Published Date: 2022-08-08
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APAC Outboard Engine Market size is poised to reach USD 2.02 billion by 2028, according to a latest forecast report by Graphical Research.
The market growth is due to the growing demand for customized boats, together with the rising use of high-powered outboard motors in commercial and recreational applications will amplify product penetration across the region.
Enhanced economic conditions coupled with the increasing marine travel will aid the industry progress in the future. Improved boating infrastructure and encouraging regulatory policies will also support the regional demand for outboard motors. Government bodies across the APAC region are enforcing regulations and norms to ensure operational safety during leisure boating. The percentage of high net-worth individuals is growing at a steady rate across the region as well.
In 2021, the number of ultra-high net worth individuals (UHNWI) in India grew by 11%, helping the country rank third in the global billionaire population. This has fueled the demand for luxury boats, propelling the deployment of high-powered outboard engines. The presence of several boat manufacturers across the region will support the APAC outboard engine market growth.
In APAC countries like New Zealand the number of people buying boats for recreational or commercial purposes rose post the coronavirus outbreak. For example, boat sales saw a notable jump in New Zealand during the lockdown in 2020. This trend continued in 2021 as well. Many local luxury boat manufacturers were not able to keep up with the rising demand for their products. These factors accelerated the production of outboard engines to support the demand for small- and medium-sized boats and yachts.
China 4-stroke outboard engine market size will exhibit a 10% CAGR through 2028. Four-stroke engines come in a variety of power outputs, giving customers a wider range of choices. The engine also offers adaptive speed control features that maintain the revolution per-minute (RPM) regardless of the load change, enhancing a customer’s driving experience.
China was marred with numerous waves of the COVID-19 pandemic, which negatively influenced recreational boating activities. However, the government will gradually start easing various travel and movement restrictions to get its tourism sector back on track. For instance, the Chinese authorities have kickstarted the preparations for the 26th China (Shanghai) International Boat Show (CIBS), which will take place in March 2023. This event will showcase different types of boats, boat accessories & equipment, and services offered by the nation’s boat industry. Such exhibitions and initiatives will provide an ideal platform for companies to buy or sell boat components like outboard engines.
Browse detailed statistical insights from the report, “Asia Pacific Outboard Engines Market Forecast 2028 By Power (High, Medium, Low), By Engine Type (Electric, 2-stroke, 4-stroke), By Ignition Type (Manual, Electric), By Fuel Type (Gasoline, Diesel, Electric), By Application (Recreational, Commercial, Military), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1921/asia-pacific-outboard-engines-market
Australia outboard engine market size in terms of volume will reach nearly 70,000 units by 2028. The country is home to several reputed boat manufacturers, whose products are exported across the globe. Australia’s economy also benefits from aqua tourism, which includes recreational boating. According to Tourism Australia, a large share of international visitors participates in different boating activities to enhance their coastal and aquatic experiences. This scenario will positively influence the production of outboard engines for small- and medium-sized boats.
The diesel engines segment will show tremendous growth between 2022 and 2028. One of the major reasons for this is the economic viability of diesel motors. Diesel is also much less flammable as compared to gasoline.
Robust power output and efficiency of high-powered outboard engines have prompted end-users to opt for commercial outboard motors. As commercial watercraft frequently experience demanding conditions and work for longer hours, companies across the region are considering the advantages of high-powered outboards for cost-effective and reliable operations.
The APAC outboard engine market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in thousand units & revenue in USD Million from 2017 to 2028 for the following segments
Asia Pacific Market, By Engine Type
Asia Pacific Market, By Fuel Type
Asia Pacific Market, By Power
Asia Pacific Market, By Ignition Type
Asia Pacific Market, By Application
The above information has been provided for the following countries:
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