Pune, India, August 23, 2021 (GLOBE NEWSWIRE) –
The global outboard motors market size is expected to experience lucrative growth during the forecast period as the recreational activities like boating are increasingly in demand by the people across the world. Water sports and fishing activities are becoming popular events in different regions. Boats are produced for commercial purposes as the need to boost the fishing industry around the world has increased.
Some of the trends in the regions favoring the development of the Outboard Motors market are discussed below:
Impact of COVID-19 on outboard motor demand in Asia-Pacific:
Asia-Pacific Outboard Motor Market is estimated at over $ 1.5 billion by 2027. So far, the COVID-19 pandemic has severely affected the industry. All types of water sports and transportation activities have slowed down and many businesses have been forced to temporarily shut down due to a severe shortage of labor and raw materials. This has resulted in a sharp drop in demand for boats, both for recreational and commercial purposes.
Since the boats were no longer in demand during this time, the need to produce outboard motors for the same may have diminished considerably. However, the situation in Asia-Pacific is starting to normalize as COVID-19 positive cases decline at a rapid rate. The ease of movement restrictions and blockages will help the regional industry pick up the pace in the years to come.
Access examples of report pages, “Asia-Pacific Outboard Motors Market Forecast 2027” in detail with the table of contents (ToC) @
Two-stroke engines are experiencing significant demand in Asia-Pacific:
There are different types of outboard motors that are used in different boats, such as two-stroke, four-stroke and electric motors. Two-stroke engines are expected to gain traction among consumers in the APAC region. One of the main reasons for this is their increasing use in small and medium size boats. Two-stroke engines are fairly light in nature and improve the throttle power of newly installed engines.
Various advanced technologies are used in the production of these engines to improve their fuel efficiency and performance. This is a major factor increasing the demand for two-stroke engines among boat owners in Asia-Pacific.
Gasoline is becoming a popular fuel for outboard motors:
While many types of fuel are used to power outboard motors, gasoline will experience high demand among consumers in Asia-Pacific. The regional gasoline segment outboard motor market size will register a CAGR of 7% through 2027. Gasoline outboard motor technologies are the subject of notable innovations and advancements. It will help companies to increase the average power and range of these engines.
The outboard motor has a unique technology called an automated fuel injection system which injects fuel directly into the piston at 2900 PSI. This system will play an important role in increasing the demand for gasoline outboard motors among customers in the APAC region.
The commercial sector in Europe is increasing the demand for outboard motors:
Market size of outboard motors in Europe is expected to exceed $ 2.6 billion by 2027. Outboard motors enjoy wide application in the commercial, recreational and military sectors. The commercial sector in Europe is expected to create a strong demand for outboard motors in the coming years. The main reason for this is that the region is experiencing notable progress in its fishing industry.
Boat builders in the region are increasingly adopting new and innovative techniques for producing ships that not only feature new designs but also create aesthetic appeal. The nautical industry in Europe is making continuous progress in attracting a large number of buyers and increasing sales. All of this will play an important role in promoting the outboard motor market in the region.
Access examples of report pages, “Europe Outboard Motors Market Forecast 2027” in detail with the table of contents (ToC) @
Electric motors are ramping up in Europe:
Electric motors will experience high demand among end users in Europe and the regional industry share of this type of motor will register over 6.2% CAGR until 2027. One of the most important reasons for this is that European countries are increasingly focusing on replacing fossil engines. fuels with renewable energy sources. The main objectives of regional governments are to drastically reduce their dependence on fossil fuels and significantly reduce their carbon emission rates.
Governments across Europe are implementing programs to encourage companies to produce electric motors because they do not pollute the environment. Companies benefit from these initiatives not only by reducing their own carbon footprint, but also benefiting from various tax exemptions and subsidies from the authorities. Customers in the region are increasingly aware of their environment and buy environmentally friendly products. This will reduce their negative impact on the environment, thus increasing the demand for electric motors in boats.
Leisure activities are multiplying in Europe:
Europe is experiencing a constant increase in the number of recreational activities. Rising income levels for locals have resulted in increased spending on boating and water sports. Europe is experiencing a sharp increase in the percentage of people who wish to participate in various fishing activities, thus increasing the demand for outboard motors in boats. Towards the second half of 2021, many regions of Europe are witnessing the resumption of tourism and nautical activities. Fishing levels are back to usual volumes, ensuring a gradual return to normal for marine engine builders.
Gradual increase in boat sales in North America:
North America Outboard Motor Market Size is expected to exceed $ 7.6 billion by 2027. Recreational activities are very popular in North America and more and more people participate in these events each year. The percentage of participation has been multiplied by several due to the increase in the purchasing capacity of the regional population. This has resulted in an increase in demand for pleasure craft.
According to a report released by the National Marine Manufacturers Association, sales of pleasure craft have grown steadily for the seventh consecutive year. More than 87 million adults participate in recreational activities such as fishing, water skiing, and travel in the United States. As the sale of boats shows a promising improvement, the demand for outboard motors in these boats is expected to increase in the coming years.
Access examples of report pages, “North America Outboard Motors Market Forecast 2027” in detail with the table of contents (ToC) @
Installation of electric outboard motors in North America:
The North America outboard motor market size of electric motor segment will register a CAGR of 3.1% over 2021-2027. The region has one of the highest carbon emission rates in the world. Governments across North America are implementing initiatives to reduce their global carbon footprints and are encouraging outboard motor manufacturers to switch to producing electric variants.
For example, US producer of outboard motors Pure Watercraft Inc. is increasing production of electric motors to replace conventional motors. This movement will help reduce power consumption to less than 50 HP, which will dramatically improve efficiency.
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