An analysis has been published projecting the outboard motor market at approximately US$7.1 billion in 2025 and US$9.3 billion–US$11.2 billion in 2032. The report says Japanese manufacturers’ shift toward higher output and electrification is shaping the market.
The global outboard motor market is estimated at approximately US$7.1 billion in 2025 and is expected to grow to US$9.3 billion–US$11.2 billion by 2032, with a compound annual growth rate of approximately 5.1%. Shipment volume is expected to grow moderately, while revenue growth is projected to be supported by a higher proportion of high-output products and engine replacements in existing boats.
By definition, the outboard motor market covers manufacturers’ shipment value for finished engines, including new-boat installations and replacements in existing boats, regardless of whether the engines are gasoline-powered, diesel-powered or electric. Parts, propellers and boat-related equipment are excluded. The demand structure through the middle of the 21st century is expected to differ by application and region.
Boat replacement demand and the shift toward higher horsepower are cited as growth drivers. As the proportion of high-output engines rises, revenue increases even if shipment volume remains at a similar level. The 26–150 horsepower mid-range accounts for approximately 53% of the global market, while engines above 150 horsepower have high unit prices and are expected to drive up market value.
Major Japanese manufacturers include ヤマハ発動機, ホンダ, スズキ and トーハツ. In 2026, ヤマハ発動機 announced 3 new products and 6 models of large four-stroke engines for the domestic market, while トーハツ began shipping 150-horsepower engines worldwide in the same year. These developments indicate efforts to strengthen competitiveness through higher output and expanded sales networks.
The top 10 companies are estimated to account for approximately 92.5% of global sales. Major companies include ヤマハ発動機, ブランズウィック (マーキュリーマリン) and ホンダ技研工業. Strengthening dealer networks and supplying replacement parts are also cited as factors influencing market share.
Electric outboard motors are gaining ground first in small applications below 25 horsepower. However, gasoline-powered models accounted for approximately 81% of market revenue as of 2025, highlighting the importance of distinguishing between shipment volume and sales value when assessing the adoption of electrification.