Recreational Boats Market Overview
Report highlights Recreational Boats Market Information By Type, Boat Size,
Engine Placement, Engine Type, Power Range, Material Type, Activity Type, Power
Source, and Region - Forecast till 2032"; The recreational boats market will surge from USD 19.3 billion in
2023 to USD 32.7 billion by 2032, with a 6.80% CAGR
from 2023 to 2032.
The emergence of new water bodies as
tourist hotspots, strong government support, and a concurrent rise in overall
tourism are key factors boosting the market for recreational boats. The market
size is also increased by the expansion in disposable money, notably in Asian
economies where the majority of the young population lives.
Market Competitive Landscape:
·
Azimut Benetti
Group
·
Bass Pro Group
·
Bombardier
Recreational Products
·
Brunswick
Corporation
·
Bryton Marine
Group
·
Groupe Beneteau
·
Hobie Cat Company
·
Marine Products
Corporation
·
Polaris Inc
·
Sunseeker
International
·
White River
Marine Group
·
Yamaha Motor Co. Ltd.
Market Drivers:
Jet skiing, boat racing, rowing, rafting, kayaking, canoeing, sailing,
power boating, and other water sports are examples of recreational activities
that include the water. Globally, the growth of recreational boating facilities
has been impacted by customers' increasing interest in water sports and
increased engagement across all age groups. In addition, water sports are
growing in popularity due to their numerous health advantages as well as the
thrill or adrenaline rush, they provide when exercising.
Moreover, it has been noted that among fans of water sports, artificial
water bodies for kayaking and rafting are becoming more and more popular. The
market for recreational boats is also being supported by the increased
popularity of motorized water sports like jet skiing, sailing, and yachting.
The promotion of water sports has also recently received active attention from
a number of government agencies. Initiatives have been launched in a number of
nations to promote the construction of water sports facilities and leisure
boating.
A lot of cruise builders are also making investments in land-based
private islands, which enables cruise companies to extend the aboard experience
by providing passengers with exclusive beach time. In addition, the natural
scenery of nations with sea or ocean borders draws a sizable number of visitors
from abroad each year, especially from the wealthy sector of society. These nations
are also popular choices for some business meetings and promotional occasions
when luxury ships are rented. Additionally, the recreational boating industry
is experiencing tremendous growth because of supportive government initiatives
and programs to raise public awareness of the benefits of water tourism.
Restraints
Recreational boat construction necessitates
enormous facilities and qualified laborers due to their sheer size and
complexity, which significantly raises the cost of initial boat manufacturing.
Furthermore, one of the most obvious expenses related to a boat is the cost of
the engine that is included in it. High-performance engines are needed for
recreational boats, and the boat's overall price will depend on the
horsepower.
Market Segmentation
Yachts, sailboats, personal watercraft, inflatables, and
others are included in the recreational boats market segmentation, with respect
to boat type.
There are three boat size categories in the recreational boat
market: 30 feet and under, 30 feet to 50 feet, and >50 feet. In 2022, the
market was led by the 30-foot category.
Outboards, Inboards, and other types are included in the
segmentation of the recreational boats market, depending on the type.
ICE and Electric are two of the engine types included in the
recreational boats market segmentation. In 2022, the electric sector dominated
the industry.
Up to 100 kW, 100-200 kW, and Above 200 kW are the power
ranges covered in the MRFR report.
Aluminum, Fiberglass, Steel, and Others are included in the
Recreational boats Market segmentation by Material Type. In 2022, the market
was dominated by the steel sector.
Cruising+water sports, & Fishing are included in the
Recreational boats Market segmentation by Activity Type.
Engine Powered, Boat Shows, & Online Sales are included
in the Recreational boats Market segmentation by Power Source.
Regional Insights
Since 2022 (45.80%), the market for
recreational boats in North America has been in the lead. Boating enthusiasts
flock to well-known tourist destinations in North America like Florida,
California, and the Great Lakes. Other market drivers include boating infrastructure
and rental services. Although the U.S. recreational boat market will maintain
its dominance in the area, the Canadian market will grow at the quickest rate
over the coming years.
Recreational boats Market Segmentation
Recreational boats Type Outlook
- Yachts
- Sailboats
- Personal Watercrafts
- Inflatables
- Others
Recreational boats Boat Size Outlook
- <30 Feet
- 30-50 Feet
- >50 Feet
Recreational boats Engine Placement Outlook
- Outboards
- Inboards
- Others
Recreational boats Engine Type Outlook
- ICE
- Electric
Recreational boats Power Range Outlook
- Up to 100 kW
- 100-200 kW
- Above 200 kW
Recreational boats Material Type Outlook
- Aluminum
- Fiberglass
- Steel
- Others
Recreational boats Activity Type Outlook
- Crusing+watersports
- Fishing
Recreational boats Power Source Outlook
- Engine Powered
- Boat Shows
- Online Sales
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