Small Marine Engine Market Expected to Expand to US$ 15.9 Billion by 2034, with 6.1% CAGR Growth | Future Market Insights, Inc.
Surging Interest in Recreational Boating and Maritime Tourism Sparks Demand for High-tech Small Marine Engines. The increase in global trade and maritime transportation activities has spurred the demand for marine engines, particularly in commercial vessels such as container ships, bulk carriers, and oil tankers.
NEWARK, Del, Feb. 22, 2024 (GLOBE NEWSWIRE) — The small marine engine market is forecasted to hit a valuation of US$ 8.8 billion in 2024, with expectations of soaring to US$ 15.9 billion by 2034. Throughout this period, Future Market Insights’ experts foresee a steady growth trajectory, with a projected CAGR of 6.1%.
The small marine engine market is experiencing a surge in demand due to the growing popularity of recreational boating activities and maritime trade. Consumers are increasingly looking for propulsion systems that are fuel-efficient, environmentally friendly, and compliant with emission control regulations. Rising disposable incomes in emerging economies, which also contribute to the demand for recreational boating, further fuel this demand. Government initiatives supporting maritime tourism also play a significant role in boosting the market.
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Manufacturers are striving to meet the needs of consumers by expanding their product portfolios and distribution networks. They invest in research, development, and compliance efforts to overcome challenges such as stringent environmental regulations and economic fluctuations. Technological advancements have led to the creation of lightweight engine models and configurations catering to diverse boating needs.
Outboard engines, due to their versatility, ease of installation, and advanced features, have become the preferred choice among consumers. The market is dominated by manufacturers from South Korea, the United States, and Japan, who offer competitive engines with exceptional performance and reliability. These companies leverage their expertise and government support to innovate and meet evolving consumer preferences, ensuring their continued dominance in the small marine engine market.
“Technological advancements, changes in consumer preferences, and a rising demand for eco-friendly propulsion systems are driving promising opportunities for the small marine engine market. With an increasing emphasis on sustainability and regulations promoting cleaner engines, manufacturers can innovate and develop high-performance, efficient, and environmentally friendly engines. By meeting the evolving needs of the boating industry, the market has the potential for significant growth,” – Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- Outboard placement is on track to dominate the small marine engine industry, registering a 5.8% CAGR through 2034.
- Recreational boats are set to lead the application types in the small marine engine industry, recording a 5.5% CAGR between 2024 and 2034.
- The small marine engine industry in South Korea has the potential to increase at a 7.7% CAGR through 2034.
- Small marine engine sales in the United Kingdom are predicted to rise by a remarkable 6.8% CAGR from 2024 to 2034.
- The small marine engine market in Japan is projected to inflate at a CAGR of 7.3% through 2034.
- Small marine engine adoption in China is anticipated to develop at a 7.0% CAGR between 2024 and 2034.
- Small marine engine demand in the United States is estimated to rise at a whopping 6.3% CAGR from 2024 to 2034.
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Competitive Landscape
The small marine engine market is witnessing remarkable growth owing to companies’ continuous efforts toward innovation, strategic partnerships, and customer-centric approaches. These companies invest in research and development to develop advanced engine technologies that cater to evolving customer needs and regulatory requirements, enhancing performance, fuel efficiency, and environmental sustainability. Manufacturers are collaborating with boat manufacturers, distributors, and service providers to expand their market reach and offer comprehensive solutions to customers. Companies are taking advantage of opportunities by prioritizing product development, forming strategic partnerships, and ensuring customer satisfaction, ultimately generating revenue.
Key Companies in the Market
- Greaves Cotton Limited
- Yamaha Motor Co. Ltd.
- Honda Motor Co. Inc.
- Caterpillar
- Suzuki Motor Corporation
- Greaves Cotton Limited
- Weichai Holding Group Co. Ltd.
- Brunswick Corporation
- Deere & Company
- Volvo Penta
- Mercury Marine
- Cummins Inc.
Recent Developments:
- Rolls-Royce and GRSE collaborate to produce marine engines in India.
- Mercury Marine launches new electric outboard motors for small boats.
- Vessel owners choose Caterpillar Marine for engine and hybrid retrofits to reduce emissions and fuel consumption.
- Honda prepares for marine engine production in India, while manufacturers unveil new low-emission workboat engines surpassing environmental standards.
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Market Segmentation
By Placement:
- Outboard
- Inboard
By Application:
- Recreational Boats
- Support Vessels
- Coastal Vessels
- Fishing Vessels
By Region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- Latin America
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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