Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Outboard Boat Market dynamic, structure by analyzing the market segments and projecting the Outboard Boat Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Outboard Boat Market make the report investor’s guide.
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Outboard Boat Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 5.51 Bn.


Forecast Period 2023 to 2029 CAGR:
6%
Market Size in 2029:
US $ 8.28 Bn.


 Segments Covered:
by Type
Recreational boats
Rigid inflatable boats
Utility boats


by Application
Tourism
Water sports
Commercial use
Leisure activity


by end user
Fishing
Water taxi
Transportation
Hospitality business



Outboard Boat Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Bombardier Products Inc
2. Brunswick Corporation
3. Campion marine Inc.
4. Cantieri Capilli S.R.L
5. Groupe Beneteau
6. Mahindra & Mahindra
7. Polaris Inc
8. Poseidon Boats
9. Ribcraft Ltd
10. Scout Boats
11. Seaark LLC.
12. Stingray Boats
13. White River Marine Group
14. Zodiac Milpro Inc
15. Ferretti Group
16. Tracker Boats
17. Bravia Yachtbau
18. Hoble Boats
19. Ranger Boats

Frequently Asked Questions:

1] What segments are covered in the Global Outboard Boat Market report?
Ans. The segments covered in the Outboard Boat Market report are based on Product Type and End User.

2] Which region is expected to hold the highest share in the Global Outboard Boat Market?
Ans. The North America region is expected to hold the highest share in the Outboard Boat Market.

3] What is the market size of the Global Outboard Boat Market by 2029?
Ans. The market size of the Outboard Boat Market by 2029 is expected to reach US$ 8.28 Bn.

4] What is the forecast period for the Global Outboard Boat Market?
Ans. The forecast period for the Outboard Boat Market is 2023-2029.

5] What was the market size of the Global Outboard Boat Market in 2022?
Ans. The market size of the Outboard Boat Market in 2022 was valued at US$ 5.51 Bn.