The global marine outboard engine market is poised to witness stunted growth of of 1.7% and is pegged to be valued more than US$ 3.9 Bn by the end of forecast period (2020 – 2030).
The global marine outboard engine market is poised to witness stunted growth of of 1.7% and is pegged to be valued more than US$ 3.9 Bn by the end of forecast period (2020 – 2030). Plummeting global demand for fish and seafood due to the coronavirus pandemic is likely to halt commercial fishing activities, thus idling boat fleets.
The coronavirus outbreak has negatively impacted sales of marine outboard engines, affecting at least 0.4% of the global GDP. At the same time, manufacturers are suspending production due to falling demand, and insufficient inventory.
For instance, In March 2020, Brunswick Corporation stopped production of all its marine outboard engines due to scarce raw material supply as well as projected near term weakness in the market.
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Segmentation
By Region
By Engine Type
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Marine Outboard Engine Market Boat Type Insights:
The marine outboard engines used in fishing vessels is projected to expand at CAGR of 1.7% to be value at more than US$ 1.7 Bn by the end of forecast period. Engines used in fishing vessels account for the majority share in the global marine outboard engines market.
However, the demand for these engines lowered significantly in the last fiscal quarter due to a major slump in the commercial fishing industry amid the COVID-19 pandemic. This is attributed to the substantially collapsed demand for seafood due to restaurant closures, generating a dormancy in the fishing industry.
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Essential Takeaways from the Marine Outboard Engine Market Report
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Aug 05, 2022