PUBLISHER: The Business Research Company | PRODUCT CODE: 1425810
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425810
Small Marine Engines Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on small marine engines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for small marine engines? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The small marine engines market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Small marine engines encompass nonroad engines intended for use on smaller marine vessels. They are designated as marine engines specifically if they fuel, cool, and have exhaust systems located within the vessel.
These engines mainly come in three models including gasoline, diesel, and electric. Gasoline engines are typically found in smaller inboard or stern-drive powerboats, usually up to 35 feet in length. They come in various displacements such as up to 2 liters, 2-4 liters, and 4-6 liters, and are used across different vessel types including recreational boats, support vessels, coastal boats, fishing boats, and other maritime applications. They can be placed in various locations on the boat, including outboard and inboard placements.
The small marine engines market research report is one of a series of new reports from The Business Research Company that provides small marine engines market statistics, including small marine engines industry global market size, regional shares, competitors with small marine engines market share, detailed small marine engines market segments, market trends and opportunities, and any further data you may need to thrive in the small marine engines industry. This small marine engines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The small marine engines market size has grown strongly in recent years. It will grow from $7.90 billion in 2023 to $8.39 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. In the historical period, the growth in small marine engines was driven by factors such as heightened leisure travel, evolving government regulations, the replacement market for engines, trends in boat manufacturing, overall economic prosperity, and innovations geared toward enhancing fuel efficiency.
The small marine engines market size is expected to see strong growth in the next few years. It will grow to $10.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. In the upcoming forecast period, the growth of small marine engines is expected to be driven by factors such as increasing disposable income among consumers, a significant shift towards electric propulsion systems, expanding global fishing industry, growing emphasis on environmental sustainability, ongoing urbanization, and development of marinas alongside the impact of climate change. Major trends foreseen during this period encompass the integration of advanced technologies, the heightened popularity of electric propulsion systems, market consolidation through strategic alliances, the influence of global economic factors, and the trend toward customization and personalization in the industry.
The small marine engines market is poised for growth, driven by the anticipated increase in fishing activity. Fishing, encompassing activities related to the capture and processing of fish or shellfish for commercial sale or personal dietary needs, is a key factor influencing the demand for small marine engines. The surge in sales of small and medium-sized boats, particularly those used for fishing and leisure purposes, is contributing to the adoption of outboard engines. Notably, in 2021, there was a noteworthy 11% increase in sea fish and shellfish landings, translating to a real increase of £54 million ($52.02 million) and an additional 38 thousand tons, as reported by Fishing Daily, an Ireland-based news website focusing on the fishing industries in Ireland and the UK. The impact is further highlighted by the fact that fishing vessels registered in Scotland landed 437 thousand tons of sea fish and shellfish valued at £542 million ($52.50 million) in the same year. This data underscores the correlation between increasing fishing activity and the demand for small marine engines.
The growth of the small marine engines market is also propelled by the rising adoption of autonomous vessels and robots. These technological systems, capable of operating and navigating independently without direct human control, find support in small marine engines for their power, reliability, and efficiency. Small marine engines play a vital role in enabling the development and deployment of autonomous marine technology due to their versatility and adaptability. A report from NATO in April 2022 forecasts a significant increase in autonomous ships, with an expected count of 21 by 2025 and a projected surge to 143 autonomous ships by 2045. This trend underscores the integral role of small marine engines in facilitating the growth of autonomous marine systems, thereby driving the overall small marine engines market.
A prominent trend in the small marine engines market is technological innovation, with major companies actively pursuing the development of new and innovative technologies. In September 2022, Wartsila Corporation, a leading Finland-based manufacturer of small marine engines, introduced the Wartsila 25 engine-a multi-fuel maritime engine. This engine operates on liquid or gaseous alternative fuels, including ammonia. Notably, when using diesel fuel, the Wartsila 25 incorporates a NOx abatement system to fully comply with IMO Tier III regulations on NOx emissions. The introduction of this engine represents a significant step towards decarbonizing the maritime industry and marks a new era for medium-speed, small-bore engines that are future-proof. The Wartsila 25 engine, with its ability to seamlessly transition to new fuels, exemplifies a forward-looking investment in technological advancements within the small marine engines market.
Major players in the small marine engines market are strategically focusing on innovative products, particularly auxiliary engines, to drive revenue growth. Auxiliary engines, serving as secondary power sources, are designed to provide additional power for specific functions or services, distinct from the primary propulsion engine of a vehicle or machinery. A notable example is the initiative by Perkins Engines Company Limited, a leading UK-based manufacturer of marine engines. In September 2023, Perkins introduced the Perkins E44 and E70B auxiliary engines. These engines find application in various sectors, including inland waterways, tugs, government, fishing, and ferry services. The Perkins E44, an electronic 4.4-liter 4-cylinder engine, and the upgraded E70B offer boat operators a range of power ratings and factory-configurable power options. Notably, both models, the E44 and the more powerful E70B, feature low maintenance characteristics and a 500-hour interval service, catering to the diverse needs of marine applications.
In December 2021, Langley Holdings PLC, a prominent UK-based firm specializing in capital equipment technologies, completed the acquisition of Bergen Engines for $88.58 million (€91 million). This strategic move signifies Langley's formal takeover of Bergen Engines AS, encompassing the company's foundry, service shop, and engines factory in Norway, along with its global service network, subsidiaries, and expertise in building engines and power plants. Bergen Engines, a Norway-based manufacturer specializing in medium-speed and small diesel and gas engines for marine and land-based applications, now operates as a standalone group under Langley's ownership. This acquisition strengthens Langley's position in the small marine engines market and aligns with the company's broader strategic goals in the capital equipment technologies sector.
Major companies operating in the small marine engines market report are Yamaha Motor Co. Ltd., Yanmar Marine International B.V., Brunswick Corporation, Suzuki Motor Corporation, Honda Motor Co. Ltd., Alcatel-Lucent SA, AT&T Inc., Commscope Inc., Telefonaktiebolaget LM Ericsson, Verizon Communications Inc., Anixter International Inc., Cobham Limited, Corning Incorporated, TE Connectivity Limited, Harris Communications, Nokia Corporation, Belkin International, Cisco Systems Inc., Belden Incorporated, Nexans SA, Amphenol Corporation, Caterpillar Inc., Cummins Inc., Hyundai Heavy Industries Co. Ltd., MAN Energy Solutions, Mercury Marine, Mitsubishi Heavy Industries Ltd., Rolls Royce PLC, Volvo Penta of the Americas Inc., Wartsila Corporation, Greaves Cotton Limited
North America was the largest region in the small marine engines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the small marine engines market report during the forecast period. The regions covered in the small marine engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the small marine engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The small marine engines market consists of sales of 4-stroke and 2-stroke engines that are installed onboard a ship for propulsion. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.