Asia Pacific Outboard Engines Market size surpassed USD 1,180 million in 2021 and is predicted to observe around 8% CAGR from 2022 to 2028. Growing frequency of boating activities across the region coupled with the rising adoption of water sports will propel the market demand.
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An outboard engine is a motor framework utilized in boats. It involves independent parts including jet drives and gearboxes. These detachable motors are fundamental mechanized engines that are used to drive a watercraft. The motors can control the guiding of the boat on their own, thereby controlling the driving course. The growing sale of small- and medium-sized boats for fishing and recreational activities will bolster the deployment of outboard engines.
The COVID-19 pandemic severely affected outboard engine production and sales across the APAC region. All types of water transport and sports activities slowed down during this period. Businesses were also forced to shut shop temporarily. However, with the number of COVID-19 positive cases gradually decreasing across the region, the production of these motors will witness a major uptick as water sports and recreational activities pick up pace.
The two-stroke engine segment revenue will observe a notable hike by 2028, attributed to its rising use in small & medium-sized boats. Two-stroke engines are lightweight and offer great acceleration. Advanced technologies used in these motors, including low-pressure direct injection will offer fuel efficiency like a four-stroke engine.
Many companies are launching improved versions of these products to expand their customer base. For example, in February 2022, South Korean shipbuilding company Hyundai Heavy Industries (HHI-EMD) signed its first-ever 10-year license agreement with German MNC MAN Energy Solutions for the latter’s brand-new TCT axial-turbocharger series for two-stroke engines. Adding the high-tech turbochargers to product portfolio is likely to help companies strengthen their competitive edge.
The electric fuel segment will hold a sizeable share of the regional outboard engines market by 2028. More companies and customers alike are moving away from fossil-fueled motors because of the rising awareness regarding the harmful effects of these fuels on the environment.
Electric outboard motors can reduce noise pollution significantly because they produce minimal sound during operation. They do not let out any exhaust gases as well, keeping travelers and the environment safe.
The low-power segment will gain a significant momentum during the forecast timeline, owing to the product’s primary usage in recreational boating and fishing activities. The demand for recreational activities like boating has grown significantly as the COVID-19 pandemic subsides. This has boosted the boat registration rate across the APAC region.
The Asia Pacific outboard engines market value from the commercial application segment will exceed USD 320 million by 2028. This is primarily because of the strong economic growth of the region. Surge in the sale of recreational boats will positively impact the installation of outboard motors.
Organizations are also unveiling advanced products that are suitable for a variety of commercial applications. For instance, Honda India Power Products, in March 2022, declared the launch of its 4-stroke engine range in India, thereby foraying into the marine outboard business from April 2022. These motors will find extensive use in commercial fishing, maritime border security, and taxi boat services.
Prominent participants operating across the market include Suzuki Marine, Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Mercury Marine, Inc., Powertec Group, LLC, Mudd Hog Mud Motors, Torqeedo GmbH, Powertrain, and Cox, among several others.