Sales of Marine Outboard Engine Market to be Valued More Than US$ 3.9 Bn by 2030 End The global marine outboard engine market was valued at US$ 3.3 Bn in 2020 and is expected to add value worth US$ 616.4 million during the forecast period (2020-2030). The COVID-19 pandemic has caused latency in the global marine outboard engine market as sales of new vessels have lowered dramatically since over the last couple of months. For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=4339 The market is poised to witness stunted growth on the back of the fiscal uncertainty created by the pandemic. Significantly reduced demand for seafood due to restaurant closures & lowered marine recreational activities amid ongoing lockdown in many regions has caused a slump in the commercial marine industry. As a result, leading vessel manufacturing companies have ceased production. For instance, In March 2020, major boat manufacturing companies in the U.S. such as Viking Yachts, Regal Boats, Brunswick Corporation, Yamaha Outboard, Groupe, Beneteu, and Malibu Boats stopped entire production at their sites in the country. Such dormancy in vessel manufacturing poses a serious threat to the marine outboard engine market. However, as the pandemic is brought under control, the global marine outboard engine market is poised to regain traction and is set to grow by 1.2X by the end of forecast period. For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=4339 Key Takeaways of Marine Outboard Engine Market Study:
Global marine outboard engine market is expected to grow at a CAGR of 1.7%, and is slated to be valued at US$ 3.9 Bn by the end of forecast period (2020 – 2030). Four stroke electronic fuel injection type engines will hold the maximum share in terms of value, at US$ 1.7 Bn market value by the end of forecast period. Marine outboard engines with power above 100 HP type is set to grow at a value CAGR of 1.8% , gaining 43 BPS into its market share by the end of the forecast period. Electric ignition type marine outboard engine is expected to account for majority share in terms of value. It is projected to create an absolute $ opportunity of more than US$ 495.4 Mn during the forecast period. Marine outboard engine used in fishing vessels is projected to grow at a CAGR of 1.7% and will create an absolute $ opportunity of more than US$ 259.6 Mn by the end of the forecast period. North America is prophesied to hold the maximum share in terms of value, expanding at a CAGR of 1.4% during the forecast period.
“The global marine outboard engine market will witness stunted growth in the short-term due to economic slowdown amid COVID-19 pandemic. However, introduction of novel engine designs with