As per MRFR analysis, the Inboard Engines Market Size was estimated at 5.22 (USD Billion) in 2022. The Inboard Engines Market Industry is expected to grow from 5.4(USD Billion) in 2023 to 7.4 (USD Billion) by 2032. The Inboard Engines Market CAGR (growth rate) is expected to be around 3.55% during the forecast period (2023 - 2032).
Emerging as a significant trend in the global inboard engines market is the growing preference for electric-powered engines. Electric inboards offer advantages such as reduced emissions, lower noise levels, and increased fuel efficiency, making them an attractive option for boaters and marine enthusiasts seeking environmentally friendly and sustainable solutions.Another notable trend is the advancement of digital technologies and the incorporation of advanced features in inboard engines. This includes the integration of electronic controls, navigation systems, and remote monitoring capabilities, providing boaters with enhanced convenience, safety, and improved performance.
The increasing demand for recreational boating activities, coupled with the growth of the luxury yacht and boat market, is expected to drive the growth of the inboard engines market in the coming years. Additionally, advancements in engine design and fuel efficiency are expected to further enhance the market's growth prospects, leading to a wider adoption of inboard engines in various marine applications.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The increase in the popularity of recreational boating activities, including but not limited to fishing, cruising and water sports, mainly because they require both bigger boats and more efficient operations, contribute to the demand for inboard engines. They are more powerful and efficient that is why inboard engines are perfectly suitable for bigger boats. As for the growth of inboard engines’ market, in emerging markets, the growing affluence of consumers and their disposable income contribute to the increasing demand for recreational boating.In addition, the fact that a new technology into inboard engine design is placed” to enhance environmental well-being as well as the simplicity of design” with new inboard engines being “more fuel efficient and produce fewer emissions that current engines” will also make a contribution to the market growth.
The global marine sector is currently on the rise as it is influenced by the fast-growing rates of international trade, globalization, and opening of new international shipping ways. As a result, the market for different types of marine vessels, including commercial ships, fishing boats, and yachts, is expanding. Many of these crafts are equipped with inboard engines due to their widespread use in the industry and a range of benefits associated with this engine type, such as high power output, durability, and reliability.In this way, the growth of the marine industry is expected to boost the development of the inboard engines market.
Technological progress and improved efficiency of inboard engines is being promoted now on an ongoing basis. Thus, using lightweight materials, advanced fuel injection systems, and electronic controls lead to inboards being more fuel-efficient and quiet, as well as friendlier for the environment. Therefore, inboard engines are more likely to be demanded by boat manufacturers as well as their customers and thus, the market is getting wider on an annual basis.
The Global Inboard Engines Market is segmented based on Engine Type into Diesel, Gasoline, and Hybrid. It is expected that the Diesel engine type segment will hold the largest market share in 2023 and will continue its dominance over the forecast period. The Diesel engine type segment is the most preferred in the Inboard Engines Market as it provides higher fuel efficiency, torque, and durability compared to other engine types. However, the Gasoline engine type segment is expected to witness considerable growth over the forecast period as its cost and emissions are lower than Diesel engines.Moreover, the Hybrid engine type segment is likely to gain popularity as it combines the advantages of both Diesel and Gasoline engines, thereby providing enhanced fuel efficiency and lower emissions. It is expected that the Diesel engine type segment will generate revenues of around USD 3.2 billion in 2023. This segment will grow at a CAGR of 2.8% over the forecast period and will reach a market value of USD 4.0 billion by 2032. The Gasoline engine type segment is expected to generate revenues of nearly USD 1.8 billion in 2023. This segment will grow at a CAGR of 3.2% over the forecast period and will reach a market value of USD 2.3 billion by 2032.
