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2024-2033 Forecast: What is the Projected Growth Rate for the Outboard Boats Market?

In recent times, the market size of outboard boats has been substantially rising. It is projected to expand from $5.74 billion in 2023 to $6.29 billion in 2024, with a compound annual growth rate (CAGR) of 9.5%. Various factors have fuelled the previous period’s growth, including consumer preferences, boating rules, environmental issues, the condition of boating infrastructure, and cultural changes.

The market size for outboard boats is predicted to experience robust growth in the coming years. The market is projected to increase to $8.92 billion by 2028, with a compound annual growth rate (CAGR) of 9.2%. Factors responsible for this growth during the forecast period include the integration of safety features, an increase in disposable income, online sales, the adoption of electric propulsion, and boating tourism. Significant trends projected during this period comprise hybrid and electric propulsion, customizable and modular design, autonomous and assisted navigation, luxury and high-performance segments, and improved connectivity.

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What Are the Main Drivers Behind the Growth of the outboard boats Market?

The surge in the interest for leisure activities is predicted to catalyze the expansion of the outboard boat market in the future. Leisure activity encompasses any indoor or outdoor activity undertaken during free time for exercising, unwinding, and enjoying. Outboard boats are gaining an increased following among water sports and recreational hobbyists due to their adaptability, ease of handling, and economic pricing. For example, in 2023, based on the records of the Outdoor Foundation, a US-based organization, the number of outdoor recreation participants went up by 2.3% in 2022, hitting a record of 168.1 million individuals, which makes up 55% of the U.S. population above the age of six. Consequently, the surge in the interest for leisure activities is fueling the expansion of the outboard boat market.

What Are the Primary Segments of the Outboard Boats Market?

1) By Type: Recreational Boats, Rigid Inflatable Boats, Small Utility Boats

2) By Application: Tourism, Water Sport, Commercial Activity, Leisure Activity

3) By End User: Fishing, Water Taxi, Transportation, Hospitality Business

Which Trends Are Revolutionizing the Outboard Boats Market?

The growing trend of employing high-tech strategies in the outboard boat industry is becoming increasingly popular. Companies that have a significant presence in this field are focusing on creating innovative practices in order to solidify their market position. For example, Yamaha Motor Co., Ltd., a Japanese company known for its motorcycles and marine equipment, unveiled HARMO in September 2021. This is a vessel equipped with a unique boat handling method that includes an electronic propulsion and steering control system. Described as a ‘next generation boat-maneuvering system platform’, HARMO comprises an electric motor-powered propulsion unit, a remote-controlled box, and a joystick to facilitate easier operation. This smart package boat offers passengers an upgraded experience with its distinctive quiet operation provided by its electric motors.

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Which Geographical Regions Are Pioneering Growth in the Outboard Boats Market?

North America was the largest region in the outboard boat market in 2023. Asia-Pacific is expected to be the fastest-growing region in the outboard boat market report during the forecast period. The regions covered in the outboard boats market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Outboard Boats Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the outboard boats market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Outboard Boats Market Include

1. Outboard Boats Market Executive Summary

2. Outboard Boats Market Segments

3. Outboard Boats Market Size And Template Market Growth Rate

4. Key Outboard Boats Market Trends

5. Major Outboard Boats Market Drivers

……

25. Key Mergers And Acquisitions In The Outboard Boats Market

26. Top Outboard Boats Companies

27. Outboard Boats Market Opportunities And Strategies

28. Outboard Boats Market, Conclusions And Recommendations

29. Appendix

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