Global Recreational Boats Market Insights Forecasts to 2033

• The Global Recreational Boats Market Size was Valued at USD 16.95 Billion in 2023
• The Market Size is Growing at a CAGR of 6.42% from 2023 to 2033
• The Worldwide Recreational Boats Market Size is Expected to Reach USD 31.57 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

 

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The Global Recreational Boats Market Size is Anticipated to Exceed USD 31.57 Billion by 2033, Growing at a CAGR of 6.42% from 2023 to 2033.

 

Market Overview

A recreational boat is essentially a large motorboat equipped with a cabin, plumbing, and other amenities necessary for living on board. Individuals utilize recreational boats to enjoy outings with their families, friends, and peers. Recreational boats are ideally suited for fishing, boat racing, water sports, campaigning, and sailing. These ships are constructed of coated textiles, plastics, and aluminum. Furthermore, the recreational boat market has expanded significantly, notably in response to the rising tourism economy. Over the last decade, the market has demonstrated enormous potential, with individual segments like as pontoons, cruises, and water sports vessels experiencing significant sales growth. In addition, as the recreational boat market is so large, many leading manufacturers have introduced new models with more features and comfort, as well as a variety of options, to increase competitiveness. Such a favorable environment and rising demand have boosted the recreational boat market.

 

Report Coverage

This research report categorizes the market for the global recreational boats market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global recreational boats market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global recreational boats market.

 

Driving Factors

The growing tourism industry will boost recreational boat demand. The expansion of the recreational boat market can be attributed in large part to the tourism industry's growth. Over the past years, the global recreational boat market has demonstrated its ability to grow alongside the tourism industry, particularly in the sales of pontoon, cruise, and water sports boats. Furthermore, key factors driving demand for recreational boats include the development of new water bodies as tourist hotspots, strong government support combined with simultaneous growth in overall tourism, and an increase in disposable income, particularly in Asian economies, where the majority of the young population lives. Due to these factors, the worldwide recreational boat industry is expanding rapidly.

 

Restraining Factors

The strict laws and regulations that must be observed on a regular basis serve as a deterrent to the recreational boat market. For example, the NOX limit in Europe has been established at 1.8 g/kW-hr, whereas the US EPA 4 standards promised a 63% reduction in emissions for engines with more than 600 kW compared to the previous EPA 3 restrictions. To achieve such high pollution limits, boat engine manufacturers must modernize their technology.

 

Market Segmentation

The global recreational boats market share is classified into type, engine type, and application.

 

• The sailboats segment is expected to hold the largest share of the global recreational boats market during the forecast period.   

Based on the type, the global recreational boats market is divided into motorboats, personal watercraft, yachts, sailboats, and others. Among these, the sailboats segment is expected to hold the largest share of the global recreational boats market during the forecast period. These are mostly used for fishing and transport, and they harness the power of the wind. Furthermore, these are single-seater crafts utilized for both competition and pleasure purposes. Furthermore, several international events are arranged to raise awareness about sailing, which offers a variety of vessel types to engage in, including cruisers and catamarans.

 

• The electric drives segment is expected to grow at the fastest CAGR in the global recreational boats market during the forecast period.   

Based on the engine type, the global recreational boats market is divided into diesel engines, electric drives, and others. Among these, the electric drives segment is expected to grow at the fastest CAGR in the global recreational boats market during the forecast period. Electric motors are quieter than diesel and gas engines since they lack a combustion mechanism and have a silent motor. These features allow passengers to communicate without bothering others, making for a more enjoyable sailing experience. Furthermore, these engines offer environmental benefits and produce little exhaust emissions.

 

• The sports fishing segment is expected to grow at the fastest CAGR in the global recreational boats market during the forecast period.   

Based on the application, the global recreational boats market is divided into sports fishing, watersports transportation, and others. Among these, the sports fishing segment is expected to grow at the fastest CAGR in the global recreational boats market during the forecast period. This is due to new technologies are always being developed, such as lighter and stronger materials, fuel-efficient engines, and sophisticated navigation systems, to improve boat performance, efficiency, and overall fishing experience. The rise of competitive fishing events creates a need for high-performance boats outfitted with cutting-edge equipment to give competitors an advantage.

 

Regional Segment Analysis of the Global Recreational Boats Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

North America is anticipated to hold the largest share of the global recreational boats market over the predicted timeframe.

 

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North America is anticipated to hold the largest share of the global recreational boats market over the predicted timeframe. The domestic boating industry has already seen an increase in consumers choosing to participate in water sports in their home nation rather than overseas. The domestic water sports business is thriving as a result of this continued trend. The recreational boat industry in North America is growing due to increased customer interest in water activities and fishing. Boat sales have increased in recent years as the region's economy has improved and consumers have greater access to loans. Watersports such as waterskiing, surfing, and power boating are becoming increasingly popular, which bodes well for Canada's recreational boat market.

 

Asia Pacific is expected to grow at the fastest pace in the global recreational boats market during the forecast period. This is primarily due to the establishment of inner waterways in rivers and lakes, government-sponsored development of water bodies for tourism attractions, and increased investment by enterprises in R&D operations to match consumer tastes and preferences, which is further driving market expansion. Furthermore, rising disposable income and increased spending on leisure and recreational activities are driving market growth throughout the area.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global recreational boats market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Yamaha Motor Co. Ltd.
• Bass Pro Group
• Azimut Benetti Group
• Bombardier Recreational Products
• Polaris Inc
• Bryton Marine Group
• Groupe Beneteau
• Brunswick Corporation
• Hobie Cat Company
• Marine Products Corporation
• Sunseeker International
• White River Marine Group
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In July 2022, Vision Marine Technologies and Groupe Beneteau have forged a cooperation to integrate Vision Marine Technologies' high-power electric outboard motors into multiple models in Groupe Beneteau's brand portfolio.

 

• In July 2022, Mercury Marine, a division of Brunswick Corporation, announced a partnership with Alliant Energy to build a 5-megawatt, 32-acre solar array in eastern Fond du Lac County, furthering the company's environmental activities and the region's growing commitment to renewable energy.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global recreational boats market based on the below-mentioned segments: 

 

Global Recreational Boats Market, By Type

• Motorboats
• Personal Watercraft
• Yachts
• Sailboats
• Others

 

Global Recreational Boats Market, By Engine Type

• Diesel Engines
• Electric Drives
• Others

 

Global Recreational Boats Market, By Application

• Sports Fishing
• Watersports Transportation
• Others

 

Global Recreational Boats Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa