According to the report analysis, ‘Global Yacht Engine Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)’ states that MTU, Westerbeke, Northern Lights, Lombardini Marine, Caterpillar, VETUS, Cummins., Sole Diesel, Whisper Power, Volvo Penta, MAN, Nanni Industries, SCANIA, Onan, Fischer Panda, Mase Generator, COELMO MARINE and many more are the key companies which recently working in the global yacht engine market more progressively for ruling around the globe, registering the great value of market share, leading the highest market growth, generating the highest percentage of revenue and obtaining the competitive edge by implementing the policies of profit making and strategies of expansion, spreading the awareness connected to the applications and advantages of yacht engine, increasing the features and benefits of yacht engine, delivering the better customer satisfaction, improving the qualitative and quantitative measures of such, decreasing the associated prices of such, analysing the strategies and policies of government as well as contenders and establishing the several research and development programs.
Growth in international marine freight transport, aging fleet, and implementation of smart engines for performance and safety are the propelling factors for the yacht engines market. Whereas, North America, Europe, South America, Asia Pacific, and Middle East & Africa are the major regions considered for the study of the yacht engine market. The governments in the region are proposing the tax rebates to the shipbuilding industry. The growth of the Asia Pacific market is commonly driven by the growth of the regional shipbuilding industry, expansion of efficient yacht engine technologies, and an increase in maritime trade activities in the region.
In addition, yacht engine functions as a primary or auxiliary power source for vessels. They are generally utilized for heat engines for converting heat, which is produced by burning fuel, into useful work, i.e., developing thermal energy and transmuting it into mechanical energy. Recently, the global marine engine market is registered by Asia-Pacific followed by Europe, North America, and LAMEA. Europe is projected to maintain its ascendency in the global market as the region is one of the greatest markets for marine/shipping. Moreover, surge in shipbuilding activities is propels the growth of this market.
Aspects such as augment in international marine freight transport, high requirement for two stroke marine engines, augment in water sports and leisure activities are predicted to drive growth of the yacht engine market. However, growth in implementation of fully electric vessels and fluctuations in transportation and inventory costs limitations the market growth. Conversely, growth in implementation of dual fuel-based marine engines and development of engine technology are predicted to propose the lucrative growth opportunities for market players.
The effective growth in government regulations connected to emission norms and customer requirement for fuel efficient and cost-effective engines fuel requirement for duel fuel engine, which is projected to fuel growth of the global yacht engine market in future. Therefore, it is predicted that during the near period the market of yacht engine will propel more proficiently over the assessed period.
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Ankur Gupta, Head Marketing & Communications