"Growing Marine Trade to Stimulate the Demand for Marine Engines Solutions"

Marine engines market accounted for a market value of US$ 13.34 Bn in 2020 and expected to grow with CAGR of 4.5% during the forecast period from 2023 to 2030. Shifts in global demographics and population growth rates, coupled with long-term economic growth in developing markets, expected to surge the maritime sector in following years. Growing middle class population in emerging economies of Asia Pacific, Africa, and Latin America regions further expected to drive the demand for imports of commodities and finished goods. For instance, economic growth in India reached to 7.9% in 2018 that increased from 7.3% in 2014. Consumer spending in India accounts for over 60% of the economy and is the key driver of economic growth. Rising consumer spending capacity in developing markets drives the long-term growth for container ships. With the significant surge in marine trades, global maritime sector is seeking for increasing number of vessels. Promising growth in marine vessel production subsequently expected to drive the surge of marine engines market across the forecast period. 

Similarly, increasing availability of shipping data and advances in big data analytics are providing greater visibility into market and pricing trends. For instance, constellation of satellites that keeps track of ships provides deeper insights compared to traditional tracking systems. The adoption of data-driven analytics improves decision makings to opt for suitable routes, taking into account fuel consumption, weather conditions, and piracy risk. With growing technological advances, marine traffic is expected to grow at rapid pace. Consistently rising marine traffic further expected to drive the demand for marine engines across the forecast period.

"Commercial Vessels Segment to Witness Significant Adoption for Marine Engines across the Forecast Period"

The marine engines market led by commercial vessels in 2020, chiefly due to increasing global marine trade that has stimulated the demand for commercial vessel, subsequently driving the marine engines market for commercial vessel segment. Prospects for seaborne trade are positive. Marine trade volume increased by 4% in 2018, compared to trade volume in 2017. Contingent on steady favorable trends in the global economy, marine trade expected to surge with promising rate. With growing count of commercial marine vessels, demand for marine engines expected to grow with a significant rate across the forecast period.

"Large Production Capacity of Marine Engines to Ensure Dominating Position of Asia Pacific Market"

Presently, Asia Pacific is the front-runner in the overall marine engines market. As well as the region expected to grow with higher rate compared to counterparts. China played the key role in 2020 as the emerging maritime superpower in shipping. The market here witnessed the highest growth in commercial vessel ownership, rivalling the rest of the world combined. It is also projected that China will become the global hub for maritime market, leading in seaborne trade and shipbuilding and vertically interrelated ownership. Similarly, India is expected to become a giant driver of global trade in a similar pace to China. Bourgeoning countries such as China, India, Japan, and South Korea among others are expected to determine the shipbuilding market across the forecast period. With effect of which the region expected to grow with a higher CAGR compared to other markets.

Some of the major players profiled in the report include MAN SE, Hyundai Heavy Industries Co., Ltd., GE Transportation, Anglo Belgian Corporation NV, Shanghai Diesel Engine Co., Ltd., The Volvo Group, Caterpillar Inc., Cummins, DEUTZ AG, Wartsila Oyj Abp, John Deere, Kongsberg Maritime, Daihatsu Diesel Mfg. Co., Ltd., Brunswick Corporation, Mitsubishi Heavy Industries, Ltd. others. 

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Marine Engines market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Marine Engines market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Marine Engines market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Marine Engines market?
• Which is the largest regional market for Marine Engines market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Marine Engines market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Marine Engines market worldwide?