By power, 500.1-1000 Hp attained the largest revenue share in Thailand Marine Engine Market – 6Wresearch
By power, 500.1-1000 HP accounted for the highest market revenue share in 2022 and is expected to dominate the market during the forecast period. This segment is predicted to have the fastest growth in the Thailand marine engine industry due to its wide range of applications in domestic trade, tourism, and the commercial sector, Therefore, OEMs operating in the Thailand marine engine market should concentrate their investment efforts in this power sector.
According to 6Wresearch, Thailand marine engine market revenue size is projected to grow at a CAGR of 14.4% during 2023-2029. Thailand has a 3,219 km long coastline, more than 4,000 km of navigable waterways, 8 active international deep-sea ports, and four private ports that are allowed to handle container freight. Bangkok Port, Laem Chabang Port, and Sriracha Harbour Deep Seaport are the nation's three principal commercial ports. Port Infrastructure growth fuels the trade activity which boosts the need for more powerful engines for larger vessels, cargo ships, and others. Thus, growing port infrastructure would boost the marine engine market for energy-efficient shipping activity. Marine engine manufacturers and operators may find it challenging to adhere to costly or intricate environmental laws and consumer preferences may change in favor of cleaner options like electric or hybrid propulsion systems as a result of strict legislation. Due to this, demand for conventional marine engines that don’t meet the new criteria may fall and act as a restraint for the marine engine market.
According to Shubham Deep, Senior Research Analyst, 6Wresearch, the commercial segment augmented the fastest growth in the coming years owing to developing tourism in Thailand and with rising port infrastructure under Thailand 4.0 innovation plans. This segment will grow in the years to come due to the rising efforts of the country’s government in order to encourage leisure activities and tourism.
The Thailand Marine Engine Market (2023-2029) report provides an in-depth analysis with 13 figures and 11 tables, covered in 72 pages. The report comprehensively covers the market by power, propulsion types, applications, and regions. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.