Latest News- Marine Inboard Engines Market: Yachts is expected to lead the Application segment during 2024-2028
The Marine Inboard Engines Market is being driven by Increasing customer engagement in marina and recreational boating activities
The Marine Inboard Engines Market is expected to grow at a CAGR of 4.96% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 556.86 million. In the marine inboard engines market, turbochargers have emerged as a game-changer, enabling engines to generate more power without the need for larger displacement cylinders. By compressing air and forcing it into the combustion chamber, turbochargers enhance engine performance and productivity. This technology empowers smaller engines, such as a four-cylinder unit, to generate the power equivalent to a six-cylinder engine. The adoption of turbochargers not only reduces engine size but also offers significant fuel savings, aligning with global initiatives to decrease greenhouse gas emissions and enhance energy efficiency.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Application (Yachts, Powerboats) Fuel Type (Heavy fuel oil, Intermediate fuel oil, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Marine Inboard Engines Market Research Report
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The Marine Engine market encompasses Heat Engines utilized in Marine Vessels, primarily focusing on Fuel consumption in Cruise and Ferry boats, Offshore structures, Gas Carriers, Oil Tankers, Bulk Carriers, General Cargo Ships, and Container Ships. Technological advances and Lockdown measures impact Seaborne Trade, leading to increased adoption of Natural Gas as an alternative Fuel. Clean Energy Technologies, Sulfur Oxides, and Nitrogen Oxides emissions are regulated by stringent IMO norms. Support Vessels, Ferries & Passenger Ships, and Maritime Transport are also significant consumers.
The Marine Inboard Engines market is a segment of the larger Automotive Parts and Equipment Market, which encompasses companies producing components and accessories for various automotive sectors, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers, as per Technavio's classification within the global automotive market. The Automotive Parts and Equipment Market's size is determined by the consolidated revenue generated by automotive component and equipment manufacturers. Key growth drivers for this market include the escalating demand for electronic components in automobiles, such as Electronic Control Units (ECUs) and other electrical components, fueled by the increasing sales of electric vehicles, motorcycles, and passenger cars over the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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