Small Marine Engines Market to Grow with a CAGR of 4.19% through 2028
Rising Demand for
recreational boating and advancements in engine technology are likely to drive the
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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"Global Small Marine Engines Market.”
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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