GLOBAL REPORT
The global marine inboard engines market is expected to grow from $2.75 billion in 2022 to $4.45 billion by 2032 at a CAGR of 5.1%, according to forecasts by Power Systems Research.
A marine inboard engine is a reciprocating engine mounted within a boat’s hull. It is a four-stroke engine that has been modified for maritime usage. The engine spins a drive shaft that passes through the hull and is connected to a propeller. While outboard engines must be periodically serviced to ensure they remain watertight, inboard engines typically do not require much maintenance. Additionally, inboard engines tend to be more fuel-efficient than outboards.
The distinctive marine torque, low pollution levels, consistently excellent dependability, and the option of providing new ease and satisfaction with joystick docking and driving are all common features for maritime leisure and business applications.
Growth Factors: Several factors are driving the growth of inboard engines:
- Stringent emission norms and rising environmental concerns worldwide. Technological advancements have created fuel-efficient and environmentally friendly marine inboard engines. These regulations encourage boat owners to replace older models.
- Small recreational boats account for the majority of the global marine inboard engine market share. High adoption rates among consumers are due to many advantages such as low fuel consumption. The increasing popularity of recreational boating, especially among the affluent population, is driving demand for marine inboard engines.
- Increasing demand for marine inboard engines from the commercial sector because of the growth in maritime trade and tourism.
- More consumers are spending vacations by charting boats/yachts.
- The ease for owners to customize their boat/yacht.
- A stronger job market, low fuel prices, and increasing consumer confidence.
Trends: A trend that will gain traction in the marine inboard engines market in the coming years is hybrid turbochargers. The marine industry has made a substantial investment in R&D to cut down harmful emissions from boats, along with improving fuel economy and reducing operating costs.
Electric marine inboard engines are becoming more popular as battery technology improves, and the charging infrastructure becomes more widespread.
Summary: The marine inboard engine has a solid reputation for dependability and longevity. This engine has become one of the most popular power sources for a variety of commercial and recreational applications. However, high maintenance associated with inboard engines could create challenges for inboard engines.
The diesel engines segment is expected to account for the largest share of the global marine inboard engines market during the forecast period. However, electric engines are projected to grow at a higher CAGR than diesel engines during the forecast period. PSR
Michael Aistrup is a Senior Analyst at Power Systems Research
