According to a recent study from market research firm Graphical Research, the Europe outboard engines market size is poised to expand at substantial CAGR during the forecast period. The rise in recreational boating in Europe has been one of the most notable trends driving the Europe outboard engines industry trends in recent years. Budding consumer interest in recreational boating activities such as fishing and water sports has led to increased sales of boats. Currently, recreational boats contribute to around 20 billion Euros in terms of annual revenue. These factors along with the increased consumption of fish food will continue to drive sales of personal watercrafts, sailboats, and sterndrive boats in the years to come.
To meet the growing market demand, manufacturers are focusing on development of new boat designs that suit the changing preferences of consumers. They are also implementing innovative marketing approaches to target new buyers for personal and water sport boats.
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Europe outboard engines market size is projected to hit USD 2.6 billion in terms of the annual valuation by 2027 with robust demand for both recreational and commercial boats. Honda Motor Co., Ltd., Yamaha Motor Co., Ltd., Vector Outboards, Selva S.p.A., Suzuki Motor Corporation, Marine Tech, E.P. Barrus Ltd., DEUTZ AG, Torqeedo GmbH, and SECO GmbH are currently some of the leading manufacturers.
Electric outboard engines are increasingly gaining traction in the European market and their demand is estimated to increase at a CAGR of 6.2% in the near future. Strict environmental regulations have been a key factor driving their adoption across the commercial sector. Government and regulatory bodies have also introduced supportive policies to boost the adoption of electric engine powered boats among recreational buyers.
Ongoing initiatives to replace fossil fuels with sustainable sources of energy will further amplify these trends over the next few years. The regional manufacturers are working on developing new more powerful electric engines in a variety of forms to designed to meet the specific needs of different applications.
Europe outboard engines industry share from commercial applications is slated to grow at a CAGR of over 5.7% over 2021-2027, primarily driven by the increasing aquaculture production in the region. The consumption of fish food has increased nearly tenfold over the past decade. As fish farming companies look to increase aquaculture production to keep up with the market demand, the demand for new boats is likely to grow as well. The expansion of commercial marine fleets in Europe will certainly bolster the overall industry outlook.
The COVID-19 pandemic, however, had caused major disruptions in the Europe outboard engines market throughout 2020. Nationwide lockdown restrictions enforced by the government had caused the temporary manufacturing operations to halt temporarily. Social restrictions had also led to the downfall in recreational activities. Meanwhile, the increasing rate of unemployment and a plummeting economy had impacted consumer income levels significantly. The industry witnessed a weakened demand and minimal growth during the first two quarters of 2020 due to these factors.
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The European Union is taking necessary measures to ensure the revival of economic growth with new investments and initiatives. With ease of government restrictions in the near future, the market is soon expected to enter into a recovery phase. With consistent demand across the recreational and commercial applications, the industry will certainly witness positive growth through 2027, creating promising opportunities for the regional outboard engine manufacturers.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Research Methodology
1.2 Market estimation & forecast parameters
1.3 List of Data sources
1.3.1 Primary
1.3.2 Secondary
Chapter 2 Executive Summary
2.1 Europe Outboard Engines market snapshot
Chapter 3 Europe Outboard Engines Industry Insights
3.1 Industry coverage
3.2 Industry size and forecast, 2016 – 2026
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Future trends
3.4.1 Innovation Landscape
3.5 Raw material analysis
3.6 Regulatory norms & directives
3.7 Drivers & restraints
3.7.1 Drivers
3.7.2 Restraints
3.8 Application growth mapping
3.9 Industry analysis: Porter’s
3.10 Competitive benchmarking
3.10.1 Strategy dashboard
3.11 PEST analysis
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Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
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