Recreational Boat Market Future Scope Demands and Projected Industry Growths to 2030
Recreational Boating is the leisurely activity of traveling by boat. It is designed for fun on water surfaces with family and friends. This boat is manufactured using materials including coated fabric, aluminum, and plastics. Recreational boating includes many activities such as sailing, campaigning, boat racing, and fishing. Various types of recreational boats, including recreational runabouts, fishing boats, towboats, pontoon boats, sailboats, jet boats, sterndrive powerboats, propulsion systems, personal watercraft, and cabin cruisers, are usually used for recreational boating.
The global recreational boat market was valued at USD 16.31 billion in 2021 and is expected to grow at a CAGR of 6.5% during the forecast period.
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Prominent Key Players – Covered in the report:
Azimut Benetti Group, Bass Pro Group, Bombardier Recreational Products, Brunswick Corporation, Bryton Marine Group, Groupe Beneteau, Hobie Cat Company, Malibu Boats, Marine Products Corporation, Mastercraft Boat Company, Polaris Inc, Sunseeker International, White River Marine Group, and Yamaha Motor Co., Ltd.
The increasing number of people involved in recreational operations coupled with the increasing use of these boats for business-specific reasons such as passenger transportation and short-distance transport is fueling the development of the worldwide recreational boat market. Mechanically driven boats are those that require the use of engines, while non-mechanically driven boats can be powered manually or by sails.
Recreational Boat Market: Growth Drivers
The growing number of tourism activities across the globe fuels the demand for recreational products. A great holiday to buyers and rental services offered by various businesses for their ships is responsible for boosting the personal ships and watercraft sales over the past few years. With the increasing popularity of pontoons and water sports boats for local tourists, tourism companies and local authorities are continuously purchasing these boats. The increasing technological developments in boats & boat engines and the rising high net-worth population are other key factors expected to create lucrative opportunities for the market growth over the foreseen period. Moreover, the increasing youth participation in sports and leisure activities and rising health awareness are anticipated to boost the demand for proficient and durable recreational boats, thus accelerating the growth of the recreational boat market.
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Recreational Boat Market: Segmentation
- Based on type, the market is categorized into yachts, sailboats, personal watercrafts, inflatables, and others. The yacht segment is holding the largest share in 2021 and is expected to continue its dominance in the market in the forecast period.
- By size, the market is segmented into <30 Feet, 30-50 Feet, and >50 Feet.
- Depending on engine type, the market is segmented into ICE and electric. The electric segment held the largest revenue share and is expected to rise at the highest CAGR in the global market.
- Based on the power source, the market is bifurcated into engine powered, sail powered, and human powered.
Geographic Overview: Recreational Boat Market
Based on geography, North America is dominating the market with the largest market revenue and is expected to continue its dominance over the forecast period. This growth can be attributed to the growing demand for leisure water sports across the region and increasing government support for the recreational boat market.
Furthermore, Asia Pacific is projected to experience considerable growth in the global recreational boat market owing to the emergence of inner waterways in rivers and lakes, government-sponsored development of water bodies for tourist attractions, and growing investment by the companies in the R&D activities for meeting the consumer requirements and preference. Also, rising disposable income and increasing expenditure on leisure and recreational activities are fueling the expansion of the market across the region.
Key Questions Answered In The Report Include:
- What are the current global recreational boat market size and the growth rate?
- How has the market performed so far, and how will it perform in the coming years?
- What are the key regions in the market?
- What are the major categories in the global recreational boat market? What are the major application -segments? What are the major product types?
- What is the degree of competition in the industry? What are the key outcomes of Porter’s five forces analysis?
- What are the key driving factors and challenges?
Recreational Boat Market: By Type Outlook
- Personal Watercrafts
Recreational Boat Market: By Size Outlook
- <30 Feet
- 30-50 Feet
- >50 Feet
Recreational Boat Market: By Engine Type Outlook
Recreational Boat Market: By Power Source Outlook
- Engine Powered
- Sail Powered
- Human Powered
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