North America Outboard Engines Market size was over USD 5,920 million in 2021 and is expected to witness 4% CAGR from 2022 to 2028. The growth in the market would come from rising consumer spending on recreational activities and increasing fleet of commercial boats in the region.
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Boat manufacturers are increasingly emphasizing on new product developments with latest and more aesthetic designs, which is supporting the increase in sales figures and enticing more buyers. Industry players are targeting a huge customer base with different budgets and interests, adopting new strategies for a range of boats that observed a decent demand in the past few years. Increased availability of an expansive product portfolio will offer customers with more options to choose.
North America Market, By Application
The commercial activities in the North American countries are tracing back on track post the pandemic scenes, generating lucrative prospects for the commercial application segment across the North America outboard engines market. The growth is also propelled by the elevating fisheries production in the region, specially across the United States.
North America Market, By Engine Type
Electric-driven outboard engines demand across the North America is anticipated to reflect substantial growth in the forthcoming years, ascribed to the rising preference for these owing to the ease of operations, less engine noise, absence of gas fumes, and vibrations. Several boat owners are now considering the use of electric driven outboard engines to power fishing boats, pontoons, cruisers, and tender boats.
The electric engine segment will surpass USD 7,610 million revenue by 2028, fueled by the surging focus to support the transition to a sustainable future and reduce the dependency on fossil fuels. The popularity of electric engines for water vehicles has enabled manufacturers to shift their focus toward the production of these motors. Meanwhile some companies are participating in M&A initiatives to stand a position in the electric outboard engine segment.
Competitive Industry Landscape
Some of the leading companies involved in the North America outboard engines market are OXE Diesel, YANMAR Marine International, Pure Watercraft, Inc., Mercury Outboard Engines, Yamaha Motor Co., Ltd., Suzuki Motor Corporation, and Bombardier Recreational Products Inc. These companies have been centered on strategic initiatives like mergers, acquisitions, partnerships, and product launches to gain a prominent spot in the market.