Recovering Maritime Industry Along with Government Initiatives such as Shipbuilding and Ship Repair Plan 2020 would Drive the Malaysia Marine Engine Market – 6Wresearch
Malaysia is situated in a geographically and strategically important maritime location of the world. The country accounted for 3.28% of container port despite owning only 1% of the world’s fleet. Maritime is the most important mode of trade and commerce in Malaysia with approximately 95% of the overall trade being conducted through waterways. As the trade between Malaysia and other nations in the Asia-Pacific region increases, the marine and trade industries are expected to generate significant demand for new vessels.
According to 6Wresearch, Malaysia Marine Engine market revenues are projected to grow at a CAGR of 4.4% during 2018-24. The shipping and maritime industry of Malaysia is heavily dependent on oil trade and transportation with oil tankers constituting more than 30% of the Malaysian fleet of ships. Strengthening of oil industry, government initiatives such as SBSR (Shipbuilding and Ship Repair) strategic plan 2020, and tax exemption schemes would help in increasing the demand for marine engines over the coming years in Malaysia.
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According to Shefali Goel, Assistant Manager, Research and Consulting, 6Wresearch, “The below 100 HP engine segment was the highest revenue generating segment in the overall Malaysia marine engine market, by power, owing to its widespread use in inland applications such as small boats, personal yachts, offshore supply vessels and small-scale fishing purposes.”
According to Chirag, Research Associate, Research and Consulting, 6Wresearch, “The Peninsular Region is the major revenue shareholder in the Malaysian marine engine market owing to its significant geographic maritime location. Two of the largest ports in the country – Port Klang and Tanjung Pelepas, are present in the Peninsular region of Malaysia and handle 60% of cargo throughput and 83% of container throughput of the country. Also, Kuala Lumpur city, which is the commercial and tourist hub of Malaysia lies in this region. The Peninsular region is expected to maintain its dominance over the coming years as well.”
Some of the key players in Malaysia marine engine market include Cummins, Caterpillar, Mitsubishi Heavy Industries Engine System, Yamaha Motor and Mercury Marine.
“Malaysia Marine Engine Market (2018-2024)” report provides an in-depth analysis with 36 figures and 12 tables covered in more than 100 pages. The report estimates and forecast the overhead cable management solutions market by power, propulsion types, applications, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
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