RnRMarketResearch.com includes new research report on marine outboard engines market in its store titled Global Marine Outboard Engines Market 2016-2020.
The analysts forecast the global marine outboard engines market to grow at a CAGR of 4.06% during the period 2016-2020. This report covers the present scenario and the growth prospects of the global marine outboard engines market for 2016-2020. To calculate the market size, This report considers the revenue generated from the sales of marine outboard engines.
Marine outboard engines are generally used in powerboats. Almost all powerboats are now equipped with either inboard or outboard engines. The demand for outboard engines is more than inboard engines. In Europe, 80% of the total engines used are outboard engines. In the US, the demand for outboard engines is on the same line as in Europe. In Europe, the demand for diesel engines is more, whereas the American market is dominated by gasoline engines. Another major difference between these markets is that consumers in the European market prefer low power output outboard engines, whereas consumers in the US prefer high power output outboard engines.
The market is divided into the following segments based on geography:
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The following companies are the key players in the global marine outboard engines market: Honda, Suzuki, Yamaha, and Mercury. Commenting on the report, an analyst said: “Since new boats are usually costly and beyond the reach of many young consumers, a big market exists for pre-owned boats in the US. Consumers, therefore, prefer to own pre-owned boats. In 2014, the number of new powerboats sold in the US was 171,500 units, whereas 940,500 pre-owned boats were exchanged, which clearly signifies the importance of the pre-owned boats in this market. In 2014, the sales of pre-owned boats were five times of the sales of new boats in the US.”
According to the marine outboard engines market report, the price of fuel has gone down drastically and has been low since 2009, which is acting as a growth driver for the marine outboard engines. The prices of crude oil also fell to more than 64% compared with the highest price levels in 2014 since there was an increase in the supply of oil compared to its demand. Since motorboats have a poor fuel economy compared with road vehicles, a little decline in fuel prices will bring down the expense of the running cost of boats.
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Further, the report states that the demographics of boat users is changing drastically. The average age of the participants who participate in recreational activities such as boating is increasing. Earlier in 2003, the average age of the people participating in recreational activities was 45 years, which has drastically gone up to 55 years. There is, however, less participation of the younger generation in such activities.
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