Chicago, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Small Marine Engines Market is projected to grow from USD 7.8 billion in 2022 to USD 10.3 billion by 2027, at a CAGR of 5.5% according to a new report by MarketsandMarkets™. The global Small Marine Engines Market is expected to witness significant growth during the forecast period, owing to the surge in fishing activities and the resultant increase in demand for commercial vessels. However, stringent environmental regulations for decarbonization worldwide, and the lack of infrastructure in developing economies are likely to hamper the growth of the Small Marine Engines Market.
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4-6 L segment by displacement are expected to occupy majority of the Small Marine Engines Market share
Small Marine Engines Market has been segmented based upon type into up to 2 L, 2-4 L, and 4-6 L. The displacement range of about 6 L and below is used for small marine engines that are installed in recreational boats, support vessels, coastal boats, etc. The 4-6 L segment is projected to hold the highest market share during the forecast period because engines of 4–6 L feature common-rail fuel injection, double overhead camshafts, and turbo. They offer high reliability, exceptional fuel efficiency, and low maintenance cost.
Recreational boats by application is expected to dominate the market
Recreational boats include yachts, cruiser boats, and others (sailboats and catamaran). The recreational boating sector focusing on reducing the carbon emissions with the related practices for disposing boats once they reach their end of operating life. Europe and North America are expected to generate high demand for recreational boats during the forecast period because the commercial adoption of boats has increased significantly in these regions. Other countries such as Belgium and Croatia have observed a significant growth in the recreational boat market.
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North America likely to emerge as the largest Small Marine Engines Market
The recreational boating industry especially in the US is mostly focused on the coastal areas. Government investments in recreational boating activities and infrastructural activities for economic recovery are likely to drive the Small Marine Engines Market in North America. The recreational boat market in North America is expected to be the largest market across the world due to high demand for leisure boating and water-sports in the region.
Yamaha Motor Co., Ltd. (Japan), Yanmar Co. Ltd. (Japan), Brunswick Corporation (US), Suzuki Motor Corporation (Japan), Honda Motor Co., Ltd. (Japan) are the key players in the global Small Marine Engines Market.
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