Global Recreational Boat Market By Type (Yachts, Sailboats, and Others Types), By Engine Type (ICE and Electric), By Size, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Oct 2023
- Report ID: 99204
- Number of Pages: 310
- Format:
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Report Overview
The Global Recreational Boat Market size is expected to be worth around USD 58.8 Billion by 2032, From USD 33.6 Billion by 2023, growing at a CAGR of 5.90% during the forecast period from 2023 to 2032.
The rise in the disposable income of people in emerging countries, the rise in the trend of the tourism sector, and the growing participation of people in competitive and recreational boating activities are some of the major factors driving the growth of the market globally.
Furthermore, technological advancements and the adoption of connected boats are predicted to propel market development over the forecast period. The major key players are focusing on attracting customers by developing modern boat layouts, especially in the Gen-Z category.
The rise in the awareness of customers about the benefits that the major players offer by integrating technologies in conventional boats is expected to drive the growth of the market in the forecast period.
Advanced technologies are integrated by the manufacturers, such as the Internet of things, smart sensors, Artificial Intelligence, etc., which can provide features to the users like automatic control, GPS tracking, and smart connections.
Integration of such technologies offers improved safety and security of the boat. The demand for recreational boating is increasing due to the rise in tourists and the increase in boating events that are hosted in different parts of the world.
Driving Factors
The Growing Tourism Industry To Drive The Growth Of The Market
The increase in the trend of the tourism industry drives the growth of the market. During the past decade, the market has been growing due to the increase in the tourism industry. The sales of cruises, pontoons, and watersport boats are the main products of the market which are driving the growth of the market.
On a seasonal basis, personal watercraft and used boat sales have increased over the last few years, which can provide a great experience for holiday buyers.
The buyer can also start a leasing business on a seasonal basis, which can be a source of income for the buyers. Many tourist spots around the globe with lakes, beaches, and rivers have developed a great market for pontoons and watersports, which can be a reason for the growth of the market globally.
Depending upon the demand of the tourists, the tourism industry buys these sports to enhance the user experience which can raise the demand of the market. These are the factors driving the growth of the market.
Restraining Factors
The Strict Emission Norms to Hinder the Market Expansion
The strict emission norms which are imposed by the government will hinder the growth of the market. As recreational boats emit nitrogen oxide, also called NOx, particulate matter, and hydrocarbon, also called HC, the European Commission has imposed regulations over these factors for the new motor boats, jet skis, sailing boats, etc.
The proposal for the propulsion engine’s design and construction has been made, which emits 25% less hydrocarbon and nitrogen oxide. The boat manufacturers need to upgrade their engines to meet the strict government regulations that can increase the demand of the market.
In 2020, the US government removed all the regulations imposed on the emission of recreational boats which resulted in a drastic increase in the market’s growth. These are the factors that restrain the growth of the market.
Growing Opportunities
The Online Market for the Industry to Boost the Growth of the Market.
The online market is the major opportunity for the manufacturers to sell the boats. The online market provides a new channel to increase the sales of the products. In the last decade, the boats were sold majorly through boat shows and dealers, which initially resulted in selling the boats in key regions across the globe.
The market of recreational boats has been increased by the growth in the online segment. Many manufacturers can sell their boats on online platforms, which helps the manufacturers to reach potential customers. The dealership cost of the manufacturers has been saved, and most of these boats have become affordable. These are the opportunities in the recreational boat market.
Latest Trends
Electric Vehicles to Be the Major Trend
The increase in the interest of people in outdoor recreational activities and the rise in participation by all age groups are driving the growth of the market. Significant growth has been observed over the last few years, in the market for electric boats, with advancements in technology.
There is a rise in the demand for electric boats, and hybrid electric boats, especially where the electric motor doubles as a mechanically spun generator. The reduction in emissions and the reduction of noise are raising the demand for electric propulsion for boats.
By Type Analysis
Disposable Income and Trends to Propel the Growth of the Yacht Segment
The yacht segment dominates the growth of the market. The rise in disposable income and the growing trend of spending the holidays on a yacht is accelerating the demand of the market globally. The rising demand for luxury traveling or luxury products is driving the growth of the segment, which results in the growth of the global recreational boat market.
The sailboat segment is said to grow at a significant rate during the forecast period. These are driven by the force of the wind and are mainly used for traveling and fishing. These are the factors that contribute to the growth of the market.
By Engine Type Analysis
Being Less Noisy and Environmentally Friendly to Help the Electric Segment Grow in Revenue
Based on engine type, the electric segment dominates the market. Compared to gas and diesel engines, electric motors produce less noise and do not harm the environment. These facilities provide customers with noise-free and enhance the boating experience.
The emission that is emitted by the boat is negligible, and they assist in environmental protection. These boats are low-weight and along with more space. Thus, these factors create demand for the segment and dominate the growth of the market. The ICE segment had the second-largest market share in 2022.
By Size
The 30 Ft to 50 Ft Segment Dominates The Growth Of The Market Globally.
