Small Marine Engines Market Research Report: By Engine Type (Two-Stroke, Four-Stroke, Diesel), By Power Range (Up to 10 HP, 10-50 HP, 50-125 HP, Over 125 HP), By Application (Recreational Boats, Commercial Boats, Industrial Equipment), By Cooling System (Air-Cooled, Water-Cooled) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.

Small Marine Engines Market Overview:

Small Marine Engines Market Size was estimated at 30.38 (USD Billion) in 2022. The Small Marine Engines Market Industry is expected to grow from 31.6(USD Billion) in 2023 to 45.0 (USD Billion) by 2032. The Small Marine Engines Market CAGR (growth rate) is expected to be around 4.01% during the forecast period (2024 - 2032).

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Small Marine Engines Market Trends Highlighted

Key Market Drivers:Fuel efficiency and environmental regulations are driving the demand for small marine engines, particularly in developed regions. The increasing popularity of recreational boating and the growth of the fishing industry are also contributing to the market's growth. Moreover, rising disposable income among consumers is enabling them to purchase higher-powered and more technologically advanced marine engines.

Opportunities to be Captured:

The increasing popularity of electric and hybrid marine engines presents opportunities for market growth. These engines offer significant advantages, such as reduced emissions, lower operating costs, and improved reliability. Additionally, the growing trend of boat sharing, and rental services is creating new revenue streams for small marine engine manufacturers.

Trends in Recent Times:

The market has witnessed significant technological advancements in recent years. The incorporation of artificial intelligence (AI), machine learning (ML), and IoT devices is enhancing engine efficiency, reliability, and safety. Furthermore, the adoption of advanced manufacturing techniques and materials is enabling the production of lighter, more durable, and fuel-efficient engines. These trends are expected to continue to shape the market landscape in the coming years.

Small Marine Engines Market Drivers

Increasing Demand for Recreational Boating

The worldwide business for small marine engines is projected to obtain momentum from the increasing popularity of recreational boating. This is attributable to the fact that an increasing number of buyers are recognizing the pleasure of boating. Besides, the increasing demand for boats and engines can particularly be seen in emerging markets, in which the middle-class populace is progressively able to pay for such recreational activities. The increasing popularity of recreational boating is derived from several factors, including rising disposable incomes, growing urbanization, and the growing recognition pertaining to the health and environmental benefits of outdoor activities.Considering the fact that an increasing number of people are opting for boats for leisure, there is bound to be a growing demand in the small marine engines market. Moreover, the global small marine engines market is further bolstered by the increasing demand for commercial marine applications. This is reflected in the case of various boats for commercial purposes, such as fishing boats, work boats, and so forth. The worldwide business for small marine engines is booming due to the increasing demand for seafood and other marine products.Also, there was a need for more reasonable and dependable transportation techniques, which is where the use of boats for commercial purposes came into play. Thus, it can be seen that the increasing popularity of recreational and commercial boating is bound to do well for the small marine engines market on a worldwide scale. More and more people are coming to know pleasure boats, while the demand for commercial boats is also on the rise.

Advancements in Engine Technology

The small marine engines market is also stimulated by advances in engine technology. They imply the creation of more efficient, reliable, and clean engines. If engine technology improves, it should contribute to the increased demand for small marine engines. The vital advance in engine technology is the development of more efficient engines. This means that engines are able to use less fuel to produce the same power. For such a reason, a boat owner may save significant amounts of money.Furthermore, field conditions are that fuel prices remain high and are likely to grow. Thus, there should be a growing demand for more efficient engines. The second advance is represented by the development of more reliable engines. Boats frequently operate in difficult conditions, and there is a high risk of their engines breaking down. The latter requires the time and financial costs of boat owners. The regularity of boats is crucial, and this fact explains the increased demand for reliable engines.Finally, modern engines are becoming cleaner and produce fewer emissions. It is important in terms of the fact that increased air pollution may lead to numerous health issues being dangerous for people. Both owners are aware of such a factor, and the demand for cleaner engines is growing.

Growing Popularity of Electric and Hybrid Engines

Another important driver of the global small marine engines market is the growing popularity of electric and hybrid engines. Electric and hybrid engines have a number of advantages over traditional gasoline engines. First, electric engines are zero-emission as they are powered by batteries. Thus, they are the perfect option for boat owners who are concerned about the environmental impact of their activities. Second, electric engines are very quiet, meaning that they can be successfully used in areas where noise pollution is a problem.Hybrid engines combine a gasoline engine with an electric motor. Therefore, they also allow boat owners to achieve the best in both worlds. Hybrid engines can be used to drive boats at low speeds, which is the most efficient speed for an electric motor. Then, they can switch to the gasoline engine when the boat reaches a high speed. The gasoline engine has thus been shown to be the most efficient. The benefits of electric and hybrid engines will thus continue to drive the growth of the global small marine engines market.There are several drivers for the increase in the demand in the global small marine engines market. These include growing demand for small boats as a housing option, increasing popularity of electric engines, and Twittering.”TechWhack: Social media chat-like feeling in your blog posts via Twitter. ” TechWhack, 24 Nov. 2008. Web. The electric and hybrid engines not only consume less energy, thus allowing reduced costs but are also environmentally friendly.Thus, the growing demand for these engines will continue to drive the growth of the global small marine engines market in the future.

