The size of the recreational boat market is expected to grow by $5.63 billion between 2023 and 2027, according to AH Wadia Boat Builders, Azimut Benetti SpA and Baja Marine, with more emerging as some of the key suppliers , Technavio

NEW YORK, April 22, 2024 /PRNewswire/ — The Global recreational boat market the size is estimated to increase USD 5631.52 million according to Technavio from 2023 to 2027. The market is estimated to grow at a CAGR of 5.66% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 48%.

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Major players on the market

Numerous companies are responding to this growing trend by implementing strategic measures such as alliances, partnerships, mergers and acquisitions. Notable players in the cheese-based snacks market include:

AH Wadia Boat Builders, Azimut Benetti SpA, Baja MarineBavaria Yachtbau GmbH, Brunswick Corp., Christensen Shipyards LLC, Damen Shipyards Group, Feadship Holland BV, Grady White Boats Inc., Great American Marine, Groupe Beneteau, Halevai Power, Jettec Jet Boats Ltd., Malibu Boats Inc., Marine Products Corp ., MasterCraft Boat Holdings Inc., Nobiskrug Yachts GmbH, Shandong Heavy Industry Group Co. Ltd., Yamaha Motor Co. Ltd.

Analyst rating

The recreational boat market is experiencing a surge in demand due to increasing tourist confidence and the easing of travel restrictions. This trend is especially noticeable in tourist hotspots near navigable waters, where boat options such as pontoons, sailboats and motorboats are popular among visitors with different preferences and budgets. The recreational industry (kw), including leisure activities, is a major contributor to overall tourism (kw) and the economy (kw), with pleasure boat production schedules ramping up to meet pent-up demand (kw). Sustainable development (kw) is an important consideration for organizations (kw) in the sector as they navigate sector dynamics (kw) and address the environmental impact (kw) of their activities. Battery prices (kw) are a critical factor in the market, especially for electric and hybrid boats, as demand for water sports (kw) and international tourists (kw) continues to grow.

Key market factors

The recreational boating market is experiencing robust growth, driven by rising demand for boating activities on rivers and lakes. Local governments and tourism companies work together to promote this sector and attract international tourists. With increasing consumer involvement, organizations are offering a variety of boat options, including sailboats, powerboats, yachts, fishing boats and cruising boats, to suit different preferences, budgets and boat sizes. Environmental impact is a major concern, leading to the adoption of electric powertrains, such as batteries, instead of traditional diesel engines. The tourism sector is benefiting from this trend, providing opportunities for pent-up demand for transportation and water sports. Despite travel restrictions, confidence remains high, fueling interest in larger cruises and personal watercraft. The sale of used boats is also flourishing and offers affordable alternatives. The navigable waters host a range of water sports from fishing to sport fishing, attracting local tourism. Recreational fishing and emission standards further influence market trends. Overall, the recreational boating market continues to evolve, offering innovative solutions and experiences for tourists and boat enthusiasts alike.

Challenges and opportunities

The recreational boating market includes a range of watercraft, from personal vessels to large cruises. Boat engine manufacturers continue to produce high-performance engines, leading to increased nitrogen oxide, hydrocarbon and particulate emissions. Untapped markets, especially in developing countries, offer significant growth opportunities. Online boat sales and e-commerce giants are disrupting traditional boat dealers and shows, delivering cost savings and convenience. Trade barriers and tariffs are challenging international boat sales, making luxury goods such as yachts and outboard motors more expensive. Pleasure boating, including cruising and luxury amenities, remains a popular leisure activity. Safety considerations and emissions regulations are crucial dynamics in the industry. Water bodies and tourism hotspots, such as rivers and large seas, attract local and international tourists, driving overall tourism and production schedules in the recreational sector. Sustainable development and cost-effectiveness, including maintenance costs and versatility, are essential considerations for boat owners.

The recreational boat market is experiencing significant growth due to the increasing HNWI population and rising demand for water sports and boating activities on navigable rivers and lakes. Local governments and tourism companies work together to develop infrastructure to promote the tourism sector. Battery prices and developments in electric propulsion, such as those used in water sports boats and personal watercraft, are contributing to the expansion of the market. Sailboats, motorboats, yachts, fishing boats and cruising boats cater to different preferences, budgets and boat sizes. Engine types include diesel engines and electric drives. International tourists and local tourism drive demand for larger cruises and used boat sales. Environmental impacts and emission standards are crucial considerations for market organizations. Water sports, transportation and recreational fishing continue to drive market growth despite pent-up demand, confidence levels and travel restrictions. Boat options meet different preferences, budgets and boat sizes, including pontoons, cruises and sport fishing boats.

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Market overview

The recreational boating market includes a wide range of personal watercraft used for recreation and entertainment. These include boats for fishing, sailing, water sports and cruising. The market is driven by factors such as rising disposable income, growing tourism industry and increasing consumer preference for water-based activities. Boats come in different sizes and types, from small dinghies to large yachts, to suit different budgets and needs. The use of advanced technology in the design and production of boats, such as lightweight materials and efficient engines, is a major trend in the market. Moreover, growing popularity of eco-friendly boats and increasing focus on safety and security features are other major factors influencing market growth. Overall, the recreational boat market is expected to continue its robust growth trajectory in the coming years.

Table of contents:

1. Management summary
2. Market landscape
3. Market size
4. Historical market size
5. Five Forces Analysis
6. Market share
7. Customer landscape
8. Geographic landscape
9. Drivers, challenges and trends
10. Venodr landscape
11. Supplier analysis
12. Appendix

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SOURCE Technavio