What are the Forecasted Size and Growth Rates of the Global Small Marine Engines Market?
The small marine engines market size has shown strong growth in recent years. It is projected to grow from $8.22 billion in 2024 to $8.71 billion in 2025 at a compound annual growth rate (CAGR) of 6.0%. This growth can be attributed to factors such as increased leisure travel, government regulations, replacement market, boat manufacturing trends, economic prosperity, and innovation in fuel efficiency.
Similarly, the small marine engines market size is forecasted to sustain robust growth in the upcoming years. It is expected to reach $10.76 billion in 2029 at a compound annual growth rate (CAGR) of 5.4%. This growth can be attributed to factors like rising disposable income, shift towards electric propulsion, global expansion of the fishing industry, environmental sustainability, urbanization and marina development, and the impact of climate change.
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What are the Key Growth Drivers for the Small Marine Engines Market?
The increase in fishing activities is expected to drive the growth of the small marine engines market. Activities related to capturing and processing of fish or shellfish for commercial sale or personal dietary needs have been increasing. The rise in sales of small and medium-sized boats for fishing and leisure purposes shall boost the demand for outboard engines. For instance, the Food and Agriculture Organization, a Canada-based specialized agency of the United Nations, forecasts that the annual fisheries and aquaculture production will grow by 0.6% in 2023 from 2022 levels. Hence, the increasing fishing activity acts as a significant driver for the growth of the small marine engines market.
What are the Major Segments Within the Global Small Marine Engines Market?
The small marine engines market covered in this report is segmented as follows:
1) By Model: Gasoline, Diesel, Electric
2) By Displacement: Up To 2 L, 2-4 L, 4-6 L
3) By Placement: Outboard, Inboard, Other Placements
4) By Application: Recreational Boats, Support Vessels, Coastal Boats, Fishing Boats, Other Applications
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Which Key Companies Operate in the Small Marine Engines Market?
Major companies operating in the small marine engines market include Yamaha Motor Co. Ltd., Honda Motor Co. Ltd., Brunswick Corporation, Suzuki Motor Corporation, Tohatsu Corporation, Bombardier Recreational Products Inc., Volvo Group, Bombardier Recreational Products Inc., Nissan Motor Co. Ltd., Marine Power LLC, Kohler Co., Honda Motor Co. Ltd., Cummins Inc., Westerbeke Corporation, Yanmar Co. Ltd., Johnson Outdoors Inc., Seatek S.r.l., Brunswick Corporation, Torqeedo GmbH, Gason Pty Ltd., Bombardier Recreational Products Inc., Selva Marine S.p.A., ZF Friedrichshafen AG, JCB Ltd.
What Emerging Trends are Shaping the Small Marine Engines Market?
Technological innovations forms a major trend gaining popularity in the small marine engines market. Companies are focused on developing innovative technologies and conducting exhaustive research and development to gain a competitive edge in the market. For instance, in September 2022, Wartsila Corporation, a Finland-based company that manufactures small marine engines, launched a new multi-fuel maritime engine, the Wartsila 25 engine.
Which Region is Set to Experience the Fastest Growth in the Small Marine Engines Market?
North America was the largest region in the small marine engines market in 2024. However, the report predicts that Asia-Pacific will be the fastest-growing region during the forecast period. The report covers regions like Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Small Marine Engines Market Report 2025 Offer?
The small marine engines can be defined as any nonroad engines that are used on a marine vessel that is small in size. The definition includes mobile auxiliary marine engines if the vessel also houses the engines’ fueling, cooling, and exhaust systems. The Small Marine Engines Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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