Small Marine Engines Market Segment Insights

Small Marine Engines Market Engine Type Insights

The Global Small Marine Engines Market is a diverse market segmented by various factors, including engine type. The market segmentation provides valuable insights into the performance and growth potential of different engine types in the industry. Engine Type Segment Insights: The engine type segment of the Global Small Marine Engines Market is primarily categorized into three major types: Two-Stroke, Four-Stroke, and Diesel. Each engine type offers distinct advantages and caters to specific applications in the marine industry. Two-Stroke Engines: Two-stroke engines are characterized by their simple design and lightweight construction, making them suitable for low-power applications such as outboard motors and personal watercraft.Their ability to deliver high power-to-weight ratios makes them popular in recreational boating activities. In 2024, the global Two-Stroke Small Marine Engines Market is estimated to be valued at USD 11.2 billion, with a projected CAGR of 3.5% from 2024 to 2032. Four-Stroke Engines: Four-stroke engines are known for their fuel efficiency and reduced emissions, making them ideal for larger boats and commercial applications. Their durability and reliability contribute to their widespread use in fishing vessels, patrol boats, and other marine workboats.The global Four-Stroke Small Marine Engines Market is anticipated to reach USD 19.8 billion by 2024, exhibiting a steady growth rate of 4.2% from 2024 to 2032. Diesel Engines: Diesel engines offer superior fuel efficiency and torque, making them suitable for heavy-duty applications such as commercial fishing boats and large yachts. Their ability to operate on a wide range of fuels, including biodiesel, provides operational flexibility and cost savings. The global Diesel Small Marine Engines Market is expected to grow at a CAGR of 4.8% from 2024 to 2032, reaching a valuation of USD 14.0 billion by 2024.Market Dynamics and Growth Factors: The Global Small Marine Engines Market is influenced by several factors, including rising demand for recreational boating, increasing urbanization in coastal areas, and growing adoption of environmentally friendly technologies. Technological advancements, such as the development of fuel-efficient engines and lightweight materials, are expected to drive market growth. Moreover, government regulations and incentives promoting sustainability are likely to further accelerate the adoption of advanced engine types in the marine industry.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Small Marine Engines Market Power Range Insights

The Small Marine Engines Market is segmented by power range into Up to 10 HP, 10-50 HP, 50-125 HP, and Over 125 HP. The 10-50 HP segment is expected to dominate the market in the coming years. This is due to the growing popularity of small and medium-sized boats, which are typically powered by engines in this range. The Up to 10 HP segment is also expected to witness significant growth, as these engines are used in a wide range of applications, including personal watercraft, small fishing boats, and sailboats. The 50-125 HP segment is expected to grow at a steady pace, as these engines are used in larger boats, such as cruisers and fishing boats.The Over 125 HP segment is expected to witness moderate growth, as these engines are used in high-performance boats, such as racing boats and yachts.

Small Marine Engines Market Application Insights

The Application segment of the Global Small Marine Engines Market is segmented into Recreational Boats, Commercial Boats, and Industrial Equipment. Recreational Boats hold the largest market share due to the growing popularity of boating as a leisure activity. The increasing demand for personal watercraft, such as jet skis and powerboats, is driving the growth of this segment. Commercial Boats are used for fishing, transportation, and other commercial purposes. The growth of the commercial fishing industry is expected to drive the demand for commercial boats.Industrial Equipment includes small marine engines used in construction, agriculture, and other industrial applications. The growth of the market is attributed to the increasing demand for recreational boats, commercial boats, and industrial equipment. The growing popularity of boating as a leisure activity is driving up the demand for recreational boats. The increasing demand for commercial fishing and transportation is driving the demand for commercial boats. The growth of the construction industry is driving the demand for industrial equipment.Key players in the Global Small Marine Engines Market include Mercury Marine, Yamaha Motor Company, Honda Motor Company, and Suzuki Motor Corporation. These companies are investing in research and development to develop new and innovative small marine engines. They are also expanding their distribution networks to reach new markets.

