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recreational boat market

Recreational Boat Market Share, Size, Trends, Industry Analysis Report, By Type (Yachts, Sailboats, Personal Watercrafts, Inflatables, Others), By Size (<30 Feet, 30-50 Feet, >50 Feet), By Engine type (ICE, Electric), By Power Source (Engine Powered, Sail Powered, Human Powered), By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jan 2022
  • Pages: 115
  • Format: PDF
  • Report ID: PM2191
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

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. Key factors stimulating the demand for recreational boats include the development of new water bodies as tourist hotspots, strong government support coupled with simultaneous growth in overall tourism, and the rise in disposable income, particularly in the Asian economies, where a majority of the young population resides.

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Moreover, over the past five years, most Asian countries, including India and China, have invested heavily in the sustainable development of water bodies to increase the local population's income gradually. The outbreak of COVID-19 has shown a considerable impact on every sector of the economy around the world. It negatively affects the recreational boat market growth and leads to marginal losses because of disruptions in production schedules and supply chains. However, the gradual opening of lockdowns is letting everything on track.

Moreover, certain restrictions on regional traveling impact people traveling schedules; thereby, the recreational industry is gaining huge traction among the population as it is a safe alternative for leisure activities. Hence, these may bring an upsurge in the product demand in the foreseen years. As per the National Marine Manufacturers Association, in May 2020, the sales of boats bounced back up by 59%, in contrast to April sales in 2020, and up 9% from pre-pandemic.

Recreational Boat Market 2030

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Industry Dynamics

Growth Drivers
The increasing number of tourism activities across the globe has significantly influenced the demand for recreational products. Over these years, personal ships and watercraft sales have also risen for presenting a great holiday to buyers, and various businesses offer rental services for their ships. In February 2021, with the robust growth of the tourism sector, river cruises and the small sea were gaining huge traction among small and medium-size traders. While, large cruises are preferred for big tourism activities such as parties, functions, etc., as per the European ministry of foreign affairs report.

In addition, pontoons and water sports boats are also gaining huge popularity for local tourists. Various local visiting places worldwide with nearby beaches, rivers, and lakes have fruitful demand for pontoons and water sports. Thereby, tourism companies and local authorities are more tends towards the purchasing of these boats. For instance, as per the ministry of foreign affairs, in Europe, approximately 22% of all tourism businesses offer water sports and 14% present recreational fishing as an additional feature in the part of their tourism plans & packages. Therefore, these factors may fuel the market demand across the globe in the near future.

Report Segmentation

The market is primarily segmented on the basis of type, size, engine size, power source, and region.

By Type

By Size

By Engine Type

By Power Source

By Region

  • Yachts
  • Sailboats
  • Personal Watercrafts
  • Inflatables
  • Others
  • <30 Feet
  • 30-50 Feet
  • >50 Feet
  • ICE
  • Electric
  • Engine Powered
  • Sail Powered
  • Human Powered
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Type

The yacht segment is the leading segment in terms of revenue generation in 2021 and is projected to dominate the market in the forecast period. The rising disposable income and the growing demand for recreational water activities are accelerating the segment demand. As per the data provided by Boat International Media, in 2020, nearly 341 superyachts were sold across the world. Hasna superyacht is the most expensive yacht, which was sold in 2020 for around USD 92.5 million. The rising demand for luxury products is directly associated with the demand for yachts, which, in turn, leads to global recreational boat market dominance.

The sailboats segment is estimated to show substantial growth in the coming period. These are majorly used for fishing and traveling, and these are using the force of the wind. Moreover, these are also single-seater crafts that are used for competition purposes as recreational activities. Besides, some international events are organized to raise awareness regarding sailing that presents various options of craft types to participate in, including cruisers and catamarans. Therefore, these factors may contribute to the segment growth in the forecasting period.

Insight by Engine Type

The electric segment is accounted with the largest revenue generator by holding the most significant shares and is projected to rise at the highest CAGR in the global market. The electric motors are generating low noise compared to gas and diesel engines because of the absence of a silent rotating motor and a combustion system. Thereby, these characteristics facilitate ship pass passengers to have noise-free conversations and enhance the boating experience.

In addition, these engines also eliminate negligible exhaust emissions and present environmental protection assistance. These boards are also more spacious along with less weight. Accordingly, these factors may create a lucrative demand for the segment demand across the globe. The ICE engine type segment is the second dominating segment in the global market. These engines are heat engines in which combustion of fuel happens with the oxidizer is present in a combustion chamber that is a vital part of the working fluid flow circuit.

Geographic Overview

Geographically, North America is the largest contributor in terms of revenue and is likely to dominate the recreational boat market in the forecasting years. The rising demand for leisure water sports across the region and government support for the recreational boat market are the factors that act as catalyzing factors for the market growth.

Moreover, Asia Pacific is forecasted to grow considerably in the global recreational boat market. This is primarily due to the emergence of inner waterways in rivers and lakes, government-sponsored development of water bodies for tourist attraction, and rising investment by the companies on the R&D activities for meeting the consumer taste and preference is further supporting the market growth. Besides, increasing disposable income and growing expenditure on leisure and recreational activities are stimulating the market development across the region.

Competitive Insight

Major players operating in the global recreational market include 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.

Recreational Boat Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 16.31 billion

Revenue forecast in 2030

USD 27.48 billion

CAGR

6.5% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million/billion and CAGR from 2022 to 2030

Segments covered

By Type, By Size, By Engine Type, By Power Source, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Companies

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

Key Take-Away
Polaris Market Research
Recreational Boat Market Size Global Report, 2022 - 2030