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The Marine Inboard Engines Market size is forecast to increase by USD 556.86 million, at a CAGR of 4.96% between 2023 and 2028. The market's rapid expansion is fueled by increased customer engagement in marina and recreational boating activities. Government initiatives aimed at developing the boating and yachting sectors further bolster this growth. Additionally, the rising adoption of inboard engines, prized for their efficiency and safety, significantly contributes to market expansion. These factors, along with growing consumer interest and government support, paint a promising outlook for the market, with continued growth anticipated. This indicates a positive trajectory for the marine and recreational boating industry, with ample opportunities for development and innovation in the foreseeable future.
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The market is driven by stringent emissions regulations, prompting the shipping industry to adopt cleaner technologies. Low-speed diesel engines, known for their fuel economy and reduced emissions of sulfur oxides and nitrogen oxides, are gaining traction. The demand for inboard engines is further bolstered by the growth in seaborne trade and the increasing number of cargo ships and oil tankers. However, challenges include the high initial investment costs and the need for continuous technological advancements to meet evolving emission standards and fuel efficiency requirements. Moreover, The heat engine is vital for various marine activities, including cruise and ferries, industrial & small scale fishing activities, and military and government boats. These activities contribute to greenhouse gas (GHG) emissions and require efficient supply chains and vessels like gas carriers, bulk carriers, and container ships. The Marine Powerboats Batteries Market refers to the industry dedicated to manufacturing and supplying batteries specifically designed for powering marine powerboats
Increasing customer engagement in marine and recreational boating activities is notably driving the market growth. The primary markets for recreational boating are the US and Europe, with a significant portion of the growth attributed to marina and charter services operating in the US. The high cost associated with owning and maintaining leisure boats has led individuals in the US, especially those with mid-level and low-level annual incomes, to shift from boat ownership to experiencing boating through company-operated leisure and recreational boating services. Increased demand for Floating Production Storage and Offloading (FPSO) units driven by offshore exploration in deep and ultra-deep water.
Moreover, the maritime industry is undergoing significant changes to address environmental concerns related to emissions. There is a growing focus on reducing sulfur and oxides emissions from vessels on a global scale. The shipping industry is exploring solutions such as low-speed marine dieselengines to contribute to a more environmentally friendly and sustainable economy. This shift towards cleaner technologies is crucial for mitigating the environmental impact of cargo ships, carriers, and other vessels involved in seaborne trade. The adoption of low-sulfur diesel oil and advancements in heavy fuel marine diesel oil engines are key aspects of achieving emission reductions and promoting a greener shipping industry on an international scale. Such factors are expected to drive the market growth during the forecast period.
Increased usage of turbochargers in marine outboard engines is an emerging trend in the market. Turbochargers in marine inboard engines increase the volume of air to the combustion process without any surplus requirement for large displacement cylinders. In addition, a turbocharger is a component that aids engines in producing additional power and improves the overall performance of engines.
Moreover, it helps boost the power of engines by increasing the intake of air in combustion chambers. For example, a four-cylinder engine fitted with a turbocharger can produce the same power as a six-cylinder engine. In addition, the use of turbochargers reduces the size of engines without compromising on power and the benefits of fuel economy. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.
Stringent MARPOL regulations are a major challenge hindering market growth. The growing awareness about environmental pollution has led to ramifications on pollution in seas and oceans globally, with a significant focus on marine pollution caused by ships and other marine vessels. In addition, marine engines use diesel as the major fuel source. Furthermore, most ships run on diesel engines. Therefore, such engines emit nitrous oxides, particulate matter, carbon oxides, hydrocarbons, and sulfur oxides that are not compliant with US Environmental Protection Agency (EPA) air quality standards.
Moreover, these harmful emissions are a major source of ozone depletion, leading to global warming. Furthermore, the most significant international regulation that governs and addresses issues related to marine pollution is the International Convention for the Prevention of Pollution from Ships (MARPOL). Furthermore, the MARPOL convention has a total of six annexes, each dealing with pollutants that result from accidents or routine operations. Hence, such factors are hindering the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Volvo: The company offers marine inboard engines such as D1 inboard engine, D2 inboard engine, and D6 inboard engine under the brand Volvo Penta.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The yachts segment is estimated to witness significant growth during the forecast period. Yachts segment are recreational boats with luxury amenities and are usually purchased by people belonging to the high-income group. In addition, yachts that are greater than 24 m long are known as luxury yachts, superyachts, mega yachts, or large yachts. Furthermore, increasing disposable income households and the rising demand for yachts for pleasure purposes are encouraging companies to develop yachts.
