The global marine outboard engine market was valued at US$ 3.3 Bn in 2020 and is expected to add value worth US$ 616.4 million during the forecast period (2020-2030). The COVID-19 pandemic has caused latency in the global marine outboard engine market as sales of new vessels have lowered dramatically since over the last couple of months.
The market is poised to witness stunted growth on the back of the fiscal uncertainty created by the pandemic. Significantly reduced demand for seafood due to restaurant closures & lowered marine recreational activities amid ongoing lockdown in many regions has caused a slump in the commercial marine industry.
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As a result, leading vessel manufacturing companies have ceased production. For instance, In March 2020, major boat manufacturing companies in the U.S. such as Viking Yachts, Regal Boats, Brunswick Corporation, Yamaha Outboard, Groupe, Beneteu, and Malibu Boats stopped entire production at their sites in the country. Such dormancy in vessel manufacturing poses a serious threat to the marine outboard engine market.
However, as the pandemic is brought under control, the global marine outboard engine market is poised to regain traction and is set to grow by 1.2X by the end of forecast period.
Key Takeaways of Marine Outboard Engine Market Study:
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Product Launches to be the Prime Strategy for Marine Outboard Engine Manufacturers
The global marine outboard engine market is highly consolidated. Prominent manufacturers are continuously focusing on product launches in order to fulfil the increasing demand from boat manufacturers. For Instance,
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