North America Outboard Engines Market to grow at 4.3% CAGR from 2021 to 2027: Graphical Research North American Outboard Engines Market size is poised to hit USD 7.6 billion by 2027, according to a latest forecast report by Graphical Research. Growth of the industry is supported by the consecutive year-on-year growth for the recreational boating sector coupled with the increasing demand for outboard engines for commercial applications. The increasing demand for recreational boats in the United States witnessed a consecutive seven-year growth in 2018. Recreational boating is considered a popular leisure activity in the U.S. and more than 87 million adults participate in boating activities, such as water skiing, fishing, and traveling. In 2020, the expected total sales value for recreational boats surpassed USD 3.9 billion. A range of boats, including personal watercraft, sailboats, inboard boats, outboard boats, and sterndrive boats accounted for 11.8 million new boat registration in the U.S. in 2015.
According to The National Marine Manufacturers Association (NMMA), the recreational boat industry witnessed a succeeding seventh-year growth in 2018. It stated that sales of new powerboats improved by 4% in 2018, accounting for approximately 280,000 units which were the highest since 2007. The sale of new vehicles is driven by a combination of economic growth factors, especially a near all-time high consumer confidence and consumers spending more quality time with family and friends through boating. During the same period, in the last few years, marine manufacturers have focused on offering new product designs to attract consumers with varying budgets and interests. This shifting focus of manufacturers brought out new buyers, especially across fishing, pontoon categories, and watersports, observing unprecedented sales growth. Among all the boat categories which witnessed a dynamic growth rate, fishing boats managed to top the list in the United States. In 2018, the total sold units of freshwater fishing boats reached 75,000, followed by personal watercraft, pontoon, watersport boats, and cruiser. However, upon the outbreak of COVID-19, U.S. was the most affected nation and a major dip in the country’s economy was observed. In the measures to mitigate the spread of coronavirus, the government imposed a nationwide lockdown, resulting in the halted manufacturing processes and restricted trade operations across the region. Rising unemployment and dropping revenue generation sources resulted in reduced consumer spending and alleviated demand for new boats, thereby, affecting the outboard engines market. Due to this factor, a drop in the sales of engines in the year 2019-2020 was observed in the North America region. Nevertheless, the booting confidence of consumers and lifting restrictions are bringing more people out for recreational activities. Therefore, the improving consumer spending is anticipated to fuel the outboard engine sales and will propel the market growth in the forecast period.
1|Page
The commercial outboard engines are expected to showcase the highest CAGR of more than 4.5% from 2021 to 2027. The growth of commercial boats is majorly driven by the increasing aquaculture production in the region. In 2017, the combined production for farm-raised seafood from both marine and freshwater reached 626 million pounds, according to the NOAA Fisheries. By value, this accounted for 21% of the seafood production in the U.S. Hence, increasing seafood demand and growing sales of commercial fleets are presenting ample opportunities for the North American outboard engines market size. Prominent manufacturers operating in the North American market include Yamaha Motor Co., Ltd., YANMAR Marine International, Brunswick Corporation, OXE Diesel, Suzuki Motor Corporation, ALFADAN, Inc., Mercury Outboard Engines, Honda Motor Co., Ltd., Bombardier Recreational Products Inc., Pure Watercraft, Inc., and Cox Powertrain Limited. Browse key industry insights from this 2021 report North America Outboard Engines Market in detail along with the table of contents at https://bit.ly/2SZ4LPs
https://bit.ly/2PYyIhB http://bit.ly/3kDAn6V Segmentation of North America Outboard Engines Market:
North America Market, By Ignition Type • •
Manual Electric
North America Market, By Engine Type • • •
Electric 2-stroke 4-stroke
North America Market, By Fuel Type • • •
Gasoline Diesel Electric
North America Market, By Power • • •
High Medium Low
North America Market, By Application • •
Recreational Commercial
2|Page
The above information has been provided for the following countries: •
North America • U.S. • Canada
About Graphical Research: Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle. Contact Us:
Parikhit B. Corporate sales, Graphical Research Phone:1-800-986-6917
Email: sales@graphicalresearh.com Web: https://www.graphicalresearch.com/
3|Page