Inboard Engines Global Market Report 2024

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 observed in the historical period within the realm of inboard engines can be attributed to several key factors. These include the expansion of the marine leisure industry, adherence to regulatory standards, global economic growth, shifting consumer preferences toward larger vessels, and the globalization of boat manufacturing processes.

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%. Anticipated growth in the forecast period within the domain of inboard engines is expected due to several key factors. These encompass increasingly stringent emission regulations, a rising demand for autonomous boats, adoption of alternative fuels, prevailing trends favoring customization and personalization, and a global economic recovery. Major trends projected for this period include the advancement and adoption of electric propulsion technologies, increased emphasis on digitalization and connectivity in engine systems, technological advancements focusing on improving engine efficiency, integration of augmented reality (AR) for design and maintenance purposes, and a notable shift towards sustainable materials and eco-friendly manufacturing practices.


The anticipated increase in recreational boating activities is poised to drive the growth of the inboard engine market. Recreational activities, including sports and leisure pursuits on bodies of water, rely on inboard engines for power and propulsion of boats and watercraft. As of May 2023, the National Marine Manufacturers Association reported a substantial 36% rise in annual economic activity within the recreational boating sector, reaching $230 billion. Furthermore, there was a notable 14% increase in jobs associated with the recreational maritime industry, totaling 812,000 in 2023. This data underscores the significant impact of increasing recreational boating activities as a driving force behind the growth of the inboard engine market.

The burgeoning tourism sector is also expected to contribute to the expansion of the inboard engine market. The tourism sector, encompassing various travel-related activities and services, relies on inboard engines to power boats and vessels for scenic tours, transport, and other water-based activities. In November 2023, the UK's Office of National Statistics reported a growth in overseas tourists visiting the UK, increasing from 2.8 million visits in May 2022 to 3 million visits in June 2022. These tourists spent a total of $3.42 billion (£2.7 billion) in the UK. The consistent growth in tourism serves as a key driver for the inboard engine market, as reliable and efficient inboard engines play a crucial role in ensuring safety and performance in water-based tourism activities.

Product innovation stands out as a significant trend gaining traction in the inboard engine market. Major companies within this industry are actively engaged in developing innovative products to fortify their positions in the market. An illustrative example is Volvo Penta, a Sweden-based engine manufacturing company, which, in June 2021, introduced the D13 Inboard engine. This engine boasts an in-line 6-cylinder configuration and features a high-pressure unit injector system. Notably, its robust design includes a stiff cast-iron cylinder block and cylinder head, ensuring outstanding reliability and long-term endurance.

Major players in the inboard engine market are adopting a strategic partnership approach to bolster their offerings and drive innovation. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve mutual benefits and success. A case in point is the partnership established in June 2023 between Wartsila Corporation, a US-based provider of complete life-cycle marine and energy solutions and services, and Qtagg, a Swedish-based green tech company. This collaboration aims to introduce an innovative retrofit solution for their marine engine governor system. The marine governor systems by ANCS regulate and control engine speed, managing fuel supply under various operating conditions. The retrofit solution integrates digital engine governors and advanced AI eco-driving systems, reducing fuel consumption and emissions while significantly enhancing operating efficiency. This strategic partnership highlights the industry's commitment to collaborative efforts and innovation in the inboard engine market.

In November 2022, Correct Craft, a powerboat manufacturing company headquartered in the United States, completed the acquisition of Indmar Marine Engines for an undisclosed sum. This strategic acquisition is anticipated to facilitate the expansion of Correct Craft's product portfolio, particularly in the realm of inboard engines. Indmar Marine Engines, based in the United States, specializes in the manufacturing of gasoline-powered inboard marine engines, adding to Correct Craft's offerings in the marine propulsion segment.

Major companies operating in the inboard engines market report are 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.

Asia-Pacific was the largest region in the inboard engines market in 2023. The regions covered in the inboard engines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the inboard engines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Inboard engines draw power from various sources, including diesel, electric, gasoline, and other fuel types. Diesel, a heavy oil utilized as fuel in vehicles and trains with diesel engines, is one of the available power sources. These engines come in varying power levels categorized as low, medium, and high, featuring different ignition mechanisms such as electric and manual. The types of engines commonly found in inboard systems include internal combustion (IC) engines and electric engines, which serve diverse purposes in commercial and boating applications, among others.

The inboard engines market research report is one of a series of new reports that provides inboard engines market statistics, including inboard engines industry global market size, regional shares, competitors with a inboard engines market share, detailed inboard engines market segments, market trends and opportunities, and any further data you may need to thrive in the inboard engines industry. This inboard engine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The inboard engines market consists of sales of voltage regulators, oil and lube system components, belts and tensioners, bell housing components, and intake manifold gaskets. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.