The Hybrid engine type segment will have the highest growth rate over the forecast period with a CAGR of 4.5%. This segment is expected to generate revenues of around USD 0.4 billion in 2023 and will reach a market value of USD 0.6 billion by 2032. The key drivers of the Inboard Engines Market are the increasing popularity of recreational boating, the rising disposable income, and the technological advancements in engine design. The Inboard Engines Market is expected to be positively affected by the increasing popularity of electric and hybrid boats and the rising demand for inboard engines for commercial applications.The Asia-Pacific region is anticipated to have the highest growth rate in the Inboard Engines Market over the forecast period as the demand for recreational boating is increasing and the marine industry is growing in the region.
Inboard Engines Market, By Engine Type, 2023 & 2032
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Global Inboard Engines Market segmentation by Power Output offers valuable insights into the market dynamics. In 2023, the 'Up to 100 hp' segment dominated the market, accounting for 45% of the Global Inboard Engines Market revenue. This dominance is attributed to the widespread adoption of small and medium-sized boats, which typically require engines with lower power output. The '100-200 hp' segment is projected to witness significant growth over the forecast period, driven by the increasing demand for larger boats and yachts. In 2024, this segment is expected to account for 30% of the market share.The 'Above 200 hp' segment caters to high-performance boats and commercial vessels, and is anticipated to grow steadily, capturing 25% of the market by 2024. Overall, the Global Inboard Engines Market is expected to exhibit a steady growth trajectory, driven by advancements in engine technology and the increasing popularity of boating activities.
The Global Inboard Engines Market segmentation by End-Use Sector comprises Commercial Vessels, Recreational Boats, and Yachts. The commercial vessels segment held the largest market share in 2023, and it is projected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing demand for inboard engines in commercial shipping, fishing, and offshore support vessels. Recreational boats and yachts are expected to witness steady growth due to the rising popularity of recreational boating and yachting activities.The Global Inboard Engines Market is expected to reach a valuation of USD 5.6 billion by 2024, exhibiting a CAGR of 3.7% during the forecast period.
The Global Inboard Engines Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2024, owing to the presence of a large number of boat manufacturers and a high demand for recreational boating. Europe is expected to be the second-largest market, followed by APAC.
Inboard Engines Market, By Regional, 2023 & 2032
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
On the whole, major players in the Inboard Engines Market industry are focusing on research and development to develop advanced and innovative products. To strengthen their market presence and enhance the product range, the leading Inboard Engines Market players can utilize such strategies as mergers and acquisitions or joint ventures and cooperation with various international, regional and local agents, companies, and distributors. In addition, as it will be discussed in detail during this report, the Inboard Engines Market growth is supported by various factors, including the consumer’s disposable income and the increasing recreational boating. In the Inboard Engines Market Competitive Landscape, there are both small and large players in the industry.
One of the key companies in the Inboard Engines Market is Volvo Penta, which is a well-established manufacturer of marine engines and propulsion systems. The company provides the market with inboard engines of different types, including gasoline, diesel, and hybrid engines. The enterprise has a strong global presence and solid positions on the market, as it offers the customers reliable and quality products. Mercury Marine represents another important impact player in the Inboard Engines Market industry. This is a business unit of the Brunswick Corporation, which is famous for producing various marine and boating systems and products.
Mercury Marine is a leading producer of marine engines, propellers, and other boating accessories. The company offers the market a broad range of inboard engine products, including the gasoline, diesel, and jet drives systems. In general, another remarkable impact player is Cummins Inc, a manufacturer and distributor of inboard engines of different types, such as diesel and natural gas engines. The company has a strong global presence and solid product range, providing the clients with robust and reliable products.
