Pune, 14, Dec, 2022: Maximize Market Research is a leading automotive and transportation research firm that has delivered a detailed analysis of the “Outboard Boat Market”. The report includes key business insights, demand analysis, pricing analysis and competitive landscape. The report expects the market to grow from USD 5.2 Billion in 2021 to USD 8.28 Billion by 2029 at a CAGR of 6 percent over the forecast period from 2022 to 2029.
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Outboard Boat Market Scope and Research Methodology
The report provides insights into the Outboard Boat Market with information on current and future trends. It draws inferences from the data collected to present a report that is easy to understand with the help of data visualization. To understand the prevailing opportunities in the market, the growth rate of the market with estimations is provided in the report along with pricing and demand analysis. For a better grasp of the competitive landscape, an analysis of major companies along with new entrants is conducted by services offered, revenue generated, financial status, portfolio, new product launches and adoption of technological advancement.
The Outboard Boat Market was dominated by the North American region. To understand this scenario, the research conducts a regional analysis of the market equipped with information on their natural endowments, fierce marketing strategies, mergers and acquisitions, joint ventures and technological advancements adopted by them. The report strives to serve as a guide to investors for grabbing new investment pockets in the market, for new entrants to perceive the market better for developing their business stance for entering the market along with market share domination, market penetration, demand and pricing analysis and for market followers to better understand the Outboard Boat Market.
For an in-depth analysis of the services being offered, a segment-wise analysis of the Outboard Boat Market is conducted by Type, Application, End-User and Region. Data is collected using both primary and secondary research methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases.
SWOT, PESTLE and Porter’s Five Force analysis are conducted to understand the threats, strengths, weaknesses and lucrative opportunities prevailing in the market. The report thus provides a comprehensive analysis of the Outboard Boat Market along with recommendations on investment and pricing strategies.
Outboard Boat Market Overview
Boat motors are divided into inboard and outboard motors and are commonly used in the marine industry. An outboard motor is a propulsion system that is one of the most commonly used for propelling boats. Giving its name, the motor is installed outside of the transom giving more space to the interior of the boat. Other benefits provided by the motor include a higher horsepower-to-weight ratio, relatively low maintenance and ease of installation.
Outboard Boat Market Dynamics
Technological advancements are driving the growth of the Outboard Boat Market. Manufacturers are adding newer products and strengthening existing ones with the help of research and development. The ability to re-engine or add power to their boats is one among them along with improvements in the engine performance. The trend of water taxis is also witnessing growth driven by the promotion of tourism activities. This is expected to encourage the growth of the Outboard Boat Market.
Another factor influencing the growth of the Outboard Boat Market is the rising popularity of marine activities. People are investing more time in recreational and leisurely activities such as boating and yachting along with other water sports activities. The rise in such activities is expected to drive the growth of the Outboard Boat Market over the forecast period.
Outboard Boat Market Regional Insights
The North American region dominated the Outboard Boat Market in 2021 accounting for USD 3 billion. The growth in the regional Outboard Boat Market was attributed to the rapid growth in the fishing market. Its growth generated the need for more boats with a better performance given the rise in competition. Another factor contributing to regional growth is the rise of boating activities in the region with people indulging in leisurely activities. These factors resulted in the regional growth of the Outboard Boat Market over the forecast period.
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Outboard Boat Market Segmentation
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Outboard Boat Market Key Competitors include:
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