Rising Demand for recreational boating and advancements in engine technology are likely to drive the Small Marine Engines market in the forecast period.
According to TechSci Research report, “Small Marine Engines Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Small Marine Engines Market stood at USD 6.08 billion in 2022 and is anticipated to grow with a CAGR of 4.19% in the forecast period.
One of the primary drivers propelling the global Small Marine Engines market is the surging demand for recreational boating. With rising disposable incomes and an increasing desire for outdoor leisure activities, recreational boating has gained immense popularity worldwide. Small marine engines play a pivotal role in powering a wide variety of vessels used for leisure activities, including speedboats, sailboats, personal watercraft, and pontoon boats. The COVID-19 pandemic further accelerated this trend as people sought safe and socially distanced outdoor activities.
With international travel restrictions in place, many turned to boating as a means of escape and relaxation. This surge in demand for recreational boating led to a corresponding increase in the need for small marine engines. Additionally, the appeal of waterfront properties and marina communities has driven continuous demand for recreational boats, thereby further fueling the market for small marine engines. As this demand persists, the Small Marine Engines market continues to flourish.
The global fishing industry’s expansion serves as another significant driver of the Small Marine Engines market. With the world’s population steadily growing, the demand for seafood has increased substantially. This growth has placed considerable pressure on the fishing industry to boost its catch capacity and efficiency. Small marine engines are essential for powering a wide range of fishing vessels, from small trawlers to longliners. To meet the rising demand for seafood, fishing fleets are modernizing their equipment, often replacing older engines with more efficient and environmentally friendly small marine engines.
These engines are not only required to provide the necessary power but also to comply with stringent environmental regulations aimed at reducing emissions and minimizing the industry’s ecological footprint. Furthermore, innovations in fishing techniques, such as longlining and purse seining, necessitate specialized boats with reliable engines, further driving the demand for advanced small marine engines. As the global fishing industry continues to expand to meet the world’s seafood needs, the Small Marine Engines market remains a crucial enabler of its growth.
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The Global Small Marine Engines Market is segmented into type, placement, displacement, application and region.
Based on application, The Recreational boats segment had the largest market share in 2022 & expected to maintain in the forecast period. Recreational boats cater to a diverse range of leisure activities, such as cruising, fishing, water sports, and relaxation. Their adaptability to various purposes makes them a popular choice among individuals seeking different recreational experiences on the water. As disposable incomes rise and people increasingly prioritize experiences over possessions, the demand for leisure and travel activities has surged. Recreational boating offers a unique way to explore coastal regions, waterways, and islands, aligning with the growing trend of experiential travel. Recreational boats come in various sizes and price ranges, making them accessible to a wide range of consumers.
From smaller vessels like kayaks and personal watercraft to larger yachts and sailboats, there is an option for every budget and preference. Boating offers an opportunity for families and friends to bond and create lasting memories. The sense of adventure and shared experiences on the water contribute to the social appeal of recreational boating. The desire for a healthier and more active lifestyle has led many individuals to embrace outdoor activities. Recreational boating aligns with this wellness-oriented mindset, providing a way to stay active, enjoy fresh air, and connect with nature.
Based on placement, The Outboard segment had the largest market share in 2022 and is projected to experience rapid growth during the forecast period. Outboard engines have established a dominant presence within the global Small Marine Engines market due to a combination of factors that contribute to their widespread popularity and success. These engines, characterized by their external positioning on the transom of watercraft, have emerged as frontrunners for several compelling reasons. First and foremost, outboard engines offer exceptional versatility and ease of use. Their portable and detachable nature allows for effortless installation and removal, enabling boat owners to swiftly adapt their vessels for various activities and conditions. This adaptability appeals to a broad spectrum of users, from recreational boaters seeking leisurely outings to anglers and watersports enthusiasts requiring specialized performance.
Furthermore, the technological advancements in outboard engine design have led to remarkable improvements in efficiency and performance. Manufacturers have invested heavily in research and development, leading to innovations in fuel efficiency, reduced emissions, and enhanced power output. These advancements resonate with environmentally conscious consumers and regulatory frameworks emphasizing cleaner marine propulsion solutions. The convenience factor also significantly contributes to the outboard engine’s dominance. Routine maintenance, repairs, and servicing are more accessible compared to inboard engines due to the accessibility of the outboard’s external components. This translates to reduced downtime and lower maintenance costs, enhancing the overall ownership experience.
Major companies operating in the Global Small Marine Engines Market are:
- Yamaha Motor Corporation
- Honda Motor Company, Ltd.
- Brunswick Corporation
- Suzuki Motor Corporation
- Torqeedo GmbH
- Volvo Penta
- Cummins Inc
- MAN SE
- Doosan Corporation
- Rolls-Royce Holdings PLC
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“The Global Small Marine Engines market is expected to rise in the upcoming years and register a significant CAGR during the forecast period. The growth of the market is driven by the increasing demand for boats and other marine vessels for recreational and leisure activities, rising coastal tourism, and the increasing adoption of electric marine engines. Additionally, The Asia Pacific region is the largest market for small marine engines and is expected to continue to dominate the market during the forecast period.
This is due to the increasing disposable income of people in the region, rising tourism, and the increasing demand for boats and other marine vessels. Europe is expected to grow at the fastest CAGR during the forecast period, owing to the increasing demand for fuel-efficient engines and the increasing popularity of boating in the region. Therefore, the market of Small Marine Engines is expected to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Small Marine Engines Market By Type (Gasoline, Diesel), By Placement (Outboard, Inboard), By Displacement (Upto 2 L, 2–4 L, 4–6 L), By Application (Recreational Boats, Support Vessels, Coastal Boats, Fishing Boats), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Small Marine Engines Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Small Marine Engines Market.
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