Outboard Boat Motors Market

The global outboard boat motors market is projected to increase slightly in performance with a forecasted CAGR of +1.3% in volume and +3.5% in value from 2022-2030, reaching 34M units valued at $156.7B by 2030. Angola leads in both consumption and production of outboard motors. Global imports have witnessed growth, with the United States being the main importer, while global exports are on the rise, with Japan leading as the major exporter.

Market Forecast

Driven by rising demand for outboard boat motors worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.3% for the period from 2022 to 2030, which is projected to bring the market volume to 34M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $156.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Outboard Motors for Marine Propulsion

In 2022, global consumption of outboard motors for marine propulsion stood at 31M units, stabilizing at 2021 figures. Overall, consumption, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 5.7% against the previous year. Over the period under review, global consumption attained the peak volume at 33M units in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

The global outboard boat motors market value expanded modestly to $119.4B in 2022, rising by 1.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a mild reduction. Global consumption peaked at $138.6B in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Consumption By Country

The country with the largest volume of outboard boat motors consumption was Angola (29M units), comprising approx. 93% of total volume.

From 2012 to 2022, the average annual rate of growth in terms of volume in Angola was relatively modest.

In value terms, Angola ($113.3B) led the market, alone.

From 2012 to 2022, the average annual growth rate of value in Angola totaled -1.6%.

From 2012 to 2022, the average annual growth rate of the outboard boat motors per capita consumption in Angola totaled -3.5%.

Production

World Production of Outboard Motors for Marine Propulsion

In 2022, the amount of outboard motors for marine propulsion produced worldwide rose slightly to 31M units, picking up by 1.5% compared with 2021 figures. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 6% against the previous year. Over the period under review, global production hit record highs at 33M units in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

In value terms, outboard boat motors production amounted to $117B in 2022 estimated in export price. Overall, production, however, saw a perceptible downturn. The pace of growth was the most pronounced in 2018 when the production volume increased by 79%. Global production peaked at $159.4B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

Angola (29M units) constituted the country with the largest volume of outboard boat motors production, accounting for 93% of total volume. It was followed by Japan (763K units), with a 2.5% share of total production.

In Angola, outboard boat motors production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+4.7% per year) and China (+1.9% per year).

Imports

World Imports of Outboard Motors for Marine Propulsion

In 2022, overseas purchases of outboard motors for marine propulsion increased by 13% to 1.2M units, rising for the second consecutive year after two years of decline. The total import volume increased at an average annual rate of +3.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 31% against the previous year. Over the period under review, global imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, outboard boat motors imports totaled $4.1B in 2022. In general, total imports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +50.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 32%. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports By Country

The United States represented the main importer of outboard motors for marine propulsion in the world, with the volume of imports finishing at 312K units, which was approx. 26% of total imports in 2022. Russia (107K units) held an 8.9% share (based on physical terms) of total imports, which put it in second place, followed by Belgium (5.8%) and Canada (5.7%). The following importers - Singapore (42K units), Australia (39K units), China (37K units), Italy (31K units), Brazil (30K units), Malaysia (27K units), Mexico (23K units), Germany (22K units) and the UK (20K units) - together made up 23% of total imports.

Imports into the United States increased at an average annual rate of +5.9% from 2012 to 2022. At the same time, Singapore (+18.0%), Mexico (+10.4%), Canada (+5.6%), Italy (+4.8%), China (+4.6%), Russia (+4.4%), Malaysia (+3.0%), the UK (+2.1%) and Brazil (+1.2%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing importer imported in the world, with a CAGR of +18.0% from 2012-2022. Belgium, Australia and Germany experienced a relatively flat trend pattern. While the share of the United States (+4.9 p.p.) and Singapore (+2.6 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Australia (-1.7 p.p.) and Belgium (-2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($1.5B) constitutes the largest market for imported outboard motors for marine propulsion worldwide, comprising 36% of global imports. The second position in the ranking was taken by Canada ($286M), with a 6.9% share of global imports. It was followed by Belgium, with a 6.2% share.

In the United States, outboard boat motors imports expanded at an average annual rate of +9.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Canada (+6.5% per year) and Belgium (+3.4% per year).

Import Prices By Country

In 2022, the average outboard boat motors import price amounted to $3,470 per unit, approximately reflecting the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. The pace of growth appeared the most rapid in 2019 an increase of 8.8%. As a result, import price reached the peak level of $3,490 per unit; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($4,792 per unit), while Singapore ($193 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Outboard Motors for Marine Propulsion

For the third consecutive year, the global market recorded growth in shipments abroad of outboard motors for marine propulsion, which increased by 32% to 1.3M units in 2022. Over the period under review, total exports indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +55.4% against 2018 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, outboard boat motors exports soared to $4.5B in 2022. Overall, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +59.0% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 35% against the previous year. Over the period under review, the global exports attained the peak figure in 2022 and are expected to retain growth in years to come.

Exports By Country

Japan was the major exporting country with an export of about 666K units, which resulted at 50% of total exports. China (289K units) took a 22% share (based on physical terms) of total exports, which put it in second place, followed by the United States (14%). The following exporters - Belgium (58K units) and Thailand (49K units) - each amounted to an 8% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to outboard boat motors exports from Japan stood at +4.9%. At the same time, Thailand (+10.7%), China (+7.3%) and the United States (+7.2%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +10.7% from 2012-2022. Belgium experienced a relatively flat trend pattern. From 2012 to 2022, the share of China and the United States increased by +3.6 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($2.8B) remains the largest outboard boat motors supplier worldwide, comprising 62% of global exports. The second position in the ranking was taken by the United States ($636M), with a 14% share of global exports. It was followed by Belgium, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan stood at +5.7%. In the other countries, the average annual rates were as follows: the United States (+5.8% per year) and Belgium (+5.8% per year).

Export Prices By Country

In 2022, the average outboard boat motors export price amounted to $3,347 per unit, which is down by -10.3% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 18% against the previous year. Over the period under review, the average export prices reached the maximum at $4,108 per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($5,574 per unit), while China ($1,013 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+5.2%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform