Outboard Engines Market in North America Future Challenges and Industry Growth Outlook by 2021-2027

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North America Outboard Engines Market to Cross
7.6 Bn by 2027 Graphical Research
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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.
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However, upon the outbreak of COVID-19, U.S. was
the most affected nation and a major dip in the
countrys 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.   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.
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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 Nort
h America Market, By Application Recreational Comm
ercial The above information has been provided
for the following countries North
America U.S. Canada
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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
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rch.com
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