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The yachts segment was the largest segment and was valued at USD 1.27 billion in 2018. For example, in September 2022, Lurssen superyacht launched its 146 m long Opera yachts in Germany. In addition, in October 2023, the company released its 122 m long Jag yacht into the sea for testing. Furthermore, investments in and development of luxury yachts by vendors are increasing the demand for marine inboard engines. Furthermore, rising innovative strategies, such as electrification, in yachts are estimated to further drive the demand for marine inboard engines. For instance, in May 2023, Spirit Yachts, in partnership with BAR Technologies, launched its fully electric yacht, SpiritBARTech35EF. This product offers yachting for 100 nautical miles without recharging. All these factors are projected to drive the demand for marine inboard engines in yachts, which will further boost the growth of the yachts segment in the global market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In the US, there are significant sales of pontoon boats, new ski boats, personal watercraft, powerboats, and aluminum fishing boats. In addition, wakeboards, ski boats, and personal watercrafts also witnessed an increase in sales in Q4 2020. Moreover, the demand for marine inboard engines in the US primarily comes from Florida, Michigan, California, and Wisconsin. Furthermore, a major factor contributing to the growth of the regional marine inboard engine market is the increasing participation of North Americans in water-related recreational activities. In addition, boating is one of the major recreational activities of people in the US. Furthermore, the economic growth of the country in the last decade, increasing consumer confidence, and technological innovations by boat manufacturers are driving the growth of the market in the US. Hence, such factors are driving the market growth in North America during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market is vital for powering various marine vessels, from general cargo ships to ferries and passenger ships, supporting international marine freight transport and maritime transport. Factors such as mechanical energy and raw materials influence the market, alongside global trade dynamics and developing countries' demand. The market is regulated by conventions like MARPOL and overseen by organizations like UNCTAD and IMO. Engine technology has evolved to include fuel-efficient and ecologically friendly engines, including gas turbines and dual-fuel engines, reducing greenhouse gas emissions. The sector's resilience is evident in its adaptation to challenges such as the recent pandemic and supply chain disruptions, highlighting the importance of technological advances and the role of boat and engine manufacturers in meeting stringent emission norms while maintaining flexibility in fuel sources. Moreover, the market plays a crucial role in powering various vessels, including cruise ships, ferries, industrial fishing boats, military and government vessels, and support vessels. These engines utilize thermal energy to generate power and are essential for maritime operations. The Marine Outboard Engines Market refers to the industry dedicated to the production, distribution, and sale of outboard engines specifically designed for marine applications.
However, they also contribute to greenhouse gas emissions, highlighting the need for clean energy technologies and fuel-efficient engines. The market is influenced by factors such as oil demand, trade imbalances, and economies of scale. Regulations like MARPOL aim to reduce pollution from ships, while industry trends like e-commerce and online trade impact shipping services and port operations. The sector's resilience is evident in its adaptation to challenges such as lockdown measures and supply chain disruptions, highlighting the importance of modern marine engines and technological advancements. Furthermore, The market is pivotal for powering various vessels, including cruise ships, ferries, and industrial fishing boats, as well as military and government vessels. However, these engines contribute to greenhouse gas emissions, emphasizing the need for gas-based marine engines utilizing natural gas. This market is influenced by factors such as shipping costs, port infrastructure, and world trade, driving innovation in propulsion engine segments like steam turbines and two-stroke engines. The Marine Propulsion Engine Market encompasses the production, sales, and installation of engines used for propelling marine vessels.
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Market Scope |
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Report Coverage |
Details |
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Page number |
158 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.96% |
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Market Growth 2024-2028 |
USD 556.86 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.51 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Canada, Australia, France, and Spain |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, AQAFORCE Mobility GmbH, Aquamot GmbH, Beta Marine Ltd., Brunswick Corp., Caterpillar Inc., Combi, Deere and Co., DIDAC INTERNATIONAL, Hyundai Motor Co., Ilmor Engineering Inc., Marine Power USA, Mitsubishi Heavy Industries Ltd., Pleasurecraft Engine Group, Rolls Royce Holdings Plc, Volkswagen AG, Wartsila Corp., Yamaha Motor Co. Ltd., Yanmar Holdings Co. Ltd., and Cummins Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Fuel Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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