The small marine engines market value will reach USD 11,696.1 million by 2030 from USD 7,967.5 million in 2022, at a 4.9% CAGR. This growth can be credited to the growing demand for numerous kinds of boats utilized for recreational and relaxation events, and the growing coastal tourism for water activities including yachting, boating, and fishing.
Furthermore, the leaning toward the water-based leisure industry has been on the surge because of the increased expenditure on water-associated activities by a chunk of the populace. Also, the sense of better-quality mental health because of the quality time spent during water-based activities is a main factor for the booming boating demand, which, ultimately, quickens the outward and inward-placed engines of marine vessels.
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The mounted customer involvement in marine fun activities is offering worthwhile development opportunities for engine demand. In the past years, marine tourism and relaxation activities like yachting, power boating, and sailing, have experienced a significant surge, because of the growing disposable income of consumers. Moreover, rapid development in adventure tourism is helping water recreational activities.
As per a government-issued research article, above 50 million Americans went fishing, including artisanal fishing, commercial, and artisanal fishing, in 2021, which generated a profitable demand for outdoor or inner-placed motors in marine recreational vehicles.The recreational boats category, on the basis of the application segment, generated approximately USD 3.5 billion in revenue in 2022. And, a surge in demand for technically progressive fishing boats is projected to drive the development of the industry for engines and propulsion systems across the forecast period.
Hence, the growing demand for numerous kinds of boats utilized for recreational and relaxation events, and the growing coastal tourism for water activities including yachting, boating, and fishing are the major factors propelling the market.
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