New York, United States , July 13, 2024 (GLOBE NEWSWIRE) — The Global Small Marine Engines Market Size is to Grow from USD 8.06 Billion in 2023 to USD 13.60 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.37% during the projected period.
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The small marine engines market is the sector that deals with the production, trade, and distribution of lightweight, compact engines intended for use in small boats and other watercraft. These engines are commonly found in many different kinds of watercraft, such as sailboats, PWCs, fishing boats, small commercial boats, and yachts. Small marine engines produce notably less power than larger marine engines when employed in larger ships and boats. Designed specifically to offer small boats and watercrafts efficient propulsion, they integrate fuel efficiency, environmental considerations, and performance. To meet the demands of leisure and commercial boaters, the boating sector is home to a diverse spectrum of global manufacturers, suppliers, and distributors. There have been notable changes in the small marine engine market over time. Small boats made up the majority of powered watercraft on all continents. The primary drivers of technological developments in semi-industrial fishing operations, boats, and equipment have been energy conservation and fuel economy. Significant progress has been made in handling, product quality, efficiency, and reducing the environmental impact of fishing, in addition to enhancing marine safety and the working conditions of fishermen on board vessels. The infrastructure no longer supports current vessel traffic and port operations as a result of the expansion of the maritime and shipping sector.
Browse key industry insights spread across 256 pages with 110 Market data tables and figures & charts from the report on the “Global Small Marine Engines Market Size, Share, and COVID-19 Impact Analysis, By Application (Recreational Boats, Support Vessels, Coastal Boats, and Fishing Boats), By Placement (Outboard and Inboard), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The recreational boats segment is anticipated to hold the largest share of the global small marine engines market over the projected timeframe.
On the basis of application, the global small marine engines market is classified into recreational boats, support vessels, coastal boats, and fishing boats. Among these, the recreational boats segment is anticipated to hold the largest share of the global small marine engines market over the projected timeframe. Personal watercraft, yachts, pleasure crafts, and small motorboats are just a few of the many varieties of boats that are used for fun and relaxation on the water. The popularity of recreational boating and the growing requirement for compact marine engines for water sports and leisure have both contributed to the market sector’s prevalence.
The outboard segment is estimated to grow at the rapid growth in the global small marine engines market over the projection timeframe.
On the basis of placement, the global small marine engines market is segmented into outboard and inboard. Among these, the outboard segment is estimated to grow at the rapid growth in the global small marine engines market over the projection timeframe. Because outboard engines are portable, simple to operate, and can be installed on the transom, they are frequently used for smaller boats and personal watercraft. Thus, for many recreational sailors, they are the go-to option.
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North America is expected to hold the largest share of the global small marine engines market over the forecast period.
North America is expected to hold the largest share of the global small marine engines market over the forecast period. This is a result of a high inclination toward water-related activities. Some of the most well-liked varieties of recreational boats are runabouts, towboats, fishing boats, sailboats, cabin cruisers, and pontoon boats. In the US, outdoor leisure makes up the biggest share, surpassing the combined contributions of the mining, oil and gas, and agriculture industries. Moreover, the region’s need for both inwardly and externally mounted motors is rising as a result of the growing number of outdoor activities that require the usage of boats. Additionally, a significant contributing factor to the advancement of engines used in aquatic vehicles is the annual increase in the number of boaters who enjoy the water. Americans consistently place a high value on living fulfilling lives and spending time outside with friends and family because they have a lot of discretionary income.
Europe is predicted to grow at the fastest pace in the global small marine engines market during the projected timeframe. Germany is the largest market in Europe for small marine engines, followed by Italy and the UK. The market is expanding in Germany due to the growing need for fuel-efficient engines and the growing popularity of boating. Italy is the second-largest market in the region for tiny marine engines as a result of the growing popularity of boating. The UK is the third-biggest market in the region for small marine engines due to stringent environmental regulations.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Small Marine Engines Market include 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., Yanmar Co. Ltd., Deutz AG, Kirloskar Oil Engines, and others.
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Recent Developments
- In February 2023, Yamaha Motor Corporation declared that it would increase its small marine engine production capacity in Japan by investing USD 83 million. The funds were utilized to renovate already existing buildings and construct a new plant.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Global Small Marine Engines Market based on the below-mentioned segments:
Global Small Marine Engines Market, By Application
- Recreational Boats
- Support Vessels
- Coastal Boats
- Fishing Boats
Global Small Marine Engines Market, By Placement
- Outboard
- Inboard
Global Small Marine Engines Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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Source: Vietnam Insider