DUBLIN, Sept. 15, 2023 /PRNewswire/ — The “Small Marine Engines Market Size and Share Analysis by Type, Placement, Displacement, Application – Global Industry Revenue Estimation and Demand Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The small marine engines market value will reach USD 11,696.1 million by 2030 from USD 7,967.5 million in 2022, at a 4.9% CAGR
This growth can be credited to the growing demand for numerous kinds of boats utilized for recreational and relaxation events, and the growing coastal tourism for water activities including yachting, boating, and fishing.
Furthermore, the leaning toward the water-based leisure industry has been on the surge because of the increased expenditure on water-associated activities by a chunk of the populace. Also, the sense of better-quality mental health because of the quality time spent during water-based activities is a main factor for the booming boating demand, which, ultimately, quickens the outward and inward-placed engines of marine vessels.
The mounted customer involvement in marine fun activities is offering worthwhile development opportunities for engine demand. In the past years, marine tourism and relaxation activities like yachting, power boating, and sailing, have experienced a significant surge, because of the growing disposable income of consumers. Moreover, rapid development in adventure tourism is helping water recreational activities.
As per a government-issued research article, above 50 million Americans went fishing, including artisanal fishing, commercial, and artisanal fishing, in 2021, which generated a profitable demand for outdoor or inner-placed motors in marine recreational vehicles.
The recreational boats category, on the basis of the application segment, generated approximately USD 3.5 billion in revenue in 2022. And, a surge in demand for technically progressive fishing boats is projected to drive the development of the industry for engines and propulsion systems across the forecast period.
In 2022, the outboard motor category dominated the industry, and the category is also projected to advance at a CAGR of 5% in the coming years. This is mainly because of the technical advances, the requirement for outboard boats is projected to increase significantly in the coming few years.
Boaters’ boating involvements are being advanced by the combination of services like joystick docking control, automatic trim controls, and digital throttle controls. The joystick docking controls make it convenient to function boats in rough sea situations.
In 2022, North America dominated the industry with a revenue share of approximately 40%, in the small marine engines market. This can be credited to a huge leaning toward water-based activities. Popular recreational boats comprise towboats, runabouts, sailboats, fishing boats, cabin cruisers, and pontoon boats. As per the Bureau Study in the U.S., outdoor recreation events responsible for 1.9% of the U.S. GDP in 2021, creating it a better contributor than the oil & gas, agriculture, and mining industries.
Hence, the growing demand for numerous kinds of boats utilized for recreational and relaxation events, and the growing coastal tourism for water activities including yachting, boating, and fishing are the major factors propelling the market.
Companies Mentioned
- Yamaha Motor Co. Ltd.
- Brunswick Corporation
- Suzuki Motor Corporation
- Honda Motor Co. Ltd.
- Caterpillar Inc.
- Cummins Inc.
- Volvo Group
- Yanmar Marine International B.V.
- Deere & Company
- Tohatsu Corporation
- DEUTZ AG
- Greaves Cotton Limited
- WeiChai Holdings Group Co. Ltd.
- Kirloskar Oil Engines Limited
- FPT Industrial S.p.A
Key Topics Covered:
Chapter 1. Research Scope
1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
1.4.1. Market size breakdown, by type
1.4.2. Market size breakdown, by placement
1.4.3. Market size breakdown, by displacement
1.4.4. Market size breakdown, by application
1.4.5. Market size breakdown, by region
1.5. Market Data Reporting Unit
1.5.1. Value
1.6. Key Stakeholders
Chapter 2. Research Methodology
2.1. Secondary Research
2.1.1. Paid
2.1.2. Unpaid
2.1.3 Publisher Database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats
Chapter 3. Executive Summary
Chapter 4. Market Indicators
Chapter 5. Industry Outlook
5.1. Market Dynamics
5.1.1. Trends
5.1.2. Drivers
5.1.3. Restraints/challenges
5.1.4. Impact analysis of drivers/restraints
5.2. Impact of COVID-19
5.3. Porter’s Five Forces Analysis
5.3.1. Bargaining power of buyers
5.3.2. Bargaining power of suppliers
5.3.3. Threat of new entrants
5.3.4. Intensity of rivalry
5.3.5. Threat of substitutes
Chapter 6. Global Market
6.1. Overview
6.2. Market Revenue, by Type (2017-2030)
6.3. Market Revenue, by Placement (2017-2030)
6.4. Market Revenue, by Displacement (2017-2030)
6.5. Market Revenue, by Application (2017-2030)
6.6. Market Revenue, by Region (2017-2030)
For more information about this report visit https://www.researchandmarkets.com/r/d72367
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