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European Outboard Engine Market revenue to hit $3.05 Bn by 2028
Published Date: 2022-08-08
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European Outboard Engine Market size is estimated to surpass USD 3.05 billion by 2028, according to a latest forecast report by Graphical Research.
The market growth is driven by the prolific growth of the travel and tourism sector leading to surging demand for adventure water sports and recreational boating activities. The increasing utilization of boats for these activities has encouraged engine manufacturers, boatbuilders, trade and service providers, and equipment manufacturers to develop marine equipment with advanced capabilities.
The aquaculture and fisheries production in Europe has grown considerably during the last few years, owing to the consistently rising demand for seafood by foreign and domestic travelers. Besides, the subsequent rise in cultural exchanges and increasing utilization of marine transport for carrying-out trade activities may propel the outboard engine sales in Europe. The increasing sales trajectory could be attributed to the rising demand for recreational and commercial boats. Over the years, Europe has emerged as a hub for watersports activities like power boating, parasailing, scuba diving, bodyboarding, kitesurfing, and many more.
Improved disposable incomes, changing consumer behavior, and the increasing desire to explore the outdoor will fuel the industry landscape.
Europe outboard engine market from recreational applications may register lucrative gains by 2028, due to the positive outlook of the boating industry across the region. As per the European Boating Industry facts and figures, the industry has over 32 companies, comprising boat manufacturers, OEMs, and service providers. With over 70,000 km of coastline and more than 37,000 km of inland waterways, the sector has almost 6 million boats and 10,000 marinas employed in European waters, which will lead to positive growth prospects for the Europe outboard engines industry.
Diesel-based outboard engines may account for an appreciable share due to their reliability and ruggedness. Due to their auto ignition, they consume significantly lesser fuel than gasoline engines. Besides, the absence of spark wires and plugs results in lower maintenance costs, adding to their popularity.
Outboard engines with manual ignition are also expected to gain traction due to their easy maintenance and better fuel economy.
The 2-stroke engine segment may have lucrative growth prospects till 2028, due to its better acceleration and top-end speed. They are slightly less complex, lighter, and smaller than their 4-stroke counterparts and require lesser moving parts that require servicing, thus saving a lot on maintenance costs.
The high-power engine segment is expected to register substantial growth by 2028, attributed to the increasing demand for high-speed water fleets like tugs, high-speed ferries, fishing vessels, catamarans, etc.
Browse detailed statistical insights from the report, “Europe Outboard Engines Market Forecast 2028 By Engine Type (Electric, 2-stroke, 4-stroke), By Ignition Type (Manual, Electric), By Fuel Type (Gasoline, Diesel, Electric), By Power (High, Medium, Low), 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) @
Germany high-power outboard engine market will exceed USD 60 million by 2028, on account of increasing import and export activities. Germany market growth is driven by the flourishing sea trade, increasing prospects for recreational boating and adventure sports like canoeing, sailing, swimming, rowing, etc., requiring boats with high speeds.
These engines are also employed in boats that carry-out rescue operations and safe cargo transportation.
Estimations by the Federal Statistical Office suggest that Germany exported goods worth more than USD 1430 billion and imported goods worth over USD 1250 billion in 2021. The foreign trade balance in the country depicted a surplus of about USD 180 billion in 2021. Such developments in trade and recreational activities may strengthen the regional industry outlook over the forthcoming years.
France outboard engine market may exhibit a CAGR of 6% through 2028, laying a strong foundation for future growth opportunities. The country has a rich canal and river network, offering recreational treats of traveling in houseboats, making it one of the preferred holiday destinations.
However, the tourism and boating industry suffered a substantial setback during the pandemic, the implementation of new growth measures by the government, may pull the market back on track in the coming years.
The European outboard engine market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2017 to 2028 for the following segments:
Europe Market, By Ignition Type
Europe Market, By Engine Type
Europe Market, By Fuel Type
Europe Market, By Power
Europe Market, By Application
The above information has been provided for the following countries:
- Rest of Europe