The maritime industry is going through a range of changes
with the growing demand for activities including shipping and fishing, which is
likely to result in the emergence of diversification in related businesses.
Frequent innovations in technology are also aiding in the expansion of the
marine outboard engines industry.
The global marine
outboard engines market is set to grow by 1.3 times during the
forecast period till 2029 and is expected to surpass a value of USD 2.5 billion
during this time. The rise can be attributed to the increased production of
heavier boats and the associated development of outboard engines with higher
power outputs. These trends are supported by a rising demand for boats such as
larger day boats and sports cruisers, which will ensure above average growth in
the industry during this period.
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Product Innovation
Strategies are Key to Growth
Major players in the industry are increasingly focusing their
efforts towards the launch of advanced marine outboard engines, which have
greater reliability and higher levels of power efficiency. As the demand for
speedier boats has gone up, manufacturers have been pushing to the development
of more powerful outboard engines.
However, recent times have forced these businesses to balance
higher performance parameters with increasingly strict regulations and
compliance to emission reduction standards. The need to comply with emission
standards is expected to negatively impact the industry.
Consequently, manufacturers have been increasing efforts to
offset these issues by developing marine outboard engines which run on
alternative fuels. This definitely helps manufacturers to widen their product
portfolios with the use of easily available alternative fuels, the most popular
of which is LPG. LPG-based engines are not only faster to start, they also run
quieter, and maintenance is minimal for the engines and associated accessories.
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In addition, high power engines have become a popular choice
among end users, as boat makers are pushing for increasing the size of the
newer boats. Companies have started to contribute towards engines with higher
capabilities to meet the needs of new cutting edge boat designs, which require
unique configurations such as multiple engines, center consoles, and
lightweight engines to offer better performance.
Diesel Variants Gain
Traction as Electrics Compete
At present, the marine diesel outboard engines are fairly new
to the industry. However, these machines are thought to be effective with
greater efficiency, higher levels of acceleration, and better torque levels as
well.
On the other hand, diesel outboard motors are expected
to struggle with the growing strictness of environment and emission reduction
regulations. In turn motors using electric drives have been touted to be the
future of marine outboard engines. Boat owners are also pushing for the use of
electric power for numerous applications including power fishing, tender boats,
recreation, pontoons, and cruisers, among others.
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