Global Marine Engines Market 2017-2021
About Marine Engines
Marine engines are used for propelling boats. They are categorized into two parts: Marine outboard engines, and Marine inboard engines. Outboard engines are mostly used in small and mid-sized boats. There are several benefits of outboard engines such as low maintenance cost, affordability, environmental compatibility, and high engine performance. Marine inboard engines are mainly present in yachts and few of the powerboats. Yachts are generally equipped with multiple inboard engines, since they require more power and torque.
Technavio’s analysts forecast the global marine engines market to grow at a CAGR of 4.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine engines market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Engines Market 2017-2021
Technavio recognizes the following companies as the key players in the global marine engines market: Caterpillar, Cummins, Volvo Penta, and Mercury Marine.
Other Prominent Vendors in the market are: Suzuki, Yamaha, MAN Diesel & Turbo, and Honda.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increase in popularity of pontoon boats. Increase in popularity of pontoon boats is driven by their versatility, value, capacity, aging boating demographics, handling improvements, and superior performance. Pontoon boats have witnessed a demographic shift too.”
According to the report, one driver in the market is increasing sales of boats. The sales of boats witnessed a robust increase across all regions. The US boating industry had witnessed the strongest sales in 2016, since the last decade. In the US, wakeboard/ski boats, personal watercraft, aluminum fishing boats, pontoon boats, and fiberglass runabouts consisted most of the sales in the US. One of the main drivers for the same is the increase in the number of boat shows in the US and increasing number of American participants in water-related recreational activities.
Further, the report states that one challenge in the market is rise in compliance cost due to stringent emission norms. Stringent regulations are being adopted by regulatory bodies across the world. To comply with these regulations, OEMs are adopting newer technologies to keep emissions under control. This has led to the rise in compliance cost for OEMs thus, impacting their profitability. Compliance cost is borne by individual buyers as well as by the OEMs. Compliance costs, to meet emission standards, can be sunk costs if it is limited to re-certification costs and other related testing and calibration.
Caterpillar, Cummins, Volvo Penta, Mercury Marine, Suzuki, Yamaha, MAN Diesel & Turbo, and Honda.
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