Outboard Engines Market Size

Outboard Engines Market size was over USD 11.56 Billion in 2023 and is poised to cross USD 22.07 Billion by 2036, growing at more than 5.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of outboard engines is estimated at USD 12.12 Billion..The growing market trend for outboard engines can be attributed primarily to the rise in the occurrences of recreational boating activities worldwide. Several factors, such as the improving living standards of people and the increase in disposable income, contribute to the high demand for recreational boats and the market’s growth. Further other factors, including the growth of the tourism sector and the generous funding for infrastructure development in different places in the world, are expected to lead to high demand for efficient boat equipment such as the outboard engine. For instance, the worldwide sales volume for outboard engines in 2018 was estimated to be up to 804 thousand units.

In addition to these, the outboard engines market is also expected to grow as a result of the surge in water transportation for trade-related activities. Further, the increase in the number of people participating in watersports and the rise of water clubs are also expected to result in a spike in global outboard sales. For instance, it is estimated that about 7% of people in the United Kingdom (U.K.) engaged in various boating activities for recreation in 2018. Other factors that should result in high demand for outboard engines are the use of multi engines for large boats and the increase in the production and sales of yachts.