Marine Outboard Engine Market to Significant Growth Foreseen by 2029
Verfasser: ashwani_kailiya on Thursday, 13 February 2020The 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.