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Inboard Engines Market Growth, Size & Trends 2024-2033
Inboard Engines Market Growth
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According to The Business Research Company's, The inboard engines market size has grown strongly in recent years. It will grow from $1.32 billion in 2023 to $1.42 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to marine leisure industry growth, regulatory compliance, global economic expansion, consumer trends toward larger vessels, globalization of boat manufacturing.
The inboard engines market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to stringent emission regulations, rising demand for autonomous boats, alternative fuel adoption, customization and personalization trends, global economic recovery. Major trends in the forecast period include electric propulsion technologies, digitalization and connectivity, technology advancements in engine efficiency, integration of augmented reality (ar) in design and maintenance, shift toward sustainable materials and manufacturing practices.
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Market Drivers and Trends:
Increasing recreational boating activities are expected to propel the growth of the inboard engine market going forward. Recreational activities refer to sports or other leisure activities on or in bodies of water. Inboard Engines provides power and propulsion for boats and watercraft. For instance, in May 2023, according to the National Marine Manufacturers Association, a US-based trade association, recreational boating saw a 36% increase in annual economic activity to $230 billion in 2023. Further, there was a 14% increase in jobs associated with the recreational maritime industry to 812,000 in 2023. Therefore, increasing recreational boating activities are driving the growth of the inboard engine market.
Product innovation is a key trend gaining popularity in the inboard engine market. Major companies operating in the inboard engine Market are developing innovative products to sustain their position in the market. For instance, in June 2021, Volvo Penta, a Sweden-based engine manufacturing company, launched the D13 Inboard engine with an in-line 6-cylinder and a high-pressure unit injector system. The engine's stiff cast-iron cylinder block and cylinder head, which offer outstanding reliability and long-term endurance, are part of its robust design and construction.
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Major Key Players of the Market:
Honda Motor Co Ltd., Caterpillar Inc., John Deere Power Systems,Mitsubishi Heavy Industries Ltd., Suzuki Motor Corporation, Cummins Inc., Rolls-Royce plc,Yamaha Motor Corporation, Yanmar Holdings Co Ltd., Hyundai Heavy Industries Co Ltd., Wartsila Corp, Deutz AG, Mercury Marine, Motoren Werke Mannheim, FPT Industrial,Volvo Penta LLC, Perkins Engines Company Limited,Kohler Power Systems, Torqeedo Gmbh, Tohatsu Corporation, Nanni Industries SAS, Ilmor Engineering Inc., Steyr Motors Betriebs GmbH, PCM Engines, Westerbeke Corporation, Crusader Engines, MAN Engines, Vetus,Lombardini Marine, Craftsman Marine B.V.
Inboard Engines Market 2024 Key Insights:
• The inboard engines market size is expected to see strong growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Surging Recreational Boating Activities Fuel Expansion Of The Inboard Engine Market
• Advanced Features Enhanced Inboard Engine Market Performance
• Asia-Pacific was the largest region in the inboard engines market in 2023
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