The outboard engine market is dominated by 4 major players: Mercury, Yamaha, Suzuki and Honda. The publication of the first-quarter results of the top 3 provides an instructive trend on the state of the marine market, as sales of marine engines are not distinguished from the energy and other products division at Honda.
Mercury Marine outboards and sterndrives in the background
The Brunswick Group's propulsion division, led by Mercury Marine, reported a 23% drop in sales, from $751.6 million in 2023 to $578.2 million in 2024 in the first quarter. Outboard motors accounted for $450.5 million, down 24%, while sterndrive motors fell 29% to $37.3 million. Accessories, control systems and propellers held up better, declining by only 15% to $90.4 million.
The Brunswick Group is maintaining its forecast for 2024, estimating annual sales of around $2.6 billion.
Yamaha sees a decline in Europe and the United States
Yamaha's Marine division saw its sales fall by 3.6 billion yen, or 2.5%. Sales totaled 141.9 billion yen, or $910.9 million. In addition to outboard motors, these results include personal watercraft. The Japanese manufacturer reports that demand remains strong in emerging markets, notably China and Brazil, for both pleasure craft and fishing boats, while Europe and the USA are seeing a decline in demand for small and medium-sized powerboats. The high-power outboard niche remains stable.
Suzuki, following in the footsteps of the two main engine manufacturers
Suzuki's Marine Division figures also show a decline in the first quarter of 2024. Sales came to 28 billion yen, or $179.7 million over the period, down 15%. Here again, stable demand for high horsepower cannot compensate for a significant drop in demand for small and medium horsepower, whether on the European or North American markets.
