Honda Marine and the Outboard Market: Italy Leads European Performance
In an increasingly competitive and segmented market, Honda Marine stands out for its strategic vision, investments, and ability to interpret trends. Italy is confirmed not only as a strategic hub but also as a successful testbed. The new V8 engines – alongside a fully renewed range – lay the groundwork for a bold but realistic challenge to European leadership, currently held by Mercury, by 2030.
In the complex and competitive landscape of the European outboard engine market, Honda Marine is consolidating its position as one of the most dynamic and fast-growing players, with particularly strong performance in Italy. During a press event held on April 18 in Ostia, Francesco Pichelli, Head of Sales for Honda Marine Europe, provided an in-depth overview of market developments and the future goals of the new organization, operational since April 1, 2024, under the direction of General Manager Christian Pellegrino.
Honda currently holds an average market share of 16.4% in Europe, up from 14% in 2022. But it is Italy that is driving the continent forward: nearly 4,500 units were sold in the last fiscal year, equating to a 23.4% share – the highest among all European branches. Even more remarkable is the performance of the flagship model, the new Honda BF350 V8, which in just one year has captured a 26% share of the extra-large outboard segment.
“The goal is clear: to raise the performance of other European countries to the Italian level,” Pichelli stated. Official IMEC data – the only certified body in Europe – confirms that the strategy is already underway, with strong focus on the high-power segments.
The European outboard market has stabilized at around 125,000 units per year, following the Covid boom and the subsequent impact of fuel costs and rising interest rates. While small and mid-range segments are slowing, the extra-large segment (over 300 HP) is booming: from 3,000 units during the pandemic to over 4,300 units as of February 2025.
Honda responded with the launch of the new V8-300 and V8-350 models and is planning to introduce six new engines by September 2025, confirming a long-term development plan through 2030.
“Our focus is on product mix quality, not just volume. Value lies in the premium segment,” Pichelli explained.
In Italy, the market stands at around 19,000 units annually – down slightly (-3%) year-on-year. The trend mirrors the European pattern: a physiological decline in 40 HP engines since the pandemic peak, offset by growth in the 100–250 HP and 300+ HP segments. The high-power segment alone grew by 70%. Honda leads the national extra-large segment with 242 BF350 units sold out of 950 total – a 26% share – an impressive result given the brand had no presence in this category just one year ago.
The boatbuilder channel has been strategic:
“The BF350 is not a traditional dealership product – it’s built for boatbuilders. That’s why we’re developing direct relationships with yards and organizing initiatives like ‘BoatBuilder Day’ to increase penetration in twin and triple engine configurations.”
Post-Covid price increases have pushed many customers toward repowering (engine replacement without changing the boat). A 6-meter boat fitted with a 40 HP license-free engine now exceeds €40,000, compared to €26,000–€30,000 pre-pandemic.
“The entry price has risen by over 30%, but incomes haven’t kept pace,” Pichelli noted.
The result? More used engines on the market, unsold stock, and pressure on yards.
France and Germany are the most affected by overstock and market slowdown, while Italy shows stronger resilience – also due to the loyalty of Honda customers who, for years, awaited an engine more powerful than the long-standing 250 HP flagship.
The discontinuation of Evinrude production five years ago reshaped the market. Mercury, already a leader, was the first to absorb the dealer network, but Honda also gained – particularly in Italy. Thanks in part to this, Honda has increased its European market share by 8% over the past five years, while Yamaha lost 4 points (as of July 2024 data).
In the 350 HP outboard segment (August 2024 data): Mercury held 70%, Yamaha 12%, Suzuki 5%, and Honda already reached 13% – an impressive debut result.
Electronic integration is another strategic area. Honda is working on an interface compatible with all major MFDs (multi-function displays) to allow full rigging flexibility while maintaining brand identity and usability – a move that boosts the appeal of Honda in premium segments.
On the industrial front, production of low-power Honda outboards (up to 5 HP) has been relocated to Japan. This decision is unrelated to quality or recent U.S. tariff issues but rather aims at optimizing production and increasing operational efficiency.
In the coming days, we’ll publish a full technical focus on the new Honda BF300, which debuted at boot Düsseldorf last January. The Ostia press event – attended by Italian and European media – was also meant to include sea trials of the new model, unfortunately postponed due to adverse weather. Stay tuned for our on-water test coverage soon.
©PressMare - All rights reserved