Based on size, the 30 ft to 50 ft segment dominates the growth of the market. The segment holds the largest market share during the forecast period. Technical development and high-power engines are the main factors for the rise in the demand for a boat that comes under this size range.
Two to three-engine capacities are offered by the manufacturers for medium-sized boats for high speed and better space utilization. The consumer demand for spacious boats and the design trend are the add-ons for the growth of the market. These boats are mainly used for tourism and sporting purposes due to the power requirement and spacious features.
Key Market Segments:
Based on Type
- Yachts
- Sailboats
- Personal Watercrafts
- Inflatables
- Others Types
Based on Engine Type
- ICE
- Electric
Based on Size
- <30 Feet
- 30-50 Feet
- >50 Feet
COVID-19 Impact Analysis
The recreational boat market was badly affected by the pandemic. Due to the supply chain and the lockdown regulations that were imposed by the government, the recreational boat market suffered from marginal losses.
During the first quarter and the second quarter of 2020, the manufacturing companies faced huge losses due to the imposed regulation of the government and due to the closing of the manufacturing companies.
However, the market started to gain traction after the government regulations were taken away, and the demand for the outboard-powered boat market was seen increasing, which resulted in the recovery of the global recreational boat market.
Regional Analysis
North America Dominates The Growth Of The Market Globally
North America dominates the market globally and holds the largest market share. The demand in the region is growing due to the rise in the disposable income of the people in the region, and the rise in the interest in spending money and time on leisure activities are the factors for the growth of the region. Competitive prices of the boats and the availability of customized boats to perform particular activities are driving the growth of the market in the region.
The Europe region is expected to register the highest CAGR during the forecast period. The growth in the region is expected to rise due to the increase in demand in countries like Spain, Italy, Germany, etc. The Asia-Pacific region is expected to grow at a significant rate over the forecast period.
Key Regions and Countries:
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
The presence of major key players in the market, which hold the majority of the market share, is because of the increase in the tourism industry. Some of the companies are focusing on the strategies of organic growth, such as new product launches, mergers and acquisitions, and new technology developments, to hold their position in the market.
Companies focus on research and development the increase the sales of recreational boats and to have a competitive advantage in the market. In the boating industry, gentleman agreements exists where the market competitor respects each other, and the major players support the Live and Let Live policies. The association deals with issues within the industry, so the companies operate in a friendly manner.
Market Key Players:
- Avon Marine
- Azimut Benetti Group
- Baja Marine
- Bavaria Yachtbau GmbH
- Bombardier Recreational Products (BRP) Inc.
- Brunswick Corporation
- Chaparral Boats, Inc.
- Farr Yacht Design, Ltd.
- Ferretti S.P.A.
- Fountain Powerboats, Inc.
- Other Key Player
Recent Developments:
- Groupe Beneteau and Vision Marine Technologies collaborated in July 2022 to integrate several models of Groupe Beneteau’s portfolio with Vision Marine Technologies’ high-power electric motors.
- The world’s first microplastic collector device was established and developed by Suzuki in 2020. To cool, the engine will pump tons of water which will then return to the sea. Just by running the boat, it can collect microplastic waste.
Report Scope
Report Features Description Market Value (2022) USD 33.6 Bn Forecast Revenue (2032) USD 58.8 Bn CAGR (2023-2032) 5.9% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Type: Yachts, Sailboats, Personal Watercrafts, Inflatables, and Other Types; By Engine Type: ICE, and Electric; By size: <30 Feet, 30-50 Feet, and >50 Feet. Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Avon Marine, Azimut Benetti Group, Baja Marine, Bavaria Yachtbau GmbH, Bombardier Recreational Products (BRP) Inc., Brunswick Corporation, Chaparral Boats, Inc., Farr Yacht Design, Ltd., Ferretti S.P.A., Fountain Powerboats, Inc., and Other Key Player Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What will be the market size for Recreational Boat Market in 2032?In 2032, the Recreational Boat Market will reach USD 58.8 billion.
What CAGR is projected for the Recreational Boat Market?The Recreational Boat Market is expected to grow at 5.9% CAGR (2023-2032).
Name the major industry players in the Recreational Boat Market.Avon Marine, Azimut Benetti Group, Baja Marine, Bavaria Yachtbau GmbH, Bombardier Recreational Products (BRP) Inc., Brunswick Corporation, Chaparral Boats, Inc., Farr Yacht Design, Ltd. and Other Key Players are the main vendors in this market.
List the segments encompassed in this report on the Recreational Boat Market?Market.US has segmented the Recreational Boat Market Market by geographic (North America, Europe, APAC, South America, and MEA). By Type, market has been segmented into Yachts, Sailboats, Personal Watercrafts, Inflatables and Others Types. By Engine Type, the market has been further divided into, ICE and Electric.
- Avon Marine
- Azimut Benetti Group
- Baja Marine
- Bavaria Yachtbau GmbH
- Bombardier Recreational Products (BRP) Inc.
- Brunswick Corporation
- Chaparral Boats, Inc.
- Farr Yacht Design, Ltd.
- Ferretti S.P.A.
- Fountain Powerboats, Inc.
- Other Key Player
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