LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global marine inboard engines market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The research study by Technavio on the global marine inboard engines market for 2017-2021 provides a detailed industry analysis based on application (powerboat and yacht) and geography (the US, Europe, and ROW).
|Marine inboard engines are mainly used in yachts and in some powerboats to provide the vessels with more power and torque. Technavio analysts forecast the global marine inboard engines market to reach 108.48 thousand units by 2021, growing at a CAGR of more than 2% over the forecast period.|
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The top three emerging trends driving the global marine inboard engines market according to Technavio automotive research analysts are:
- Rise in sales of pre-owned boats
- Penetration of hybrid turbochargers
- Growing pursuit for alternative fuel propulsion technology
Rise in sales of pre-owned boats
New boats are usually expensive and beyond the financial reach of many young consumers, which creates a large market for pre-owned boats. In 2014, the number of new powerboats sold in the US was 171,500 units, whereas 940,500 pre-owned boats were exchanged.
“The second owners usually go for an engine upgrade, to fall in line with the latest emission standards and to enhance the aesthetic aspiration of consumers. This will ultimately drive the growth of the marine outboard engines,” says Praveen Kumar, a lead analyst at Technavio for powertrain research.
Penetration of hybrid turbochargers
The marine industry has invested substantially in R&D of marine engines to cut down harmful emissions from boats, along with improving fuel economy and reducing operating cost. One of the key developments in the industry is the development of hybrid turbochargers, which has enhanced waste gas energy recovery and fuel economy.
In hybrid turbochargers, the turbo shaft acts as a prime mover as it also generates electricity through an alternator in the turbocharger. These hybrid turbochargers are finding wide adoption rates, with many boat owners preferring to install or upgrade to this technology.
Growing pursuit for alternative fuel propulsion technology
The global marine industry is facing a challenge with the introduction of legislations, which significantly limits sulfur emissions from ships. The marine industry needs more intelligent fuel use systems. Also, the growing fuel prices are creating a high level of demand for more innovative and efficient propulsion solutions.
“Government bodies across the globe are taking initiatives to promote the use of LNG in marine engines, with China having established a regulatory framework regarding the same. Such initiatives will create R&D opportunities and in turn revenue to the market,” says Praveen.
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