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Global Small Marine Engine Market - Industry Trends and Forecast to 2031

Semiconductors and Electronics

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Global Small Marine Engine Market - Industry Trends and Forecast to 2031

  • Semiconductors and Electronics
  • Upcoming Report
  • May 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Small Marine Engine Market - Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 8.25 USD Billion
Diagram Market Size (Forecast Year) USD 13.53 USD Billion
Diagram CAGR %

Major Markets Players

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Global Small Marine Engine Market, By Model (Gasoline, Deisel And Electric), Placement (Outboard, Inboard), Application (Recreational Boats, Support Vessels, Coastal Vessels, Fishing Vessels) - Industry Trends and Forecast to 2031.

Small Marine Engine Market

Small Marine Engine Market Analysis and Size

The global small marine engine market is witnessing steady growth due to rising demand for recreational boating activities and commercial marine applications. Factors such as advancements in engine technology, increasing maritime tourism, and growth in the fishing industry contribute to market expansion. Additionally, stringent emission regulations are driving the adoption of eco-friendly engines, further shaping the market landscape for small marine engines.

Global small marine engine market was valued at USD 8.25 billion in 2023 and is expected to reach USD 13.53 billion by 2031, registering a CAGR of 6.38% during the forecast period of 2024-2031. “Outboard”segment dominate the small marine engines market as Outboard engines are highly popular for their compact, lightweight design, offering superior power-to-weight ratios. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016-2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Model (Gasoline, Diesel And Electric), Placement (Outboard, Inboard), Application (Recreational Boats, Support Vessels, Coastal Vessels, Fishing Vessels)

Countries Covered

U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa

Market Players Covered

Yamaha Motor Co., Ltd. (Japan), Yanmar Co. Ltd. (Japan), Brunswick Corporation (US), Suzuki Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Caterpillar (US), Cummins Inc. (U.S.), Volvo Penta (Sweden), Deutz AG (Germany), Greaves Cotton Limited (India), Weichai Power Co., Ltd. (China), John Deere (U.S.),  Kohler Co. (U.S.), Tohatsu Corporation (Japan), Kirloskar Oil Engines (India), OXE Marine AB (Sweden), Hyundai SeasAll (South Korea), Mitsubishi Heavy IndustriesVST Diesel Engines (India), Doosan Infracore (South Korea), FPT Industrial (Italy)

Market Opportunities

  • Advancements in Hybrid Propulsion Systems
  • Increasing Demand for Environmentally Friendly Propulsion Solutions

Market Definition

The small marine engines refer to compact and lightweight internal combustion engines designed for use in small watercraft such as boats, personal watercraft, and small commercial vessels. These engines typically have lower horsepower ratings compared to larger marine engines and are used for propulsion as well as powering auxiliary equipment onboard.

Small Marine Engine Market Dynamics

Drivers

  • Rising Demand for Recreational Boating

The rising demand for recreational boating is driven by a combination of factors that make boating more accessible and appealing to a larger segment of the population. As disposable incomes increase, more people are able to afford boats and participate in recreational boating activities. Improved living standards in emerging economies have also contributed to the growth of the recreational boating market, as more people are able to afford leisure activities such as boating. Additionally, the development of nautical tourism, which includes activities such as cruising, chartering, and island hopping, has created new opportunities for recreational boating and has led to an increase in the demand for small marine engines. These trends are expected to continue driving growth in the small marine engine market as the popularity of recreational boating continues to rise.

  • Surge for Technological Advancement

Technological advancements in small marine engines are reshaping the industry, catering to environmentally conscious consumers and regulatory requirements. Improved fuel efficiency not only reduces operating costs but also minimizes the environmental impact of boating activities, aligning with global efforts to reduce carbon footprints. Effective emission control measures are becoming increasingly important, as regulations tighten to curb pollution from marine vessels. Noise reduction features enhance the overall boating experience, making it more enjoyable and less disruptive to marine life and nearby communities. These innovations are not only driving market growth but also contributing to a more sustainable future for the marine industry.

Opportunities

  • Advancements in Hybrid Propulsion Systems

The development of hybrid propulsion systems, combining traditional combustion engines with electric power, represents a significant opportunity for the small marine engine market. These hybrid systems offer several advantages, including improved fuel efficiency, reduced emissions, and quieter operation compared to traditional engines. As environmental concerns continue to drive demand for more sustainable propulsion solutions, hybrid systems are becoming increasingly attractive to boat owners and operators. Additionally, advancements in battery technology are making electric power a more viable option for marine applications, further boosting the appeal of hybrid propulsion systems. This trend presents a substantial opportunity for the small marine engine market to innovate and capture a growing segment of environmentally conscious consumers seeking efficient and eco-friendly propulsion solutions for their boats.

