Powering the Seas: Exploring the Small Marine Engines Market

The small marine engines market value will reach USD 11,696.1 million by 2030 from USD 7,967.5 million in 2022, at a 4.9% CAGR. This growth can be credited to the growing demand for numerous kinds of boats utilized for recreational and relaxation events, and the growing coastal tourism for water activities including yachting, boating, and fishing.

Furthermore, the leaning toward the water-based leisure industry has been on the surge because of the increased expenditure on water-associated activities by a chunk of the populace. Also, the sense of better-quality mental health because of the quality time spent during water-based activities is a main factor for the booming boating demand, which, ultimately, quickens the outward and inward-placed engines of marine vessels.

The mounted customer involvement in marine fun activities is offering worthwhile development opportunities for engine demand. In the past years, marine tourism and relaxation activities like yachting, power boating, and sailing, have experienced a significant surge, because of the growing disposable income of consumers. Moreover, rapid development in adventure tourism is helping water recreational activities.

As per a government-issued research article, above 50 million Americans went fishing, including artisanal fishing, commercial, and artisanal fishing, in 2021, which generated a profitable demand for outdoor or inner-placed motors in marine recreational vehicles. the recreational boats category, on the basis of the application segment, generated approximately USD 3.5 billion in revenue in 2022. And, a surge in demand for technically progressive fishing boats is projected to drive the development of the industry for engines and propulsion systems across the forecast period.

In 2022, the outboard motor category dominated the industry, and the category is also projected to advance at a CAGR of 5% in the coming years. This is mainly because of the technical advances, the requirement for outboard boats is projected to increase significantly in the coming few years.

Boaters’ boating involvements are being advanced by the combination of services like joystick docking control, automatic trim controls, and digital throttle controls. The joystick docking controls make it convenient to function boats in rough sea situations.

In 2022, North America dominated the industry with a revenue share of approximately 40%, in the small marine engines market. This can be credited to a huge leaning toward water-based activities. Popular recreational boats comprise towboats, runabouts, sailboats, fishing boats, cabin cruisers, and pontoon boats. As per the Bureau Study in the U.S., outdoor recreation events responsible for 1.9% of the U.S. GDP in 2021, creating it a better contributor than the oil & gas, agriculture, and mining industries.

Hence, the growing demand for numerous kinds of boats utilized for recreational and relaxation events, and the growing coastal tourism for water activities including yachting, boating, and fishing are the major factors propelling the market.

The research offers the size of the small marine engines market for the period 2017–2030.

Market Segmentation by Type

Gasoline

Diesel

Others

Market Segmentation by Placement

Outboard

Inboard

Others

Market Segmentation by Displacement

Upto 2 L

2–4 L

4–6 L

Market Segmentation by Application

Recreational Boats

Support Vessels

Coastal Boats

Fishing Boats

Others

Market Segmentation by Region

North America Small Marine Engines Market

By type

By placement

By displacement

By application

By country – U.S. and Canada

Europe Small Marine Engines Market

By type

By placement

By displacement

By application

By country – Germany, U.K., France, Italy, Spain, and Rest of Europe

Asia-Pacific (APAC) Small Marine Engines Market

By type

By placement

By displacement

By application

By country – Japan, China, India, South Korea, Australia, and Rest of APAC

Latin America (LATAM) Small Marine Engines Market

By type

By placement

By displacement

By application

By country – Brazil, Mexico, and Rest of LATAM

Middle East and Africa (MEA) Small Marine Engines Market

By type

By placement

By displacement

By application

By country – Saudi Arabia, South Africa, U.A.E., and Rest of MEA