The global small marine engines market is expected to reach USD 10.3 billion by 2027 from an estimated USD 7.8 billion in 2022, at a CAGR of 5.5% from 2022 to 2027. The growth of the small marine engines market is proportional to the growth of the boatbuilding industry. Apart from this, an increase in the fishing activities and the rising investments in oil and gas exploration has led to the increased use of support vessels and barges. They require small marine engines for propulsion and hence the market is expected to experience a growth in demand during the forecast period.
“Diesel: The largest-growing segment by model in the small marines engines market”
Based on model, the diesel based small marine engines are expected to occupy the largest share in the small marine engines market. Diesel engines are used in marine vehicles such as boats, ships, and submarines. Diesel engines are significantly more expensive than gas-powered engines as they are built to tighter tolerances and can stand much more abuse than their gasoline counterparts. Diesel engines, when maintained properly, can give 6,000–8,000 hours of good use before needing a major overhaul. This means, some diesel engines can easily last the full lifetime of the boat. Most boaters prefer diesel because of durability. Other reasons include safety and/or economy. Diesel fuel is not as volatile as gasoline and does not explode.
“Outboard: The largest segment by placement in small marine engines market”
The small marine engines market has been segmented into outboard, inboard, and others. Others include stern-driven and jet propulsion engines. The main difference between an inboard and an outboard engine is their placement in the boat. Outboards can be flexibly used and they are commonly used for fishing, water sports, and pleasure boating. Most of the boats have outboard engines, because of their ease of use and low maintenance costs. The outboard engines are seen mostly on pontoons, aluminum boats, bass boats, bowriders, small cruisers, and some high-performance off-shore speed and fishing boats. Boats that are used for recreational cruising or fishing are most likely to have outboard motors because the benefits are more advantageous in this setting.
“Asia Pacific: The fastest-growing region in small marine engines market”
Asia Pacific is expected to be the fastest growing region owing to the increasing fishing and recreational activities in countries such as China, India, and Japan. As the oil & gas exploration and production activities pick up pace, the demand for support vessels is likely to spur, leading to a growth in demand for small marine propulsion systems. The demand for small marine engines in the defense sector is also projected to increase because of the ongoing territorial conflicts among countries such as China, the Philippines, North Korea, Japan, India, Vietnam, Pakistan, and Afghanistan, thereby driving the marine engines market in the region. Asia Pacific offers enormous scope for the small marine engines market as the region comprises a large number of developing countries that represent enormous trade opportunities.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 35%, Tier 2- 40%, and Tier 3- 25%
- By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
- By Region: Asia Pacific- 55%, North America- 20%, Europe- 12%, Middle East & Africa- 8%, and South America - 5%.
Note: Others includes sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the small marine engines market include.
The report explains, describes, and forecasts the global small marine engines market, by model, displacement, placement, application, and region.
It also offers a detailed qualitative and quantitative analysis of the small marine engines market. The report provides a thorough review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the small marine engines market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for small marine engines, which would help small marine engines manufacturers/builders review the growth in demand.
2. The report facilitates system providers understand the pulse of the market and offers insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.