Yacht engine is an internal combustion engine used to power yacht. It is a primary system for any self-propelled yacht. It is designed to transform one form of energy into mechanical energy. It supplies power to most kind of generators, vessels and propulsion system of yacht. It is widely used for personal use, family outings, recreation sports and fishing. It is usually used in bay areas, local rivers and other water bodies.
According to study, “Global Yacht Engine Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global yacht engine market are MAN Diesel & Turbo Norge A/S, MTU Aero Engines AG, Onan Technologies, Inc., Caterpillar, Inc., Fischer Panda U.K. Limited, Volvo Penta AB, Nanni Industries SAS, SCANIA AB, Westerbeke Corp., Mase Generator. Key market players are directing on the development of yacht engine that operates on alternative fuels such as bio-methane and algal oil. Players are also significantly contributing to the market growth and adopting numerous strategies for instance new product launch, collaborations, merger & acquisition, and technological advancements to stay competitive in the market.
Based on engine power range, yacht engine market is segmented into 250kw to 600kw, 601kw to1200kw, 1201kw to 3000kw, 3001kw to 7000kw and above 7000kw. Based on number of cylinder, market is segmented into 4 cylinders, 6 cylinders, 8 cylinders, others (12 cylinders, 16 cylinders). Based on fuel type, market is segmented into diesel, gasoline, and hybrid. The gasoline segment is largely used in smaller sized boats, while diesel is used in larger boats. Based on the position of engine, market is segmented into outboard engine and inboard engine. Based on application, market is segmented into displacement yacht, general yacht, performance yacht and others. In addition, based on end-use, market is segmented into commonweal, commercial and others.
The yacht engine market is driven by increase in utilization & rise in preference for yachts, followed by surge in demand for leisure services & activities across the developed nations, growth in number of marine travelers in both developing and developed nations, rise in inclination of people towards unique & exotic holiday experiences globally, growth in advancements in manufacturing highly efficient & light weight yachts engines, increase in disposable income, expansion in the tourism industry and growth in economies. However, implementation of stringent regulations on emissions & pollutants and alternatives such as hovercrafts utilization may impact the market. Moreover, rise in demand for luxury vessels for instance cruise and yachts, increase in yacht rides across the globe, and growth in marine tourism are key opportunities for market. Furthermore, constantly researching & working on new trendsetting technologies by key market players, high-quality propulsion systems innovation and increase in installation of dual-fuel engine in yacht are major trend for market.
Based on geography, the North-American and European regions dominates the yacht engine market owing to presence of key yacht engine manufacturers and rise in number of outboard motorboat sales in the region. Whereas, the Asian-Pacific regions is estimated to exhibit substantial growth rate due to increase in number of fishing participants and rise in High-net-worth individual (HNWI) population over the forecast period. In near future, it is predicted that the market will be reached at rapid pace on account of increase in usage of yacht boats for family outings, offshore fishing activities, and adventure boating during the forecast period.
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Ankur Gupta, Head Marketing & Communications