Technavio, a tech-focused market research firm, has published a new report on the global marine inboard engines market, which is expected to grow at a CAGR of more than 2% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global marine inboard engines market into the following key regions: the US, Europe, and ROW.
Top three contributors for the global marine inboard engines market are elaborated below
Marine inboard engines market in the US: The market for marine inboard engines in the US is driven by factors such as improvement of the economy, stronger job market, improving house sales market, low fuel prices, increasing consumer confidence, and the overall growth of the boating industry in the region. The rise in sales of inboard engines in this region is also facilitated by the increase in the number of the US consumers participating in water-related recreational activities.
According to Siddharth Jaiswal, a lead analyst at Technavio, specializing in research on powertrain, “The outboard engines are dominant in the US market as outboard engines require small space to be fitted in boats, are less expensive, and provide more fuel economy. As a result, outboard engines constitute a major share of the marine engines market.”
Marine inboard engines market in Europe:The major countries in Europe that dominate this market are Finland, France, Spain, Italy, and Germany. Germany has a large coastal region and several lakes and inland waterways, which has a direct impact on the demand for marine inboard engines in the region. According to Technavio’s market research analysts, the marine inboard engines market in Europe is likely to account for around 32 thousand units by 2021.
Marine inboard engines market in ROW: The marine inboard engines market in ROW is projected to account for almost 19% of the overall market share by 2021. The growth of the market during the course of the next four years is likely to be driven by countries such as Brazil, Canada, and Australia. Technavio’s market research analysts estimate the marine inboard engines market in ROW to account for the sales of around 20 thousand units through 2021.
The leading vendors operating in the global marine inboard engines market are:
- Mercury Marine
- Volvo Penta
Other prominent vendors in the market include Yamaha, Honda, and Suzuki.
A more detailed analysis is available in the Technavio report titled, ‘Global Marine Inboard Engines Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Two-wheeler Transmission System Market 2017-2021
- Global Automotive High-Pressure Fuel Pump Market 2017-2021
- Global Electric Locomotive Engines Market 2017-2021
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