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Inboard Engines Market - By Power Source (Diesel, Electric, Gasoline), By Ignition (Electric, Manual), By Power, By Engine (2-Stroke IC Engine, 4-Stroke IC Engine, Electric Engine), By Application (Commercial, Boating), COVID-19 Impact Analysis, 2023 – 2032
- Report ID: GMI5446
- Published Date: Mar 2023
- Report Format: PDF
Industry Statistics
Inboard Engines Market size surpassed USD 1.3 billion in 2022 and is anticipated to witness 7% CAGR from 2023 to 2032.
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A shift in consumer interest toward recreational boating activities and strong economic growth will offer a boost to market expansion. The U.S. Bureau of Economic Analysis claims that the outdoor recreation economy amounted to nearly USD 454 billion of the total GDP of the country in 2021. Growing consumer spending on such outdoor activities is likely to garner the sales of boats and yachts, favoring inboard engine demand by 2032.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 1.3 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7.2% |
| 2032 Value Projection: | USD 2.5 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 476 |
| Tables, Charts & Figures: | 838 |
| Segments covered: | Power Source, Power, Ignition, Engine, Application, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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High maintenance associated with inboard engines could create challenges for inboard engines market growth. Opposed to outboard engines, inboard engines are housed inside a hull, which complicates routine cleaning and maintenance. To keep them operating at a high level of efficiency, these engines are needed to undergo routine maintenance. The process includes procedures to remove debris from the engine oil and filters, leakage tests, and checking multiple components. The complex nature of the maintenance of these engines could impact their use in boats.
Growing commercial use of diesel-powered inboard engines
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Inboard engines market from the diesel power source segment is expected to cross USD 2.1 billion by 2032. These inboard engines are considered to be one of the best options for commercial applications like trawling, cruising, search & rescue, and fishing. These applications demand high horsepower inboard engines with excellent fuel efficiency and high-speed cruising capacity. The introduction of new safety laws that forbid the use of gasoline-powered inboard motors will make diesel-powered engines more popular. Furthermore, the affordable of diesel over gasoline for larger vessels should complement the usage of these engines in the long run.
Development of new high-powered engines type to drive market growth
The high-power inboard engines industry size is expected to witness 6.8% growth rate during 2023 to 2032 as large leisure vessels and powerful inboard engines are becoming popular. To meet this demand, a number of participants, notably Torqeedo GmbH, Mercury Marine, and Volvo Penta, are making investments in the development of cutting-edge engines. In terms of their control systems and interaction with other onboard systems, manufacturers are creating engines that are more effective, scalable and smart.
Rising demand for boat rental services in the commercial sector
| Application | Market Share, 2032 (%) |
|---|---|
| Commercial | 42% |
| Boating | 38% |
| Others | 20% |
| Total | 100% |
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The industry share from the commercial application is predicted to reach USD 1.35 billion in 2032 attributed to the rising power output and efficiency provided by these motors. Companies in freight transport sector are embracing high-powered inboard motors for cost-effective and reliable operations. They are frequently operated in demanding conditions and can run 24 hours a day. Advancements in diesel inboard technology are also promoting product uptake in the commercial sector due to their increased efficiency and dependability. The emergence of rental boating activities and boat club events globally will bolster the application scope of commercial inboard engines.
Consumer interest in cruising and sailing in North America
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The North American inboard engines market is estimated to amass USD 1.7 billion by 2032 owing to the factors like strong economic growth, rising disposable income, and significant consumer interest in recreational boating activities. It is expected that the popularity of leisure pursuits such as powerboat racing, sailing, and cruising would increase in the region over the coming years. Manufacturers of marine engines are continually developing new products and are providing useful solutions to expand in the industry.
Business growth activities to favor the industry outlook
Torqeedo GmbH, Volvo Penta, Caterpillar Inc., Mitsubishi Marine Engines, Mercury Marine, Vetus, Rolls–Royce plc, Cummins Inc., YANMAR, and Indmar Products Inc., are some of the leading players in the global competitive landscape. Companies are working on the development of new strategies to improve market stability and growth.
Impact of the COVID-19 pandemic on inboard engines market trends
The industry was adversely affected due to lockdown restrictions imposed during the COVID-19 pandemic. However, with the restrictions being lifted, outdoor recreational activities are on the rise worldwide. The market is likely to record a speedy recovery in the sales of inboard engines across countries like the U.S and Europe. Furthermore, new developments in electric-powered engines and concerns over rising pollution levels would shape the future of global inboard engines industry by 2032.
This market research report on inboard engines includes in-depth coverage of the industry with estimates & forecasts in terms of volume in units and revenue in USD million from 2018 to 2032 for the following segments:
Market, By Power Source
- Diesel
- Electric
- Gasoline
- Others
Market, By Power
- Low
- Medium
- High
Market, By Ignition
- Electric
- Manual
Market, By Engine
- IC engine
- 2-stroke
- 4-stroke
- Electric engine
Market, By Application
- Commercial
- Boating
- Others
Market, By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Netherlands
- Norway
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Thailand
- New Zealand
- Latin America
- Brazil
- Mexico
- Argentina
- Peru
- Columbia
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Turkey