5 Key Takeaways From The Small Marine Engines Market Report 2024

March 18, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Small Marine Engines Global Market Report 2024, the small marine engines market is expected to show significant growth in the forecast period.

Steady Expansion in Recent Years

Market size surged from $7.9 billion in 2023 to $8.39 billion in 2024
Compound Annual Growth Rate (CAGR) recorded at 6.3%
Influential factors include increased leisure travel, government regulations, and economic prosperity

Prospects for the Future

Forecasts indicate robust growth to $10.51 billion by 2028
CAGR projected at 5.8%
Drivers encompass rising disposable income, electric propulsion, and global fishing industry expansion

Forecasted Trends and Dynamics

Integration of advanced technologies
Surge in electric propulsion’s popularity
Market consolidation and strategic alliances
Influence of global economic factors
Emphasis on customization and personalization

View More On The Small Marine Engines Market Report 2024 – https://www.thebusinessresearchcompany.com/report/small-marine-engines-global-market-report

Rising Fishing Activity Fuels Growth

Fishing activity surge augments market demand
Increased sales of small and medium-sized boats observed
Notable statistics reflect the rising trend in fishing activity

Innovative Technologies Transforming the Market

Technological innovation emerges as a prominent trend
Focus on developing new and innovative technologies
Case study: Wartsila Corporation’s pioneering multi-fuel maritime engine
Langley Holdings PLC’s strategic acquisition of Bergen Engines amplifies market capabilities

Segmentation Insights

Segmented by model, displacement, placement, and application
Models include gasoline, diesel, and electric
Displacement categories: Up to 2 L, 2-4 L, 4-6 L
Placement options: Outboard, inboard, and others
Applications span recreational boats, support vessels, coastal boats, fishing boats, and more

Regional Dynamics

North America led the market in 2023
Asia-Pacific poised for fastest growth during the forecast period

Conclusion: Navigating the Waves of Change

The small marine engines market demonstrates resilience and adaptability in the face of evolving trends and dynamics. As fishing activities surge and technological innovation accelerates, stakeholders must remain agile to capitalize on emerging opportunities. With strategic foresight and collaborative efforts, the market is poised for sustained growth and transformation, charting a course toward a vibrant and sustainable future on the seas.

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The Small Marine Engines Global Market Report 2024 provides an in-depth analysis on the small marine engines market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the small marine engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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