The global recreational boat market size is projected to grow from USD 16.4 Billion in 2021 to USD 23.6 Billion by 2027, at a CAGR of 6.2%. Factors such as growing tourism industry and increasing disposable income levels of people will boost the market. Developments in autonomous marine technology will further increase the demand for recreational boating, increasing demand for less skilled recreational boaters. The presence of a large number of manufacturers in this well integrated and fragmented industry ensures a stable supply for the demand of recreational boats around the world.
“Outboards are estimated to account for the largest market size during the forecast period”
The outboard boats segment is currently the largest segment in the recreational boat market around the world. it will continue to be the largest segment during the forecast period due to high demand across US and Europe. This is because these boats have better speed, are easier to dock and cost much less to maintain compared to other variants. They also have a lower chance of catching fire due to the engine being located outside the boat. This leads to outboard boats being the most popular boat for boating enthusiasts.
“North America is expected to witness significant growth during the forecast period.”
The recreational boat market in North America is expected to be the largest and fastest-growing across the world due to high demand for leisure boating and water-sports in the region. US is expected to be a fast-growing market in the region with government helping grow the recreational boat market over the years. However, Emission regulations could limit the growth rate of the market in both these countries by reducing recreational boating demand in the coming years. Canada also has a high demand due to recreational boating being a traditional pastime in the region. Mexico is also a fast-growing market with recreational boating gradually finding its place in the country.
“Aluminium to be the top boat building material during the forecasted period”
The aluminum boats segment is currently the largest boat segment in the recreational boat market around the world. Due to its strong usability and low cost, these boats are mostly used for small-sized boats for recreational boating. Personal boats are mostly made of aluminum due to their lower costs, less servicing and maintenance requirements and ease of use for general boating operations. These boats are easy to manufacture and are the most easily available recreational boats in the market. North America will be the largest market for aluminum boats followed by Europe, Asia Oceania and rest of the world. This is due to the high demand of these boats as private boats for people in the North American and European regions.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: Tier I - 33%, Tier II - 17%, and OEMs - 50%
- By Designation: C Level Executives - 45%, Directors - 35%, and Others - 20%
- By Region: North America - 37%, Europe - 26%, Asia Oceania- 22% and RoW- 15%
The Recreational boat market is dominated by established players such as Brunswick Corporation (US), Groupe Beneteau (France), Malibu Boats (US), Polaris Inc. (US) and MasterCraft Boat Company (US). These companies have been developing new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the recreational boat market.
The report covers the Recreational boat market by Boat Type (Yachts, Sailboats, Personal Watercrafts, Inflatables, Others), Boat Size (<30 Feet, 30-50 Feet, >50 Feet), Engine Placement (Outboards, Inboards, Others), Engine Type (ICE, Electric), Material Type (Aluminium, Steel, Fiberglass, Others), Power Range (Up to 100 kW, 100-200 kW, Above 200 kW), Activity Type (Cruising+watersports, Fishing), Power Source (Engine Powered, Sail Powered, Human Powered), Distribution Channel and Region (Asia Oceania, North America, Europe and RoW). It covers the competitive landscape and company profiles of the major players in the recreational boat ecosystem.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall recreational boat market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.