Sep 29, 2022   SOURCE: BusinessWire

The Worldwide Small Marine Engines Industry is Expected to Reach $10.3 Billion by 2027 - ResearchAndMarkets.com

The "Small Marine Engines Market by Model (Gasoline, Diesel, Electric), Placement (Outboard, Inboard), Application (Recreational Boats, Support Vessels, Coastal Boats, Fishing Boats), Displacement (Up to 2 L, 2-4 L, 4-6 L) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

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.

Market Dynamics

Drivers

  • Surge in Demand for Outdoor Recreation and Personal Mobility
  • Growth of Fishing Industry
  • Emphasis on Coastal Security and Defense

Restraints

  • Stringent Environmental Regulations for Decarbonization
  • Lack of Marine Infrastructure in Developing Economies

Opportunities

  • Increase in Installation of Offshore Energy Facilities
  • Growing Investments in Electrification Projects for Marine Applications

Challenges

  • High Lead Times

Companies Mentioned

  • Brunswick Corporation
  • Caterpillar
  • Cummins Inc.
  • Deutz Ag
  • Doosan Infracore
  • FPT Industrial
  • Greaves Cotton Limited
  • Honda Motor Co. Ltd.
  • Hyundai Seasall
  • John Deere
  • Kirloskar Oil Engines
  • Kohler Co.
  • Mitsubishi Heavy Industries-VST Diesel Engines
  • Oxe Marine Ab
  • Suzuki Motor Corporation
  • Tohatsu Corporation
  • Volvo Penta
  • Weichai Power Co. Ltd.
  • Yamaha Motor Co. Ltd.
  • Yanmar Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/k1yh8b