As cited by the research report titled ‘Global Outboard Motor Market Size study, by Thrust (Portable, Mid-range, High power) by Application type (Commercial, Recreational) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global outboard motor market was valued at USD 9.1 billion in 2020 and is estimated to expand at a CAGR of 3% over 2021-2027, further reaching USD 11.19 billion in valuation by the end of study duration.
 

Rising demand for boating & other water sports coupled with growing demand from the tourism & recreational sectors are the major factors driving global outboard motor market growth. As per Statista, the tourism industry is anticipated to expand to USD 1311.1 billion by end of 2021, from around USD 1094.8 billion in 2020.
 

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For the uninitiated, an outboard motor is a boat propulsion system which is made up of self-contained engine, shaft, gearbox, or jet pump located on the outside of the bow.
 

Rising technological advancements and increasing disposable incomes are further adding traction to the overall market size. On the downside, reduction in the recreational activities and rising availability of the alternatives for the outdoor motors are likely to act as bottlenecks for the industry progression over the estimated timeframe.
 

Based on thrust type, worldwide outboard motor industry vertical is segmented into portable, mid-range, and high power. Considering the application range, the marketplace is divided into commercial and recreational.
 

Considering the geographical landscape, North America is likely to emerge as a key revenue generator for the overall market over the assessment period, on account of increasing disposable incomes of people in the region.
 

Meanwhile, Europe is anticipated to showcase strong growth rate over the study period 2021-2027, owing to rising recreational activities generating lucrative prospects for the business scenario.
 

Prominent players swaying the worldwide outboard motor industry dynamics are Bombardier Recreational Products Inc., Brunswick Corporation, Mercury Marine, Deutz AG, Tohatsu Corporation, LEHR LLC, Suzuki Motor Corporation, Honda Motor Company Ltd., Yamaha Motor Co. Ltd., and Volvo Penta.
 

The report incorporates detailed profiles of the players with information on their businesses and product portfolios, along with the recent developments.