  • Increasing Demand for Environmentally Friendly Propulsion Solutions

As regulations become stricter regarding emissions from marine vessels, there is a growing need for engines that are more fuel-efficient and produce fewer pollutants. Small marine engines that meet or exceed these environmental standards could see increased demand from boat manufacturers and owners looking to reduce their environmental impact.

Restraints/Challenges

  • Stringent Environmental Regulations

Manufacturers need to invest significantly in research and development to develop engines that meet emission standards and environmental regulations. These investments lead to higher production costs, which are ultimately passed on to consumers in the form of increased prices for small marine engines. This can make small marine engines less competitive compared to alternative propulsion systems, such as electric or hybrid engines, which may be perceived as more environmentally friendly and cost-effective in the long run.

  • Fluctuations in Disposable Income Levels and Economic Downturns

During periods of economic uncertainty or downturns, individuals and businesses are more cautious with their spending, leading them to postpone or scale back investments in new boats or engine upgrades. This directly impacts the demand for small marine engines, as the purchase of new boats or engine upgrades is often considered a discretionary expense. The uncertainty regarding future economic conditions can further exacerbate this effect, as consumers and businesses may adopt a wait-and-see approach, delaying their purchasing decisions. As a result, manufacturers of small marine engines may experience a decrease in demand, leading to lower sales and revenue.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

  • In January 2024, Garden Reach Shipbuilders and Engineers Ltd (GRSE) and Rolls-Royce have signed a Frame and Individual License Agreement to work on the licensed production and localization of MTU IMO Tier II compliant Series 4000 Marine Engines for governmental ships in India

Small Marine Engine Market Scope

The market is segmented on the basis of model, placement and application. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Model

  • Gasoline
  • Diesel
  • Electric

Placement

  • Outboard
  • Inboard

 Application

  • Recreational Boats
  • Support Vessels
  • Coastal Vessels
  • Fishing Vessels

Small Marine Engine Market Regional Analysis/Insights

The market is analysed and market size insights and trends are provided by model, placement and application as referenced above.

The countries covered in the market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of the Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.   

The North American region holds the largest market share in the small marine engine market, driven by several factors. These include a strong emphasis on boating for enjoyment, a thriving marine tourism industry, a significant need for commercial shipping, and the presence of major boat manufacturers and marine equipment suppliers. The region's wide coastline and numerous inland waterways contribute to the high demand for small marine engines for pleasure crafts, yachts, and other recreational vessels. Additionally, the commercial shipping sector relies heavily on small marine engines for various applications, such as fishing boats, ferries, and small cargo vessels.

The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points such as downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Europe brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.     

Competitive Landscape and Small Marine Engine Market Share Analysis

The market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • Yamaha Motor Co., Ltd. (Japan)
  • Yanmar Co. Ltd. (Japan)
  • Brunswick Corporation (U.S.)
  • Suzuki Motor Corporation (Japan)
  • Honda Motor Co., Ltd. (Japan)
  • Caterpillar (U.S.)
  • Cummins Inc. (U.S.)
  • Volvo Penta (Sweden)
  • Deutz AG (Germany)
  • Greaves Cotton Limited (India)
  • Weichai Power Co., Ltd. (China)
  • John Deere (U.S.)
  • Kohler Co. (U.S.)
  • Tohatsu Corporation (Japan)
  • Kirloskar Oil Engines (India)
  • OXE Marine AB (Sweden)
  • Hyundai SeasAll (South Korea)
  • Mitsubishi Heavy Industries-VST Diesel Engines (India)
  • Doosan Infracore (South Korea)
  • FPT Industrial (Italy)


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FREQUENTLY ASK QUESTIONS

The Small Marine Engine Market size will be worth USD 13.53 billion by 2031.
The Small Marine Engine Market growth rate will be 6.38% by 2031.
Rising Demand for Recreational Boating and Surge for Technological Advancement are the growth drivers of the Small Marine Engine Market.
The model, placement and application are the factors on which the Small Marine Engine Market research is based.
The major companies in the Small Marine Engine Market are Yamaha Motor Co., Ltd. (Japan), Yanmar Co. Ltd. (Japan), Brunswick Corporation (US), Suzuki Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan), Caterpillar (US), Cummins Inc. (U.S.), Volvo Penta (Sweden), Deutz AG (Germany), Greaves Cotton Limited (India), Weichai Power Co., Ltd. (China), John Deere (U.S.), Kohler Co. (U.S.), Tohatsu Corporation (Japan), Kirloskar Oil Engines (India), OXE Marine AB (Sweden), Hyundai SeasAll (South Korea), Mitsubishi Heavy IndustriesVST Diesel Engines (India), Doosan Infracore (South Korea), FPT Industrial (Italy).
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