The global inboard engines market is projected to grow from USD 5.4 billion in 2023 to USD 7.4 billion by 2032, at a CAGR of 3.55%. The growth of the market is attributed to the increasing demand for recreational boats and the growing popularity of electric and hybrid inboard engines.Recent developments in the market include the launch of new products by major players such as Volvo Penta and Mercury Marine. Volvo Penta recently launched its new D4 and D6 inboard engines, which are designed to be more fuel-efficient and quieter than previous models. Mercury Marine also launched its new V8 and V12 Verado outboard engines, which are designed to provide more power and torque than previous models.The growing popularity of electric and hybrid inboard engines is also driving the growth of the market. Electric inboard engines offer a number of advantages over traditional gasoline engines, such as zero emissions, lower noise levels, and reduced maintenance costs. Hybrid inboard engines combine the benefits of both electric and gasoline engines, offering improved fuel efficiency and reduced emissions.
| Report Attribute/Metric | Details |
| Market Size 2022 | 5.22(USD Billion) |
| Market Size 2023 | 5.4(USD Billion) |
| Market Size 2032 | 7.4(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.55% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Perkins Engines ,Mercury Marine ,Hatz ,Doosan ,Caterpillar ,Cummins ,MAN Engines ,Yanmar ,Mitsubishi Heavy Industries ,RollsRoyce Power Systems ,FPT Industrial ,John Deere ,Deutz ,Volvo Penta ,Kubota |
| Segments Covered | Engine Type ,Power Output ,End-Use Sector ,Regional |
| Key Market Opportunities | Increase in demand for fuelefficient engines Growing popularity of electric and hybrid inboard engines Expansion of the marine industry in developing countries Government initiatives to promote ecofriendly boating Rising demand for luxury and recreational boats |
| Key Market Dynamics | Increasing demand for recreational boating Rising popularity of water sports Government regulations for emission reduction Technological advancements in engine design Growing adoption of electric inboard engines |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Inboard Engines Market was valued at USD 5.4 billion in 2023 and is expected to reach USD 7.4 billion by 2032, exhibiting a CAGR of 3.55% over the forecast period. The market growth is primarily driven by the increasing demand for recreational boats, growing popularity of water sports, and rising disposable income in emerging economies.
North America is expected to dominate the Global Inboard Engines Market throughout the forecast period. The region's dominance can be attributed to the presence of leading boat manufacturers, high disposable income, and a strong boating culture.
The key growth drivers of the Global Inboard Engines Market include rising disposable income, increasing demand for recreational boating, growing popularity of water sports, technological advancements, and government initiatives promoting marine tourism.
Inboard Engines find applications in various types of boats, including motor yachts, cruisers, fishing boats, and personal watercraft. They are also used in commercial applications such as workboats, patrol boats, and ferries.
The key competitors in the Global Inboard Engines Market include Volvo Penta, Mercury Marine, Yanmar, Cummins, and Honda Marine. These companies offer a wide range of inboard engines with varying power outputs and features to meet the diverse needs of boat manufacturers and end-users.
The Global Inboard Engines Market is expected to exhibit a CAGR of 3.55% over the forecast period from 2023 to 2032, driven by the increasing popularity of recreational boating and growing disposable income in emerging economies.
The Global Inboard Engines Market faces challenges such as rising raw material costs, stringent environmental regulations, and intense competition from alternative propulsion systems. Additionally, the COVID-19 pandemic has disrupted supply chains and impacted consumer spending, posing challenges for market growth.
The Global Inboard Engines Market presents opportunities for growth through product innovation, technological advancements, and expanding into emerging markets. The development of electric and hybrid inboard engines, as well as advanced engine control systems, offers potential for market expansion.
Key trends shaping the Global Inboard Engines Market include the increasing adoption of electric and hybrid propulsion systems, growing demand for personalized and customized engines, and advancements in engine design and technology. Additionally, the trend towards digitalization and remote monitoring of engines offers opportunities for market growth.
The COVID-19 pandemic has had a significant impact on the Global Inboard Engines Market. The pandemic led to disruptions in supply chains, reduced consumer spending, and a decline in boat sales. However, as the pandemic subsides and economic activity resumes, the market is expected to recover and continue its growth trajectory.
Analyst Explore the profile of garvit vyas, one of our esteemed authors at market research future, and access their expert research contributions in the field of market research and industry analysis
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