Small Marine Engines Market Cooling System Insights

The Cooling System segment of the Global Small Marine Engines Market is categorized into Air-Cooled and Water-Cooled systems. In 2023, the Air-Cooled segment held a dominant market share, valued at approximately USD 12.5 billion. The dominance of Air-Cooled systems can be attributed to their simplicity, ease of maintenance, and lower cost compared to Water-Cooled systems. However, the Water-Cooled segment is projected to witness significant growth during the forecast period, owing to its superior cooling efficiency and ability to handle higher engine loads.The increasing demand for high-performance marine engines is expected to drive the growth of the Water-Cooled segment in the coming years.

Small Marine Engines Market Regional Insights

The Global Small Marine Engines Market is segmented into North America, Europe, APAC, South America, and MEA. The North American region is expected to hold the largest market share in 2023, owing to the presence of a large number of recreational boaters and fishermen. The European region is expected to be the second-largest market due to the growing popularity of boating and fishing activities. The APAC region is expected to witness the fastest growth over the forecast period due to the increasing disposable income and growing interest in water sports activities.The South American and MEA regions are expected to account for a relatively small share of the global market but are expected to grow at a steady pace over the forecast period.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Small Marine Engines Market Key Players and Competitive Insights:

Leading players are constantly engaged in research and development to expand their product portfolio and acquire a competitive advantage. Continuous research and development help the leading players introduce new products and technologies and provide advanced products to the customers. It is considered to be one of the prominent strategies adopted by the major players. Moreover, strategic partnership, merger, and acquisition are other crucial tactics employed by the leading vendors that help them expand their market presence and strengthen their position in the industry.

The major players are introducing advanced technologies and expanding the product scope to meet customer needs. The industry is highly fragmented due to the presence of numerous small- and medium-sized enterprises, as well as a few prominent ones.

Another critical strategy employed by the leading players to attain a competitive advantage includes heavy investment in research and development to introduce new technologies. It also exerts high pressure on the leading companies to expand distribution networks via dealers and distributors. The development also depends upon the growing adoption of electric and hybrid propulsion systems. Electric and hybrid propulsion systems result in abandoned benefits, such as cost-effective propulsion systems and a reduction in the emission level. The ongoing market development is also stimulated by the growing interest in recreational boating and fishing activities.There are many prominent players that offer an extensive collection of outboard engines, sterndrive engines, and accessories such as propellers, oil filters, and antifreeze. One such key company operating globally is Mercury Marine, headquartered in Fond du Lac, Wisconsin. It is a subsidiary of another Key public vendor – Brunswick Corporation. Millions of people worldwide are happy users of the company’s product. It offers a huge array of outboard and sterndrive engines.

The company produces big props as well as a great number of accessories – over 5000 stocking dealers and any accessories to order. The company supplies a vast number of 300 propellers and a broad selection of oils for engines, oil, filters, and gear lubricants. Mercury Marine owns numerous manufacturing enterprises across the United States, Canada, Australia, and Brazil. The company’s products are recognized in the world market for advanced technology introductions and affordable price offerings. Mercury is a leader in introducing the Joystick Piloting System. The company has a strong distribution network due to a strong bond with its dealers and subsidiaries.

Key Companies in the Small Marine Engines Market Include:

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  Raymarine

  
  


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  Parsun Power

  
  


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  Yamaha Motor

  
  


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  Honda Motor

  
  


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  Hidea Power

  
  


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  Yanmar

  
  


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  Navico (Simrad, Lowrance, B)

  
  


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  VOLVO PENTANewparaCummins

  
  


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  Suzuki Motor Corporation

  
  


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  Evinrude (BRP)

  
  


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  Tohatsu Corporation

  
  


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  Mercury Marine (Brunswick)

  
  


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  Torqeedo

  
  

Small Marine Engines Market Industry Developments

The global small marine engines market is projected to grow from USD 31.6 billion in 2023 to USD 45.0 billion by 2032, at a CAGR of 4.01% during the forecast period. Increasing demand for recreational boating and fishing activities, along with the rising popularity of water sports, is driving market growth. Technological advancements in engine design, such as fuel injection systems and electronic controls, are also contributing to market expansion.Recent news developments include the launch of new products by major manufacturers, such as Mercury Marine's launch of its V12 Verado outboard engine and Yamaha Motor's launch of its new F400 outboard engine. Additionally, there is a growing trend towards electric and hybrid small marine engines, driven by environmental concerns and government regulations.

Small Marine Engines Market Segmentation Insights

Small Marine Engines Market Engine Type Outlook

• Two-Stroke


• Four-Stroke


• Diesel

Small Marine Engines Market Power Range Outlook

• Up to 10 HP


• 10-50 HP


• 50-125 HP


• Over 125 HP

Small Marine Engines Market Application Outlook

• Recreational Boats


• Commercial Boats


• Industrial Equipment

Small Marine Engines Market Cooling System Outlook

• Air-Cooled


• Water-Cooled

Small Marine Engines Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa