Marine Engine Market Declined
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Marine Engine Market Declined


The combined effect of the Asian financial crisis and the resulting global economic backlash has caused the volume of sales in the global marine engine market to dip over the past 12 months, according to a new series of reports from market analysis firm Datamonitor. The report series, Global Marine Engines, examines the international markets for six engine product types: ocean-going vessels, workboats, fast ferries, leisure, fishing and military markets. Among the conclusions emerging from the report is that the global marine engine market has experienced widely differing fortunes over recent years. Furthermore, Datamonitor contends that despite the on-going financial crisis, Asia holds the best potential for future market growth. Another trend to emerge is that while the global market for marine engines has suffered an overall decline in recent years, by segmenting the market by product type, Datamonitor points to strong pockets of growth in certain sectors, and steep declines in others. Since 1994, the overall global marine engine market has been declining at an average rate of almost 2% each year, the report says. The report blames a very poor performance in the fishing engine market last year for this, which led to a huge chunk being cut from global volumes. Between 1994 and 1998, unit sales of fishing engines experienced a decline equivalent to 9% each year. Military engine sales also experienced a decline, suffering a total fall of nearly 3% over the same period. However, Datamonitor suggests that other sectors have actually witnessed a growth in size over the period, with the leisure marine engine market performing best, growing at an average annual rate of 4.6%. Fast ferry and sea-going markets both bucked the trend, experiencing annual growth of around 2% over the period. Being a major shipbuilding region and in the light of the current financial crisis, it is unsurprising that Asia's marine market has suffered volume falls across the board. However, the firm predicts that this situation will improve in coming years, as the foundations exist for a number of key markets to act as a springboard for growth once economic problems in the region begin to improve. More information: Datamonitor


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