The global recreational boat market, by value, is estimated to be USD 18.9 billion in 2023 and is projected to reach USD 25.9 billion by 2028, at a CAGR of 6.5% from 2023 to 2028. The recreational boat market is set to benefit from several key factors that will drive its growth. The expanding tourism industry, along with rising disposable income levels, will contribute to increased demand for recreational boating experiences.
The market for recreational boat is expected to rise as a result of reasons including, the adoption of emissions-free transportation, and advantageous government policies including subsidies, rise in boat industry electrification.
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By Electric segment is expected to be the fastest segment in the forecast
The Electric powered boats segment is estimated to lead the global recreational boat market by engine type. An electric boats obtains power from an storage battery. There is an increase in the electrification of boats globally, owing to reduced emissions. Asia Oceania and Europe are increasingly investing in the electrification of their transportation systems. For instance, some nations provide incentives to businesses that finance the development of electric boats. For examples in 2022, India launched it first electric operated Ferries for its one of its’s state waterways. Since they emit no emissions when in use, electric boats are more environmentally friendly than diesel locomotives. Because of this, they are appealing to organizations and governments that want to reduce their carbon footprint. Similarly, South Korea and Japan have launched their own Hydrogen based boats and ferries for public transport thereby reducing emissions and improving public transports.
North America is expected to be the largest and fastest market during the forecast
North America is estimated to second larget market of the recreational boatin 2023 in terms of value. Germany, The region is a major hub for several renowned OEMs, including Brunswick Corporation,Malibu Boats, MasterCraft, Polaris Inc., Bombardier Recreational Products. The North American boat industry is the largest in the world. Most American boats are equipped with high-end technologies, which include advanced navigation, digital consoles, high performance and efficiencent porpulsion, and other features providing comfort. This offers recreational boat OEMs opportunities to increase their presence in North America.
Key Players
The recreational boat market is dominated by global players such as 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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