September 23rd, 2022
Recreational Boat Market
The Recreational Boat Market is expected to reach USD 34,256 million by the end of 2028, expanding at a CAGR of 5.1% CAGR over the forecast period (2021-2028).
The factors driving the growth of Recreational Boat Market includes rapid growth in the Tourism industry, growing demand for luxury yachts and rise in the sales of personal watercraft around the world. According to the report published by National Marnie Manufacturers Association, the boat sales in the United States has increased by 12% in 2020 as compared to previous year to reach more than 310,000 units of powerboats, which is expected to boost the Recreational Boat Market size in the approaching years. Moreover, the growing popularity of sports fishing and kayaking, advancements in the boat engines, incorporation of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) with the boats, and rise in the number of promotional events, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major corporations on research and development, easy availability of recreation boats at the e-commerce platforms such as Amazon and Flipkart, rising disposable incomes and rapid urbanization, are further contributing to the market growth.
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The prominent players operating in the market are Yamaha Boats, Polaris Inc., MasterCraft Boat Company, Viking Yachts, Tracker Boats, Brunswick Corporation, Suzuki, Malibu Boats, Sea Ray and Chaparral, among others.
Boat Type – Segment Analysis
Based on Boat Type, the Outboard Boats is anticipated to capture the largest market share during the forecast period because the outboard boats are easier to dock, requires less maintenance, simple to repair and provides enhanced speed.
Horsepower – Segment Analysis
Based on Horsepower, the Above 1,000hp segment is projected to expand at a remarkable CAGR during the forecast period. The 1,000 hp powered recreational boats provide longer cruising range and reduces the fuel consumption along with rise in the number of racing events across the globe, are some of the factors responsible for the growth of the segment.
Regional – Segment Analysis
Based on Region, the North American region is predicted to hold the highest market share over the forecast period. Rise in the number of water sporting activities, growing demand for luxury yachts, rapid growth in the tourism industry, improved living standards, increasing adoption of technologically advanced engines and high per capita income, are some of the important factors propelling the market growth in North America.
Global Recreational Boat Market by Boat Type
Global Recreational Boat Market by Horsepower
200 to 500hp
500 to 1,000hp
Global Recreational Boat Market by Region
Rest of APAC
North AmericaUnited States of America
Rest of Europe
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