The global small marine engines market is expected to reach USD billion 10.3 billion by 2027 from an estimated USD 7.8 billion in 2022, at a CAGR of 5.5% from 2022 to 2027. Recreational boats, fishing boats, coastal boats, and support vessels utilize small marine engines primarily for propulsion from one port to another. The primary reason for the growth of the market in the region is its growing recreational boating activities, which will increase the demand for boats and vessels and eventually drive the small marine engines market.
The diesel segment, by model, is expected to be the fastest growing segment of the small marine engines market. Diesel marine engines are used in marine vehicles for main propulsion and provide auxiliary power to vessels. Diesel is mostly preferred as it provides better fuel economy and longer engine life. The modern type of marine diesel engines have been equipped with features of low noise and have overcame the problems of high maintenance. The durability of the diesel engines is expected to increase the demand of these diesel small marine engines in the upcoming years as well.
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The 4-6 L segment is likely to cover the largest share in the displacement segment. Engine displacement means an engine can move more air and fuel, and giving it the potential to make more power. While small vessels make up most of the world’s fleets, the estimation of their numbers is particularly challenging. The 4-6 L is the most preferable type of displacement capacity when it comes to recreational boating and fishing activities.
Outboard is expected to grow at the fastest CAGR in the small marine engines market. The dominance of this segment can be attributed to the lower maintenance and flexibility. Outboard engines can be fully removed from the boat for storage or lifted up so they do not touch the water. Outboard motors are more common in boating because they are slightly less expensive. Therefore, the easy maintenance and less cost is expected to drive the market for outboard small marine engines.
Recreational boats is likely to cover the largest share in the small marine engines market. The adoption of private pleasure boats and increase in their usage will drive the market for small marine engines. Sailboats, cruiser boats, and cataramans uses outboard marine engines for propulsion and therefore the increase in the recreational activities will drive the demand for outboard engines. Outboard engines is already the fastest growing type of engines, and is driving the market for small marine engines.
Key Market Players:
Yamaha Motor Co., Ltd. (Japan), Yanmar Co. Ltd. (Japan), Brunswick Corporation (US), Suzuki Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan) are the key players in the global small marine engines market.
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Asia Pacific is expected to grow at the highest CAGR during the forecast period. The region is experiencing development driven by the growth of major economies such as China, India, Japan, and Australia. Japan is one of the advanced economies in the Asia Pacific region and is a global leader in manufacturing and exporting machinery and automotive. The country also has a well-established boating industry in Asia Pacific. The marine industry in Japan comprises three major groups, namely, boating companies, along with boat owners; boatbuilding companies; and boat component manufacturers. The close association of these groups and financial support provided by government bodies have led to the growth of the marine industry, which, in turn, has contributed to the growth of the small marine engines market in the country and eventually to the Asia Pacific region.
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Marine Engines Market – Global Forecast to 2027
