The market size of marine outboard engine was US$ 3.3 Bn in 2020 and is expected to add value worth US$ 616.4 million during the forecast period (2020-2030). The COVID-19 pandemic has caused latency in the global marine outboard engine market as sales of new vessels have lowered dramatically since over the last couple of months. The market is poised to witness stunted growth on the back of the fiscal uncertainty created by the pandemic. Significantly reduced demand for seafood due to restaurant closures & lowered marine recreational activities amid ongoing lockdown in many regions has caused a slump in the commercial marine industry.
As a result, leading vessel manufacturing companies have ceased production. For instance, In March 2020, major boat manufacturing companies in the U.S. such as Viking Yachts, Regal Boats, Brunswick Corporation, Yamaha Outboard, Groupe, Beneteu, and Malibu Boats stopped entire production at their sites in the country. Such dormancy in vessel manufacturing poses a serious threat to the marine outboard engine market. However, as the pandemic is brought under control, the sales of marine outboard engine market is poised to regain traction and is set to grow by 1.2X by the end of forecast period.
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Key Trends of Marine Outboard Engine Market:
Key Segments of the Marine Outboard Engine Market
Fact.MR’s study on the marine outboard engine market offers information divided into two key segments-power, engine, ignition, boat, across seven major regions. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Power
Engine
Ignition
Boat
Product Launches to be the Prime Strategy for Marine Outboard Engine Manufacturers
The global marine outboard engine market is highly consolidated. Prominent manufacturers are continuously focusing on product launches in order to fulfil the increasing demand from boat manufacturers.
Some of the major key players in the marine filter market are
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For Instance,
More Insights on the Marine Outboard Engine Market
Fact.MR, in its new offering, presents an unbiased market analysis of marine outboard engine, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential market analysis of marine outboard engine market on the basis of power (less than 30 HP, 30HP to 100 HP and Above 100 HP), engine (two stroke carburetted, two stroke electronic fuel injection, two stroke direct injection system, four stroke carburetted, and four stroke electronic fuel injection) ignition (electric, and manual), boat type (fishing vessel, recreational vessel, and special purpose boats) across seven major regions.
Marine Switchboard Market: Marine switchboard is an onboard electric equipment that supply power to all the onboard systems and offers top-notch power network quality to a vessel. Marine switchboard are highly innovative systems and very useful in case of any electrical accidents.
Marine Seats Market: The marine seats market remains highly fragmented with regional players holding the bulk shares of the market. The absence of marine seats manufacturers in areas close to ports and other boating hubs is a vital reason which has allowed the local players to expand their presence in their region.
Marine Filter Market: The marine filter is a fine mesh screen type filter that is used for removing the impurities from water, air and oil from ships. The marine filters are usually mounted in pairs so that one can be used and other can be on standby. The marine filters can be used at both the ends, suction (low pressure) and discharge (high pressure). The frequency of marine filters depends upon their type.
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