The global recreational boat market, by value, is estimated to be 18.9 USD Billion in 2023 and is projected to reach 25.9 USD Billion by 2028, at a CAGR of 6.5% from 2023 to 2028. In the near future, demand for recreational boat is expected to increase due to favourable investment made for boat industry.
North America is expected to be the largest market for recreational boats, followed by Europe and Asia-Pacific. The growth of the market in North America is attributed to the presence of a large number of boat manufacturers and the high demand for recreational boating activities. Europe is also expected to witness significant growth due to the rising disposable income of consumers and the growing popularity of water sports. Asia-Pacific is expected to be the fastest-growing market for recreational boats, owing to the rising urbanization and the growing middle class in the region.
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The following are some of the key trends that are expected to shape the recreational boat market in the coming years:
- The increasing popularity of luxury boats: The demand for luxury boats is growing rapidly, as consumers are looking for more luxurious and comfortable boating experiences.
- The rising adoption of electric boats: Electric boats are becoming increasingly popular, as they are more environmentally friendly and offer a quiet and relaxing boating experience.
- The growing popularity of pontoon boats: Pontoon boats are becoming increasingly popular, as they are a versatile type of boat that can be used for a variety of activities, such as fishing, swimming, and sunbathing.
The recreational boat market is a fragmented market, with a large number of small and medium-sized players. However, the market is also witnessing the entry of a number of large players, such as Brunswick Corporation (US), Yamaha Motor Corporation (Japan), and Groupe Beneteau (France), Malibu Boats (US), Ferretti Group . These players are investing heavily in research and development, in order to develop new and innovative products. Overall, the recreational boat market is expected to grow at a healthy pace in the coming years. The market is being driven by a number of factors, such as the increasing disposable income of consumers, the growing popularity of water sports, and the rising demand for marine tourism.
The recreational boat market in North America is expected to grow at a CAGR of 7.1% from 2023 to 2028 to reach $15.1 billion by 2028 from $10.8 billion in 2023. The following are some of the key trends driving the growth of the market:
- Increased tourism: The tourism industry in North America is growing rapidly, and this is driving the demand for recreational boats. Boats are a popular way for tourists to explore the region’s many waterways, and they offer a unique and enjoyable way to experience the outdoors.
- High participation in boating activities: Boating is a popular recreational activity in North America, and the number of people participating in this activity is increasing. This is due to a number of factors, including the growing popularity of water sports, the increasing availability of affordable boats, and the growing awareness of the health and environmental benefits of boating.
- Increased consumer disposable income: The disposable income of consumers in North America is increasing, and this is making it possible for more people to afford to buy recreational boats. As a result, the demand for recreational boats is increasing.
Advances in technology are making recreational boats more affordable, more efficient, and more enjoyable to use. This is making boats more appealing to a wider range of consumers. Governments in North America are providing support for the recreational boat industry. This support is taking a number of forms, such as providing tax breaks, funding research and development, and promoting safe and sustainable boating by adopting Electric boats and promoting electrification. For Instance, Like Veer and Delphia launched their X-13 and Delphia-11 electric boats respectively for US market.
Overall, the recreational boat market in Asia-Oceania is growing rapidly and is expected to continue to grow in the coming years. This growth is being driven by a number of factors, including economic growth, rising urbanization, and government support. The market is different from the market in North America and Europe in a few key ways, including the demand for smaller, more affordable, and adoption electric boats.
The impact of the Ukraine-Russia war on the Russian recreational boat industry is likely to have a significant negative impact. The war has led to a sharp decline in the value of the Russian economy and its overall supply chains, which has made it more expensive for Russians to buy boats and sanctions have made it harder to source supplies from many countries. Additionally, the war has disrupted supply chains, making it difficult for Russian boat manufacturers to get the parts they need to build boats. As a result, the Russian recreational boat market is likely to see short term negative impact in the coming years, but is expected to grow in the long term.
Key Market Players:
The recreational boat companies are Brunswick Corporation (India), Yamaha Motor Corporation (Japan), Groupe Beneteau (France), Malibu Boats (US) and Ferretti Group (Italy). These companies offer extensive products and solutions for the recreational boat industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.
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