According to Cognitive Market Research, The Global Inboard Electric Motors market size is USD 5518.9 million in 2023 and will grow at a compound annual growth rate (CAGR) of 5.22% from 2023 to 2030.
The demand for heating and cooling in residential, commercial and industrial areas is rising, and as a result, the heating and air-conditioning (HVAC) industry is growing. As a result, the activity of the new building views the building's air conditioning supply as a crucial function during the construction phase.
Demand for medium power (10-35 HP) remains higher in the Inboard electric motors market.
The civil entertainment segment held the highest application of Inboard electric motors market share in 2023.
In 2023, Increasing environmental consciousness and the need to reduce air and water pollution are driving the adoption of inboard electric motors in the Asia Pacific. Since the area is rapidly industrialising and urbanising, the need for sustainable transportation options is greater than ever.
