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What is the Anticipated CAGR of the Small Marine Engines Market Over the 2024-2033 Forecast Period?

In the past few years, the market size of small marine engines has significantly expanded. It is predicted to rise from $7.9 billion in 2023 to $8.39 billion in 2024, with a compound annual growth rate (CAGR) of 6.3%. This growth throughout the historic period is a result of factors such as higher levels of leisure travel, government policies, the replacement market, boat manufacturing trends, economic prosperity, and innovation in fuel efficiency.

In the coming years, a significant increase is anticipated in the small marine engines market, propelling it to $10.51 billion in 2028, with a compound annual growth rate (CAGR) of 5.8%. Factors contributing to this growth over the forecast period include an increase in disposable income, a move towards electric propulsion, the worldwide expansion of the fishing industry, attention to environmental sustainability, urbanization, marina development and the impacts of climate change. Major market trends anticipated during this period include the incorporation of advanced technologies, the growing popularity of electric propulsion, market consolidation and strategic partnerships, the influence of global economic factors and the trend towards customization and personalization.

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What Are the Driving Forces Behind the Growth of the small marine engines Market?

The augmentation of fishing practices is anticipated to drive the market for small marine engines. Fishing is defined as any act directly related to the catching or processing of fish or shellfish either for initial commercial trade or for personal dietary purposes. The increased sale of small and medium-sized boats for fishing and leisure activities will boost the demand for outboard engines. For example, a report from Fishing Daily, a news portal from Ireland that covers the Irish and UK fishing territories, stated an 11% growth in sea fish and shellfish catch in 2021, giving an absolute financial gain of £54 million ($52.02 million) and a real upsurge of 38 thousand tonnes. Furthermore, in 2021, Scotland’s fishing vessels saw a record catch of 437 thousand tonnes of sea fish and shellfish, valuing £542 million ($52.50 million). Thus, the upsurge in fishing activities is subsequently increasing the small marine engines market demand.

What Are the Fundamental Segments in the Small Marine Engines Market?

The small marine engines market covered in this report is segmented –

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

What Are the Key Innovations Reshaping the Small Marine Engines Market?

The increasing trend of technological advancement is becoming evident within the small marine engines market. Major corporations in this industry are concentrating on the creation of novel and inventive technologies, backed by ample research and development, to gain a competitive advantage. Wartsila Corporation, a Finnish company specializing in the production of small marine engines, has taken a leading role in this innovation trend. In September 2022, the company unveiled its new multi-fuel maritime engine, the Wartsila 25. This engine can run on a variety of liquid or gaseous alternative fuels, including ammonia. Moreover, it incorporates a NOx abatement system for when diesel fuel is used, ensuring full compliance with the IMO Tier III NOx emissions standards. This engine subscribes to the maritime industry’s goals of decarbonization and marks the commencement of a fresh wave of medium-speed and small-bore engines that are primed for the future. The compact yet powerful Wartsila 25 is capable of seamlessly transitioning to new fuels, an attribute indicative of its future-ready design.

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What Regions Are Influencing the Dynamics of the Small Marine Engines Market?

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 Small Marine Engines Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the small marine engines market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Small Marine Engines Market Include

1. Small Marine Engines Market Executive Summary

2. Small Marine Engines Market Segments

3. Small Marine Engines Market Size And Template Market Growth Rate

4. Key Small Marine Engines Market Trends

5. Major Small Marine Engines Market Drivers

……

25. Key Mergers And Acquisitions In The Small Marine Engines Market

26. Top Small Marine Engines Companies

27. Small Marine Engines Market Opportunities And Strategies

28. Small Marine Engines Market, Conclusions And Recommendations

29. Appendix

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