Europe Outboard Engines Market size crossed USD 1940 million in 2021 and is anticipated to exhibit a CAGR of 4% between 2022 and 2028. One of the primary factors largely contributing to the industry expansion is the substantial rise in tourism and recreational activities, led by the increasing disposable incomes and mounting desire to travel the outdoors.
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The ongoing transition across the maritime industry has resulted in the growing demand for shipping and fishing activities. These activities require the utilization of highly efficient engines, boats, motors, and other marine equipment.
The increasing technological advancement across the marine sector driven by the efforts by companies and tech giants is expected to aid the industry landscape. Another factor positively influencing the industry dynamics is the increasing demand for commercial boats due to the proliferation of the aquaculture and seafood market.
In addition, the emerging trends of watersports and seaside trips have encouraged the development of advanced boating solutions to elevate the overall customer experience. This has contributed to the new product launches and rising investment in the marine sector.
COVID-19 impact and analysis
The sudden outbreak of COVID-19 took a toll on the Europe outboard engines market. The imposition of stringent lockdown measures resulting in travel and movement restrictions significantly hampered the travel and tourism sector, which passively impacted the industry growth.
The temporary shutdown of enterprises dealing in non-essential commodities severely impacted the supply chain management of marine equipment. Besides, the reducing leisure expenditure and economic downfalls caused a slump in outboard engine sales in Europe.
However, with the fairly easing regulatory measures, increasing vaccinations, and the declining severity of the crisis, the market is expected to be back on track sooner. Furthermore, the improvement in economic growth and rising employment may boost the market expansion.
Europe Market, By Fuel Type
The electric fuel segment will surpass USD 250 million revenue by 2028, led by the growing popularity of EVs (Electric Vehicles) and rising concerns about reducing emissions and carbon footprints. These concerns over the years have resulted in the increasing installations and retrofits of electric-based outboard engines. To that end, outboard engines with electric ignitions are also gaining more traction as opposed to manually operated ignitions.
Europe Market, By Engine Type
Electric engines are clean, silent, maintenance-free, and have no exhaust or fuel smells. Their installation on traditional boats is known to reduce their lifecycle costs. The increasing technical tie-ups between boat manufacturers and prominent OEMs may also define new growth prospects for the Europe market from the electric engine segment.
Europe Market, By Application
The commercial application segment may account for appreciable market share through 2028, due to increasing watersports and recreational marine activities. As per estimates by the European boating industry, over 48 million European citizens and a countless number of tourists regularly participate in recreational marine activities.
Another factor majorly driving the segment expansion is the emerging middle-class populations, and rising family incomes have efficiently boosted tourism and leisure spending in the region. The increasing demand for boats with enhanced aesthetics and capabilities will further augment the market growth trajectory.
Europe Market, By Country
Italy outboard engines market will gain a significant momentum during the forecast timeframe, attributed to the presence of numerous boating destinations and art cities like Rome, Venice, Milan, and Florence, depicting a positive outlook of the tourism and hospitality industry in the country. Additionally, the flourishing sea trade and aquaculture sector will further streamline the market expansion.
Competitive Industry Landscape
Major players involved in the market are Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., SECO GmbH, Marine Tech, Suzuki Motor Corporation, Selva S.p.A., DEUTZ AG, E.P. Barrus Ltd., Vector Outboards, and Torqeedo GmbH.