Small Marine Engines Market To Generate $11,696.1 Million Revenue by 2030

The small marine engines market size is expected to grow at a CAGR of 4.9% during 2022–2030, to reach USD 11,696.1 million by 2030. This can be ascribed to the escalating water-based tourism, the surging interest in recreational water sports activities, the increasing spending power of people, and the technical advancement of boats and their engines.

Moreover, small marine engines are used in recreational boats, support vessels, coastal boats, and fishing boats. Recreational boating is principally utilized for leisure activities in developed countries of Europe and North America, and it is also used for fishing and transportation in less developed countries. For instance, more than 100 million Americans go for water activities that form a considerable portion of the demand for watercraft in the region. Further, the demand for outdoor recreation activities increased by more than 6.8% in 2020 in the U.S. outdoor recreation value as compared to 2019, which supported the need for nautical engines.

After North America, Europe held a significant market share, of 25%, in 2022. As per a government source in Europe, trade and service providers, engine and equipment makers, boat builders, and other businesses directly employ over 280,000 people. However, in the APAC region, small marine engines are used in support vessels on a large scale for transportation purposes.

Moreover, the market for offshore support vessels is projected to be driven by the growing installation of offshore wind farms and the rising deepwater development operations brought on by diminishing production from matured fields. Renewable energy sources, like wind energy, are being more widely used. Offshore wind energy in APAC has tremendous potential, which will likely create major prospects for industry participants. Further, the need for small marine engines in APAC is led by the flourishing boating industry, owing to the increasing spending on leisure activities as a result of growing personal disposable income in countries including China, Australia, and India.

Watercraft equipped with a diesel engine model is majorly used, owing to the high torque and fuel efficiency offered by these engines. Diesel fuel engines are more energy-efficient as compared to gasoline engines, as they possess the ability to accommodate more energy per gallon. In addition, the industry is projected to be supported by the wide availability of diesel outboard motors for recreational boats. Furthermore, the growth of the electric boat industry is largely driven by the increasing installation of superchargers at smaller ports and the growing preference for solar-powered boats. Thus, due to the increasing popularity of fishing and recreational sailing, the small marine engines market advance is projected to accelerate significantly in the coming years.

Technological Advancements Create Lucrative Market Opportunities

The demand for recreational boats is fueled by advancements in boat engines, such as VTEC systems, direct injection technology, selective gear rotation, electronic fuel injection capability, and four-stroke technology. With the aim of addressing consumer demand and lower emissions from boating activities, engine manufacturers are creating powerful, low-polluting engines that are expected to boost the growth of the market for small marine engines in the future.

Moreover, the need for such products is bolstered by ongoing technological developments in outboard recreational boats, such as innovations in propulsion systems, automatic trim controls, joystick docking control, and digital throttle controls. Additionally, the use of outboard boats for racing events is growing as a result of the introduction of models with such radical innovation. Therefore, the recreational boating sector is presenting development prospects, due to continual technological advancements in boats and boat motors, which, in turn, drive the market growth.

The major small marine engines market players are Yamaha Motor Co. Ltd., Yanmar Marine International B.V., Brunswick Corporation, Suzuki Motor Corporation, Honda Motor Co. Inc., Caterpillar, Cummins Inc., Volvo Penta, Deutz Ag, Greaves Cotton Limited, Weichai Holding Group Co. Ltd., and Deere & Company.