India Marine Engines Market to be Dominated by Diesel Fuel Type Segment until 2025
Growing
export with foreign countries coupled with government focus on reviving inland
water transportation system as well as increasing production of ships to boost
the demand for marine engines in India
According to TechSci Research
report, “India
Marine Engines Market By Fuel Type, By Power, By End Use, By Region, Competition,
Forecast & Opportunities, 2025”, India marine
engines market stood at 13 thousand units in 2019 and is projected to grow
until 2025 on account of increasing ship manufacturing and growing export with
foreign countries. Moreover, supportive
government initiatives towards revamping the existing water transport systems
as well as presence of major merchant goods shipping companies is expected to
boost the India marine engines market in the coming years. Additionally,
presence of reputed marine engine manufacturers in the country is also expected
to supplement the growth of marine engines market in India.
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Various government initiatives such as Sagar Mala
Pariyojana, shipbuilding and ship repair policy, national waterways act, policy
for improving port and vessel operation efficiency, the merchant shipping bill
2016, relaxation in cabotage law, etc., are expected to fuel the demand for marine engines in India
over the course of next five years. On the basis of end use, the market is
segmented into auxiliary and propulsion, out of which, propulsion type acquired the largest share in the
market in volume terms in 2019. In
terms of fuel type, the market can be categorized into diesel, petrol and gas. Among these, the
diesel engine segment accounted for the largest market share in volume terms in
2019 and is expected to maintain its share on account of higher efficiency in
terms of fuel economy and lesser cost than petrol engine coupled with easy availability across the
country. In terms of regional analysis, the market has been
segmented into North, East, West and South region. Among these, West region
accounted for the highest share in India marine engines market due to existence
of large a number of operational seaports across the region.
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Yanmar
Holdings Co., Ltd.,
John Deere India Private Limited, Mahindra & Mahindra Ltd, Simpson & Co. Ltd.and others, which include Wärtsilä India
Private Limited, Cummins India
Ltd, Mitsubishi
Heavy Industries, Hyundai Heavy
Industries, etc., are the
leading players operating in India marine engines market. Increase in the
production capacity of domestic marine equipment and machinery manufacturers, expansion
of product portfolio and introduction of new marine machinery models will
continue to boost demand for marine engines in India. However, the market is
likely to get subdued owing to the prevalent economic slowdown and lockdown in
entire country due to spread of Coronavirus.
“Supportive government initiatives to
improve existing marine engine and ship building production facilities and
building of new ones coupled with growing exports with foreign countries and increasing
presence of merchant shipping companies in Indian marine sector are some
factors which are anticipated to positively influence the marine engines market in India through 2025”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India Marine Engines Market By Fuel Type, By Power,
By End Use, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of India marine
engines market and provides statistics & information on market size,
structure and future market growth. The report intends to provide latest market
intelligence and help decision makers to take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India marine engines market.
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