Selbyville, Delaware, March 22, 2023 (GLOBE NEWSWIRE) --
Inboard Engines Market size is expected to cross a valuation of USD 2.5 billion by 2032, according to the recent research report by Global Market Insights Inc.
The expanding recreational boating sector and demand for other water activities is expected to drive the production and sales of boats and yachts across Europe. Countries such as France, Italy, Germany, and the UK are among the leader in yacht production in the region. The imposition of strict emission and noise regulations by the European Union has created lucrative growth opportunities for electric boats and ship manufacturers. Multiple developments in inboard engines along with the addition of features like less noise, longer lifespan, and a high aftermarket resale value, are likely to increase the industry demand.
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Widespread application of electric inboard engines
The electric powered inboard engines market is expected to cross a valuation of USD 115 million by 2032. The growing popularity of these engines is due to the improvements in battery technology and their widespread availability. Electric engines create lesser noise and are comfortable to operate all while emitting fewer pollutants. They are excellent substitutes for day cruisers and smaller boats. Efforts to adopt cleaner energy sources that are more efficient would promote the sales of electric-powered inboard engines.
Lesser environmental impact by IC engines
The industry size from the IC engine segment is anticipated to dominate 95% share by 2032. The adoption of hybrid propulsion systems, which combine conventional IC engines with electric motors and batteries, is slowly becoming a popular trend in the marine transport sector. IC engines offer various advantages like lesser noise and vibration along with better fuel efficiency and lower pollutants. Employing alternative fuels like biofuels and compressed natural gas is expected to reduce the negative environmental impact of IC engines.
Surge in boat sales in the United States
Inboard engines market from the boating application is predicted to observe 7.5% CAGR from 2023 to 2032. The rising sales of recreational boats is poised to fuel the growth in demand for inboard engines. For instance, according to information provided by the National Marine Manufacturers Association (NMMA), in 2021, recreational marine expenditures amounted to USD 56.7 billion, making it the second-highest-ranked year in the past two decades. The inboard engines sales in the boating industry are also being driven by increasing consumer spending on recreational activities as well as favorable regional economic growth.
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Increasing demand for luxury boat in Asia Pacific
The APAC industry is estimated to amass USD 215 million by 2032. The rise in the growth of the maritime tourism sector along with changing consumer buying behaviors will fuel market expansion. Various government policies are encouraging and upgrading the boating infrastructure. The government bodies in the province are implementing regulations and standards to maintain operational safety during boating activities. There is also an increase in the luxury boat demand which is said to drive espousal of high-powered marine engine in the region.
Competitive landscape of the global inboard engines market
Some of the leading companies operating in the inboard engines business scenario are Caterpillar Inc., YANMAR, Mitsubishi Marine Engines, Mercury Marine, Vetus, Torqeedo GmbH, Indmar Products Inc., Rolls–Royce plc, Volvo Penta, and Cummins Inc. They are focusing on developing new strategies by inking partnerships, launching new products, and more. For instance, in 2022, Mitsubishi Marine Engines launched a new tier 4 marine diesel engine which aims to eliminate any concerns that electronic engines cause while maintenance procedures.
Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Inboard engines industry 360º synopsis, 2018 - 2032
2.2 Business trends
2.3 Regional trends
2.4 Power Source trends
2.5 Power trends
2.6 Ignition trends
2.7 Engine trends
2.8 Application trends
Chapter 3 Inboard Engines Industry Insights
3.1 Impact analysis of the COVID-19 pandemic
3.2 Industry ecosystem analysis
3.4 Technology landscape
3.5 Innovation & sustainability
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Increasing recreational boating activities
3.7.1.2 Rising production and sales of yachts
3.7.1.3 Improved economy and rising government funding for infrastructure development
3.7.1.4 Growing tourism sector along with strengthening distribution networks
3.7.1.5 Increasing disposable income along with surging import & export activities
3.7.2 Industry pitfalls & challenges
3.7.2.1 Environmental concerns & increasing regulatory pressure
3.7.2.2 High maintenance associated with inboard engines
3.8 Growth potential analysis
3.10 PESTLE analysis
3.11 COVID-19 impact
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
