New York, April 10, 2023 (GLOBE NEWSWIRE) -- The Global Recreational Boat Market had a value of USD 33.6 billion in 2022 and is projected to grow to USD 58.8 billion during the period from 2023 to 2032. The estimated Compound Annual Growth Rate (CAGR) for this market is 5.9% over the next 10 years. The rise in the trend of the tourism sector and the rise in the disposable income of people in emerging countries are some of the major factors driving the growth of the market globally. In addition, technological advancement and the adoption of connected boats are projected to drive the market's development during the forecast period. Moreover, the growing participation of people in competitive and recreational boating activities globally is expected to drive the market's growth. The major key players are focusing on attracting customers by developing modern boat layouts, especially in the Gen-Z category.
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Key Takeaway:
- By type, the yacht segment generated the highest revenue in the global recreational boat market share in 2022.
- By engine type, the electric segment is dominating the market and is growing significantly over the forecast period 2023 to 2032.
- In 2022, North America dominated the market with the highest revenue share of 38.8%.
- Europe held the second position in revenue share in 2022.
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 rise in customers' awareness about the benefits the major players offer by integrating technologies in conventional boats is expected to drive the market's growth in the forecast period. Furthermore, the demand for recreational boating is increasing due to the rise in tourists and the increase in boating events hosted in different parts of the world, which are the main factors driving the growth of the market globally.
Factors affecting the growth of the Recreational Boat Market
Several factors can affect the growth of the Recreational Boat Market. Some of these factors include:
- Rise in the disposal income and rising trend of luxury travel: The rise in the disposal income of the people is a major factor in people buying recreational boats. In addition, the rising trend of luxury travel allows tourists to experience different types of watersports, driving the market's growth.
- The rise in the tourism industry: As more and more individuals travel and the tourism industry grows, which is expected to create more demand for recreational boats, consequently helping the market grow.
- The strict emission norms: The strict emission norms the governments impose increase the complications in buying and maintaining these boats, making it difficult for the recreational boat market to grow.
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Top Trends in Recreational Boat Market
Significant growth in the market for electric boats has been observed over the last few years with technological advancements. The increase in people's interest in outdoor recreational activities and the rise in participation by all age groups are driving the market's growth. 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 noise is raising the demand for electric propulsion for boats.
Market Growth
The major growth factor for the growth of the recreational boat market is the tourism industry which is growing at a great speed. The demographic progress of the country and the improvement in the economy of the country is the major factor for the market's growth. In addition, the growing income rates of the people in the region have fueled the development of the recreational boat market. Fishing, water skiing, sport, and travel are recreational activities boosting the market demand during the forecast period. These are the factors that drive the growth of the market globally.
Regional Analysis
North America holds the largest market share and dominates the market's growth globally. Competitive prices of the boats and the availability of customized boats to perform a particular activity are driving the market development in the region. 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 region's growth. Europe 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 the countries like Spain, Italy, Germany, etc. Asia-Pacific is expected to grow at a significant rate over the forecast period.
Competitive Landscape
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. Companies focus on research and development the increase the sales of recreational boats and to have a competitive advantage in the market. Some companies are focusing on organic growth strategies, such as new product launches, mergers and acquisitions, and new technology developments, to hold their position in the market. In the boating industry, Gentleman’s agreements exist 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 company operates in a friendly manner.
Recent Development of the Recreational Boat Market
- Groupe Beneteau and Vision Marine Technologies collaborated in July 2022 for the integration of several models of Groupe Beneteau’s portfolio with Vision Marine Technologies’ high-power electric motors.
- World's first micro plastic collector device was established and developed by Suzuki in 2020. The engine will pump tons of water to cool which will then return to the sea. Just by running the boat, it can collect microplastic waste.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 33.6 Billion |
| Market Size (2032) | USD 58.8 Billion |
| CAGR (from 2023 to 2032) | 5.9% |
| North America Revenue Share | 38.8% |
| Europe Revenue Share | 30.1% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The increase in the tourism industry drives the market's growth. Due to the increase in the tourism industry during the past decade, the market is growing. The sales of cruises, pontoons, and watersport boats are the main products of the market, driving the market's expansion. On a seasonal basis, personal watercraft and the sales of used boats have increased over the last few years, which can provide a great experience for the holidays of 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.
Market Restraints
The boat manufacturers need to upgrade their engines which can meet the strict government regulations, which can increase the demand 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 strict emission norms the government imposes will hinder the market's growth. The proposal for the design and construction of the propulsion engine has been made, which emits 25% less hydrocarbon and nitrogen oxide. 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 to restrain the development of the market.
Market Opportunities
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 global regions. The growth in the online segment has increased the market of recreational boats. Many manufacturers are able to sell their boats on online platforms, which is helping 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.
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Report Segmentation of the Recreational Boat Market
Type Insight
The Yacht segment holds the largest market share and is anticipated to dominate the market growth during the forecast period. The rise in disposable income and the growing trend of spending the holidays on a yacht is accelerating the demand of the market globally. In addition, the rising demand for luxury traveling or luxury products is driving the segment's growth, which results in the development of the global recreational boat market. The sailboat segment is said to grow at a significant rate during the forecast period. The force of the wind drives these, and they are majorly used for traveling and fishing. These are the factors that contribute to the growth of the market.
Engine Type Insight
The electric segment dominates the market. Electric motors produce less noise and do not harm the environment than gas and diesel engines. These facilities provide customers with noise-free and enhance the boating experience. The emission emitted by the boat is negligible, and they assist in environmental protection. In addition, these boats are low-weight and along with more space. Thus, these factors create demand for the segment and dominate the market's development. The ICE segment had the second-largest market share in 2022.
Size Insight
The 30 ft. to 50 ft. segment dominates the growth of the market. It 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 boat which 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 is the add-ons for the growth of the market. These boats are majorly used for tourism and sporting purposes due to the power requirement and spacious features.
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Market Segmentation
By Type
- Yachts
- Sailboats
- Personal Watercrafts
- Inflatables
- Others Types
By Engine Type
- ICE
- Electric
By Size
- <30 Feet
- 30-50 Feet
- >50 Feet
By Geography
- 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
Key Market 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 Players
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