PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1489929
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1489929
Europe Inboard Engines Market is valued at approximately USD 420 million in 2023 and is anticipated to grow with a healthy growth rate of more than 7.08% over the forecast period 2024-2032. Inboard Engines refer to propulsion systems installed within the hull of a boat, as opposed to outboard engines which are mounted externally on the transom. These engines are typically used in larger vessels such as cruisers, yachts, and some high-performance boats. Furthermore, the increasing development of supercharged engines for ensuring power and reliability within the marine industry is gaining attention towards the Europe Inboard Engines Market. Supercharged engines offer significant power and torque improvements compared to naturally aspirated engines of similar size. In the marine industry, especially for high-performance boats and yachts, this enhanced performance is highly desirable. Customers seeking greater speed, acceleration, and towing capability are turning to supercharged inboard engines.
The Europe Inboard Engines Market is driven by the rising adoption of hybrid and electric propulsion systems within the marine industry and increasing demand for water sports recreational activities across the region. In response to the growing demand for eco-friendly and energy-efficient propulsion solutions, many manufacturers in the marine industry are diversifying their product offerings to include hybrid and electric inboard engines. This expansion of product options within the market caters to a wider range of consumer preferences and requirements, driving overall market growth. However, rising environmental concerns and expensive maintenance costs connected with inboard engines. are going to impede the overall demand for the market during the forecast period 2024-2032.
The key countries considered for the Europe Inboard Engines market study includes UK, Germany, France, Italy, Spain, and Rest of Europe. In 2023, France was the largest market owing to the rising number of participations in tourism activities in the region. According to statistics based on tourism in the European Union reported that 78.8% of the population aged 15 years or more in France have participated in tourism activities. Tourism participants often seek out recreational boating experiences to explore coastal regions, islands, or inland waterways. Whether it's renting a boat for a day trip or joining a guided tour, tourists contribute to the demand for boats equipped with inboard engines. These engines offer the power, reliability, and efficiency necessary to provide enjoyable and safe boating experiences for tourists, thereby supporting the growth of the market. The market in the UK, on the other hand, is expected to develop at the fastest rate over the forecast period.