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APAC Outboard Engine Market size to reach $1.5 Bn by 2027
Published Date: 2021-08-25
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APAC Outboard Engine Market size is expected to surpass USD 1.5 billion by 2027, according to a latest forecast report by Graphical Research. The growing demand for customized boats along with the rising adoption of high-powered outboard engines in commercial & recreational applications will boost industry penetration.
Enhanced economic circumstances coupled with the increasing marine travel will aid market development in the near future. In addition, improved boating infrastructure and encouraging regulatory policies will considerably expand Asia Pacific outboard engine market. Regional government bodies are enforcing regulations and norms to ensure operational safety during leisure boating. The increasing demand for luxury boats by high net-worth individuals is significantly propelling the adoption of high-powered outboard boats.
The presence of several boat manufacturers across the region along with around 101 marinas will support the market growth over the near future. Changing consumer preferences and the rising demand for everyday boats are expected to boost product demand. Several initiatives to promote yachting tourism will escalate product demand. For instance, in November 2016, the China State Council issued a circular to promote tourism and formulated the yachting tourism development plan.
The current COVID-19 virus pandemic has affected the Asia boat manufacturing due to strict social distancing and lockdown guidelines enforced by several regulatory authorities. Furthermore, the usual stoppage period of an outboard engines production plant around the globe is almost 20 - 30 functioning days, which is projected to negatively affect the overall demand for outboard engines in 2020.
Browse detailed statistical insights from the report, “Asia Pacific Outboard Engines Market Forecast 2027 By Power (Low, Mid, High), By Engine Type (Two-stroke, Four-stroke, Electric), By Fuel Type (Diesel, Gasoline, Electric), By Ignition Type (Electric, Manual), By Applications (Commercial, Recreational, 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) @
The four-stroke outboard engines will observe around 8% CAGR throughout 2027. Four-stroke engines will witness a significant growth rate owing to a wide range of power outputs offered along with frequent new product launches. The engine provides adaptive speed control characteristics that maintain the rpm regardless of the load change, enhancing the driving experience.
Diesel engines for outboard boats will exhibit a considerable growth rate of 9.5% from 2021 to 2027 due to the establishment of distribution channels coupled with the promotion of heavy-powered diesel motors. Lower emissions coupled with the obtainability of an extensive range of power yield will propel industry expansion.
The high-powered outboard engines segment witnessed a revenue share of over 25% in 2020 owing to rising preference for large leisure boats in the region.
Increasing power output and efficiency of high-powered outboard engines have enabled the widespread adoption of commercial applications. As commercial watercraft tend to experience demanding conditions and all-day operations, companies across the globe are considering the advantages of high-powered outboards for cost-effective and reliable operations. Owing to the above factors, the commercial applications segment grasped over 15% share in 2020.
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 2016 to 2027 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:
- Asia Pacific
- New Zealand
- South Korea
- Rest of Asia Pacific