Outboard Engines Market Regional Analysis:
North American Market Insights
North America industry is expected to account for largest revenue share of 41% by 2035. The good economic circumstances of the region are one of the major factors favoring its growth in the global market. With more disposable income, boating activities for recreation are affordable to many people in the North American region, and this is expected to lead to high demand for outboard engines. Additionally, the U.S is expected to lead the way for regional growth in North America. In 2020, the U.S. held the highest total in the sales volume of outboard engines, which added up to 329,501 units. This figure was projected as the highest since 2000. Further, the population in the U.S. is also more inclined to take part in watersports activities owing to their progress in the awareness of their benefits for physical and mental health. It is estimated that annually more than 99 million Americans participate in boating. The share of U.S. households that own a boat for recreation is calculated to be 12%.
Europe Market Insights
Europe is another region that should show remarkable growth in the outboard engines market during the forecast period. Several factors, including the high sale volume for mechanically propelled boats and the geographical peculiarities of the region, contribute to the favorable situation in the European market for outboard engines. Europe has witnessed a high demand for diesel-propelled boats in recent times. For instance, over 249999-unit shipments of diesel boats were recorded in Europe in 2020. Further, Europe boasts a coastline stretching over 69999 km and inland waterways of over 36999 km. These peculiarities, with the presence of 37 million boaters among its population, make Europe a booming market for outboard engines. Equally important to the growth of the regional outboard engines market is the flourishing marine trade in Europe. It is estimated that only in the second quarter of 2022, the ports in the European Union handled more than 870 million tons of goods.
