Recreational Boat Market

Recreational Boat Market is anticipated to grow at a USD 34,256 Million by 2028 and witnessing growth at 5.1% CAGR during 2021-2028

Introduction of the Recreational Boat Market Report

Recreational boat means any vehicle used primarily for noncommercial use. Recreational boats are used to travel, sports activities, fishing, or waterskiing. It is primarily used for fun and pleasure activities during an outing with family and friends. Some of the common recreational boats include including runabouts, towboats, fishing boats, sailboats, pontoon boats, jet boats, personal watercraft, and cabin cruisers.

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Market Dynamic

Key Drivers and Emerging Trends

The growing popularity in recreational water sports activities and water-based tourism and the increasing participation of adult participation are anticipated to grow the market for recreational boats. Increasing activities in fishing and investment in the rental boat sector further increasing the sales of recreational boat in the market. According to National Marine Manufacturers Association the sale of boats in US has increased with 12 percent in 2020 as compared to 2019.

Moreover, technological advancements in boats are expected to drive the growth in the coming years. Manufacturers are integrating joystick piloting to improve the mobility of the boat. Various smart technologies such as AI and IoT are connected to the boat to enhance the boating experience. For instance, in 2021, Yamaha Motor invested in the US start-up Siren Marine to provide innovative connected boat solutions by bringing IoT to the marine industry.

Additionally, growing online markets for boats has provided a new platform for selling these boats. Earlier boats were sold through dealers in some specific key regions. The growth of online selling of boats has expanded the market for the manufacturer and has saved dealership costs. E-commerce companies such as Amazon, Walmart, and Alibaba sell boats of various top brands like Intex, Sea Eagle, Classic, and many more.

Restraint in the Recreational Boat Market

However, recreational boats emit harmful gases such as Nitrogen Oxide (NOx), hydrocarbons (HC), and much other particulate matter, which may affect flora and fauna of the water world. This may restrict the growth of the recreational boat market.

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Boat Type – Segment Analysis

Based on boat type, the outboard boats segment is projected to witness the fastest growth during the forecast period. Outboard boats have better speed, are easier to dock, and have less maintenance cost as their engine is outbuilt, which is easier to repair. Outboards weigh less than any other variant, which has enhanced its engine performance, fuel economy, and easier to tow. For instance, Suzuki Marine USA, LLC, the outboard motor distributor, has announced to supply outboard motors for a new private boat brand by Camping World, a major retailer with 160 locations in the US.

Horsepower – Segment Analysis

Based on horsepower, the above 1,000hp segment is expected to grow at a higher CAGR in the recreational boat market. The increasing adoption for powerful outboards for racing events will support the market growth. For instance, Mercedes-AMG and Cigarette racing team partnered to unveil special edition version of the 56-foot Tirranna AMG boat equipped with 2,700hp to provide a speed of 80 mph.

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Regional – Segment Analysis

Based on region, the North America dominates the Recreational Boat market during the forecast period. The increasing uptrend where people are opting to do water sports is boosting the water sports industry. Rapid increase in in the travel and tourism industry has led to higher production of motorboats. According to The National Marine Manufacturers Associations, retail unit sales of new powerboats are estimated to be approximately 280,000 units in 2019.

Top Market Players:

Some of the key players operating in the market includes Brunswick Corporation, Suzuki, Malibu Boats, Polaris Inc., MasterCraft Boat Company, Yamaha Boats, Viking Yachts, Tracker Boats, Sea Ray, Chaparral, and among others.

Key Developments:

• • In 2021, Brunswick Corporation acquired Navico, a global leader in marine electronics and sensors. With this acquisition Brunswick Corporation gained the Navico’s wide range of marine products such as multi-function display, fish finders, autopilots, sonar, radar, and cartography.
  • In 2020, Suzuki develops the world first Micro-Plastic Collecting Device for outboard motors. The engine will pump tons of seawater to cool the engine and then return to the ocean. It will collect micro-plastic waste just by running the boat.

Segments covered in the Report:

The Recreational Boat Market has been segmented based on Boat Type, Horsepower, and region. Based on Boat Type, the market is segmented into Inboard Boats, Outboard Boats, Inflatable, Sail Boats, and Personal Watercrafts, Sailboats/Yachts. Based on Horsepower, market is segmented into Below 200hp, 200 to 500hp, 500 to 1,000hp, above 1,000hp.

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Key questions answered in this research report:

• • At what pace is global recreational boat market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Recreational boat Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global recreational boat market?
  • Which boat type generated maximum revenues in 2020 and identify the most promising boat type during the forecast period?
  • What is the various horsepower of global recreational boat Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Recreational Boat Market by Boat Type

• • Inboard Boats
  • Outboard Boats
  • Inflatable
  • Sail Boats
  • Personal Watercrafts
  • Sailboats/Yachts

Global Recreational Boat Market by Horsepower

• • Below 200hp
  • 200 to 500hp
  • 500 to 1,000hp
  • Above 1,000hp

Global Recreational Boat Market by Region

• • North America Recreational Boat Market (Option 1: As a part of the free 25% customization)
    • North America Recreational Boat Market by Boat Type
    • North America Recreational Boat Market by Horsepower
    • US Recreational Boat Market All-Up
    • Canada Recreational Boat Market All-Up
  • Europe Recreational Boat Market (Option 2: As a part of the free 25% customization)
    • Europe Recreational Boat Market by Boat Type
    • Europe Recreational Boat Market by Horsepower
    • UK Recreational Boat Market All-Up
    • Germany Recreational Boat Market All-Up
    • France Recreational Boat Market All-Up
    • Spain Recreational Boat Market All-Up
    • Rest of Europe Recreational Boat Market All-Up
  • Asia-Pacific Recreational Boat Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Recreational Boat Market by Boat Type
    • Asia-Pacific Recreational Boat Market by Horsepower
    • China Recreational Boat Market All-Up
    • India Recreational Boat Market All-Up
    • Japan Recreational Boat Market All-Up
    • Rest of APAC Recreational Boat Market All-Up
  • RoW Recreational Boat Market (Option 4: As a part of the free 25% customization)
    • RoW Recreational Boat Market by Boat Type
    • RoW Recreational Boat Market by Horsepower
    • Brazil Recreational Boat Market All-Up
    • South Africa Recreational Boat Market All-Up
    • Saudi Arabia Recreational Boat Market All-Up
    • UAE Recreational Boat Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Recreational Boat Market All-Up

Major Players Operating in the Recreational Boat market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Brunswick Corporation
  • Suzuki
  • Malibu Boats
  • Polaris Inc.
  • MasterCraft Boat Company
  • Yamaha Boats
  • Viking Yachts
  • Tracker Boats
  • Sea Ray
  • Chaparral