South Korea Commercial Boat Engine Market was valued at USD 0.9 Billion in 2022 and is projected to reach USD 1.4 Billion by 2030, growing at a CAGR of 6.8% from 2024 to 2030.
The South Korean commercial boat engine market has been experiencing steady growth in recent years due to the country’s strong maritime industry and its robust economy. With a significant focus on shipping, fishing, and other marine-related industries, the demand for reliable and efficient commercial boat engines has surged. As the need for both industrial and recreational boating increases, manufacturers are tasked with offering engines that meet diverse needs across various sectors. The market is primarily driven by the rising demand for fuel-efficient, durable, and low-emission engines to align with the latest environmental regulations and industry standards.
The commercial boat engine market in South Korea is dominated by several key players who supply a wide range of engine types suited for different purposes. These include inboard engines, outboard engines, and stern drive engines. Inboard engines are commonly used in large commercial vessels and ships, while outboard engines are preferred for smaller boats and leisure vessels. Stern drive engines are an optimal choice for vessels requiring a balance between performance and fuel efficiency. Different types of engines cater to specific industries such as fishing, tourism, cargo transport, and naval operations, each with its unique demands and specifications.
Industries like fisheries, marine tourism, and logistics contribute significantly to the commercial boat engine market’s growth in South Korea. Fishing vessels, which require robust engines capable of withstanding the rigors of the ocean, often choose powerful inboard engines for long-distance journeys and heavy workloads. On the other hand, marine tourism and passenger boats demand engines that offer quiet operation, low fuel consumption, and eco-friendly performance to meet growing environmental concerns. Logistics companies, meanwhile, are increasingly turning to fuel-efficient and high-performance engines for freight transportation.
As technology advances, the demand for hybrid and electric commercial boat engines is also growing. This shift towards eco-friendly alternatives is in line with South Korea’s sustainability goals and the global trend toward reducing carbon emissions. The increasing push from the government for greener solutions and tighter emission standards will continue to shape the future of the commercial boat engine market in the country.
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AS LABRUNA
Beta Marine
BUKH
Caterpillar Marine Power Systems
Cummins Marine
Doosan
Gardner Marine Diesels
HYUNDAI HEAVY INDUSTRIES
Hyundai Lifeboats Co.
Ltd.
Hyundai SeasAll
John Deere Power Systems
LVM - VM motori
Marine diesel
MarineDiesel
Megatech
Moteurs Baudouin
Nanni Industries
Perkins Marine Power
Scania
SEATEK
Solé Diesel
STEYR MOTORS GmbH
Volvo Penta
Yanmar Europe BV
Weichai
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Commercial Boat Engine Market
Two-Stroke Engines
Four-Stroke Engines
Diesel Engines
Gasoline Engines
Electric Engines
Commercial Fishing
Passenger Transport
Cargo Transport
Tourism and Recreation
Government and Military Operations
Below 50 HP
50 - 100 HP
101 - 250 HP
251 - 500 HP
Above 500 HP
Petrochemical Fuels
Renewable Fuels
Hybrid Fuels
Biofuels
Natural Gas
Diving and Research Organizations
Shipping Companies
Leisure Boat Operators
Marine Service Stations
Government and Military
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Commercial Boat Engine Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Commercial Boat Engine Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Commercial Boat Engine Market, By Type
6. South Korea Commercial Boat Engine Market, By Application
7. South Korea Commercial Boat Engine Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Commercial Boat Engine Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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