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Europe Outboard Engines Market Size By Fuel Type (Gasoline, Diesel, Electric), By Ignition Type (Manual, Electric), By Engine Type (Electric, 2-stroke, 4-stroke), By Power (High, Medium, Low), By Application (Recreational, Commercial, Military), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2017 - 2027

Published Date: February 2021 | Publisher: Graphical Research Report ID: GR1676 | Delivery : PDF

Europe Outboard Engines Market size surpassed USD 2,046.4 million in 2020 and is projected to register growth of over 5.3% from 2021 to 2027. Market growth is majorly driven by an increasing number of commercial fleets and growing recreational activities.

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The demand for European outboard engines industry is due to growing spending on recreational activities. A year-on-year increasing number of people are involving in activities, such as fishing and watersport which are fueling the sales of boats. Additionally, the rising demand for aquaculture based food and boosting fisheries production in the region is augmenting the demand for commercial boats.
 

European Market, By Application

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The commercial application is the fastest-growing segment of the market and is predicted to grow at 5.5% CAGR through 2027 attributed to the increasing fisheries production. Moreover, the increasing focus of boat manufacturers towards new designs with aesthetic appeal is acting as a key factor stimulating the growth of the industry. The evolving boating industry is bringing out new buyers and is propelling the sales performance. The key players are adopting new strategies for a range of boats, especially for watersports and fishing activities. The shifting preference of manufacturers is also to target a wider range of populations with varying budgets and interests.

The sales of outboard engines, however, plummeted in 2020 due to a worldwide outbreak of covid-19 disease. The downfall in the market size was primarily due to the restricted movement and supply chain which led to a halt in the manufacturing operations. The market was also affected by reduced consumer spending power, which is now expected to boost after European is back on its previous track of growth. The resuming production operations and improving employment conditions in Europe will act as a catalyst for the demand for outboard engines in approaching years.

European Market, By Engine Type

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The electric engine segment is anticipated to expand at a CAGR of more than 6.2% till 2027 impelled by a shifting trend towards the use of renewable energy. Therefore, to support the transition, the European government is taking several initiatives in order to cut down the carbon footprint. Since consumers are becoming more concerned about their surroundings and buying eco-friendly products, manufacturers are also focusing on accelerating their electric engine production.

Competitive Industry Landscape

The key manufacturers in the European market include SECO GmbH, Yamaha Motor Co., Ltd., Suzuki Motor Corporation, Torqeedo GmbH, Honda Motor Co., Ltd., DEUTZ AG, E.P. Barrus Ltd., Marine Tech, Vector Outboards, and Selva S.p.A.
 

Frequently Asked Question(FAQ) :

The market for outboard engines in Europe hit USD 2,046.4 million in 2020 and will record a CAGR of 5.3% up to 2027.
The adoption of electric engines in Europe is slated to grow at a CAGR of over 6.2% through 2027 powered by the ongoing shift towards the use of sustainable energy.
Europe outboards market share from commercial applications will grow at a 5.5% CAGR through 2027 led by the rising fisheries production and increasing adoption of new designs among boat makers.
Europe market includes several notable companies including Suzuki Motor Corporation, Yamaha Motor Co., Ltd., Marine Tech, Honda Motor Co., Ltd., and Vector Outboards, among others.

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Europe Outboard Engines Market Size Forecast Report 2021-2027


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