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The global outboard boats market, currently valued at US$5 billion, is expected to surpass US$9 billion by 2028, a new research report has concluded. This represents a projected growth rate of over 6% CAGR between 2022 and 2028. The study, by market research firm Global Market Insights, looked at consumer trends, the impact of Covid and the current industry landscape in the markets of North America, Europe, Asia-Pacific, the Middle East and Latin America.
The report finds the outboard market is expected to experience significant expansion worldwide as a result of increasing numbers of water sports events and the growing marine tourism industry. This expansion is also being driven by a proliferation of boat dealers, distributors and rental companies, which are creating opportunities that are favourable for market growth.
The outboard boats market was negatively impacted in 2020 and 2021 by Covid-19 and ensuing lockdowns, but the report expects the market to witness steady growth post-pandemic due to supportive government initiatives to promote marine tourism and new boat launches by market players.
Courtesy of Marine Industry News, further details at: www.marineindustrynews.co.uk/outboard-boats-market-to-hit-us9bn-by-2028/.
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