The COVID-19 pandemic has caused supply and manufacturing disruptions in the automotive sector creating uncertainties in every aspect. The change in customer behavior in terms of mobility preferences during this crisis is changing the automotive landscape.
This pandemic situation has shut down many production lines owing to the trade restrictions and closed borders, creating a shortage in required parts and limiting the distribution of supplies. Different enforced measures including the closing of workspaces and dismissal of short-time workers have created a depression in the growth rate of the automotive industry.
The growing fear of recession is estimated to decrease overall sales and revenue. A limited supply of parts coupled with a reduced workforce has forced the leading OEMs to shut down their production. A significant drop in demand has restricted the cash inflow which is highly important in payment of salaries to the workforce. With growing uncertainties around the COVID-19 pandemic, the industry leaders are taking measures to adapt to the situation.
Inboard Engines Market: Introduction
An Inboard Engine is a type of propulsion system used for marine vessels. Contrary to an outboard engine which is mounted outside the hull of the craft, Inboard Engines are mounted inside the hull’s midsection or in front of the transom. The engine turns a drive shaft that transfers the power from engine to the propeller shaft. More often, Inboard Engines comes with considerably higher power range and fuel efficiency as compared to that of an outboard engine.
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For commercial fishing and charter boats, Inboard Engines are preferred over outboard engines for operating with low center of gravity. Inboard Engines also find significant application in water sports boats including water-tubing, wakeboarding, water-skiing. The Inboard Engines are available in a wide range of power as per the requirement from small boats to larger boats. The Inboard Engines are available in as low a 20 HP power engine to as high as 800 HP. Owing to the several essential features, the demand for efficient and durable Inboard Engines is anticipated to witness significant growth over the forecast period. This in turn is anticipated to significantly contribute to the growing market of Inboard Engines across the globe.
Inboard Engines Market: Dynamics
The development of maritime tourism industry with increased spending by general population has witnessed significant growth over the past decade in activities such as short-distance or long distance leisure cruise travels, recreational sports and amusement activities. From the increased traction of people towards recreational water sports and maritime tourism including activities such as yachting, water skiing, kite surfing, SCUBA diving, etc. is in turn expected to upsurge the demand of new boats and hence is expected to propel the market of Inboard Engines in the near future. Continuous fleet addition by boating and water sports companies to benefit from the growing number of tourists is also expected to drive the growth of Inboard Engines market.
In recent past, customers have been expressing a preference for a sportier ride associated with a higher power-to-weight ratio that naturally favors outboard engines. Additional benefits of outboard engines include a quieter operation, greater cockpit space, and easier maintenance. The shift towards outboard engines is connected to the kind of boats that buyers wish to purchase. Outboard-powered deck boats are responsible for the jump in outboard engine demand when there was scarcely any two decades ago. This in turn is estimated to be a key restraining factor hindering the growth of global Inboard Engines market during the forecast period.
Inboard Engines Market: Segments
The global Inboard Engines market has been segmented by Power Type, by Vessel Type and by Engine Type
By type of Power, the global Inboard Engines market is segmented into
- Low Power Inboard Engines (Less than 100 HP)
- Medium Power Inboard Engines (100 HP to 300HP)
- High Power Inboard Engines (Above 300 HP)
By type of vessel, the global Inboard Engines market is segmented into
- Personal Watercraft and Sailboats
- Passenger Vessels
- Fishing Vessels
- Service Vessels
By type of Engine, the global Inboard Engines market is segmented into
- Two stroke Inboard Engines
- Four Stroke Inboard Engines
Inboard Engines Market: Regional Outlook
The global Inboard Engines market is expected to be concentrated in the developed regions such as North America and Europe owing to larger demand for marine vessels. China is the world largest producer of boats. The country accounted for a production of 4,874,777 units of inflatable boats in the year 2017. USA is the second largest producer of boats with significant production of personal watercrafts. As the middle class population has increased considerably, coupled with increase in the disposable income, the spending on marine tourism and water sports has increased considerably particularly in the developing regions such as South Asia, Latin America and others.
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Inboard Engines Market: Key Participants
Examples of some of the market participants identified across the value chain of the global Inboard Engines market include:
- Volvo Penta
- Brunswick Corporation (Mercury Marine)
- PleasureCraft Marine
- ILMOR MARINE, LLC
- Indmar Marine Engines
- Textron Motors GmbH
- VETUS Schiedam
The research report presents a comprehensive assessment of the Inboard Engines market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to the Inboard Engines market segments such as geographies, valve type, and vehicle type.
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There has been a growing trend toward consolidation in the automotive sector, with the output of motor vehicles resting mainly in the hands of a few large companies and smaller independent manufacturers gradually.
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