Key Findings of the Global Marine Engines Market 2017-2021 | Technavio

Technavio has published a new report on the global marine engines market from 2017-2021. (Graphic: Business Wire)

LONDON--()--The latest market research report by Technavio on the global marine engines market predicts a CAGR of more than 4% during the period 2017-2021.

The report segments the global marine engines market by engine type (outboard engines and inboard engines) and by geography (Europe, the US, and ROW). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Here are some key findings of the global marine engines market, according to Technavio automotive researchers:

  • Increasing sales of boats: a major market driver
  • In 2016, the outboard engines segment dominated the global marine engines market
  • In 2016, the global marine engines market was dominated by ROW, which accounted for more than 36% of the market
  • Caterpillar, Cummins, Volvo Penta, and Mercury Marine are the key players in the market

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Increasing sales of boats: a major market driver

Increasing sales of boats is one of the major factors driving the global marine engines market. The sales of boats witnessed a robust increase across all regions. Since the last decade, the US boating industry observed the strongest sales in 2016. In the US, wakeboard/ski boats, personal watercraft, aluminum fishing boats, pontoon boats, and fiberglass runabouts projected the maximum sales. One of the major factors contributing to the growing sales is the increase in the number of boat shows in the US and increasing number of American participants in water-related recreational activities. The boating industry in the US has been positively affected by the recovery of the economy, stronger job market, and decreasing fuel prices.

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Outboard engines: largest segment by engine type

According to Technavio researchers, the outboard engines segment dominated the global marine engines market in 2016. An outboard motor is a propulsion system usually used for small boats. The major advantage of a marine outboard engine is that a single unit consists of engine, gearbox, and propeller. Previously, most of the outboard engines were carbureted and two-stroke. Marine outboard manufacturers started focusing on manufacturing direct-injected four-stroke outboard engines because of the adoption of stringent regulatory norms regarding carbon emission by regulatory bodies in the US and Europe.

According to Raj Gaurav Singh, a lead analyst at Technavio for research on automotive components, “The advantages of direct-injected four-stroke outboard engines are fuel economy benefits, reduction in the noise and vibration, smoother operation, and increased low-end torque. The fuel economy of direct-injected four-stroke outboard engines is 20%-40% better than that of conventional two-strokes outboard engines. Honda, Suzuki, Mercury Marine, and Yamaha are the major manufacturers of marine outboard engines.”

Competitive vendor landscape

The global marine engines market is competitive. A limited number of well-established vendors are present in the market. The key vendors in the market are currently increasing their investments in R&D and focusing on expanding their customer base. The competitive environment of the market will increase due to the advances in technology, government regulations, and the entry of new competitors. Most of the advances in the market are because of the increasing number of powerboat sales, rising sales of yachts, and increasing interest in water-based recreational activities in the US, Canada, Brazil, Australia, and Europe.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The latest market research report by Technavio on the global marine engines market predicts a CAGR of more than 4% during the period 2017-2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com