Recreational Boats Market Analysis

Recreational Boats Market Overview

Recreational Boats Market Size was valued at USD 18.1 Billion in 2022. The Recreational Boats Industry is projected to grow from USD 19.3 Billion in 2023 to USD 32.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.80% during the forecast period (2023 - 2032). Increasing disposable income, growing tourism and leisure industries, expansion of waterfront infrastructure, product innovation and technological advancements, demographic shifts and changing lifestyles, social media and online platforms, government initiatives and favorable regulations, and rising interest in outdoor recreational activities, are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Recreational Boats Market Trends

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  Increasing disposable income is driving market growth

  
  

The market for water sports is expanding significantly as a result of rising disposable income among people. People have more discretionary income to spend on leisure pursuits like boating when their financial situation improves. With more disposable income, people and families may afford to spend money on leisure pursuits, making boating an attractive option. No matter if it's new or secondhand, buying a recreational boat demands a large financial investment. Because there is more discretionary income available, customers can finance or buy a boat outright, increasing the number of people who can enjoy boating.

People may decide to update their Boats to more opulent and high-end versions as their disposable income rises. Luxury boats cater to customers wanting a top-notch boating experience by offering cutting-edge amenities, improved performance, and increased comfort. The market segment is expanded and demand for these more expensive boats is increased by the availability of such luxurious yachts.

Owning a recreational boat entails constant expenses for upkeep, customization, and repairs. With more money available, boat owners can set aside enough money for routine maintenance, keeping their vessels in top condition. Additionally, those who have more money can spend it on tailoring their Boats to fit their preferences and requirements, which will further stimulate the market for add-ons, modifications, and aftermarket services.

Beyond the initial cost of the boat, boating requires additional costs, including fuel, insurance, dockage, and equipment. Boaters can pay for these costs without experiencing undue financial burden by increasing disposable income. Because they are aware that they have the resources to support their boating lifestyle, people feel more at ease and confident participating in boating activities.

Investments in second homes or holiday homes, particularly those close to water areas, are sometimes prompted by higher disposable income. Many people and families that have extra money go for riverfront homes that provide easy access to boating options. The demand for water sports as a crucial element of the leisure and lifestyle experience is driven by people's desire to fully enjoy their vacation homes and riverfront houses. Thus, driving the Recreational Boats market revenue.

Recreational Boats Market Segment Insights

Water Sports Type Insights

The Recreational Boats Market segmentation, based on boat type, includes yachts, sailboats, personal watercraft, inflatables, and others. The yachts segment dominated the market in 2022. Compared to other water sports, yachts are often larger, offering plenty of room for entertaining, relaxing, and hosting guests. They provide opulent extras like helipads, several cabins, eating facilities, lounges, swimming pools, and spas. Yachts' roominess and comfort make them appealing for lengthy voyages, parties, and social events, improving the overall boat ownership experience.

Recreational Boat Size Insights

The Recreational Boats  Market segmentation, based on Boat size, includes <30 Feet, 30-50 feet, and >50 feet. The <30 feet segment dominated the market in 2022. Entry-level boaters, small families, and those looking for more cheap solutions frequently like the segment of outboard boats with a length of less than 30 feet. These boats are usually more affordable, easier to maintain, and easier to store. In inland rivers, lakes, and coastal settings, they are appropriate for a variety of activities like fishing, day cruising, and watersports. Due to the affordability and larger consumer base of the 30 foot sector, it may dominate the market in terms of sales volume.

Figure 1: Recreational Boats Market, by Boat Size, 2024 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Recreational Boats Engine Placement Insights

The Recreational Boats Market segmentation, based on type includes outboards, inboards, and others. The outboards segment dominated the market in 2022. In general, outboard engines are portable, light, and simple to remove from the boat. Boaters may simply transfer and store the engine separately thanks to its mobility, which is especially useful for smaller boats or owners who need to remove the engine for security reasons.

Recreational Boats Engine Type Insights

The Recreational Boats Market segmentation, based on engine type, includes ICE and electric. The electric segment will dominate the market in 2022 Due to the lack of a combustion system and a silent spinning motor, electric motors are quieter than gas and diesel engines. As a result, these qualities make it easier for ship pass holders to conduct quiet talks and improve their boating experience.

Recreational Boats Power Range Insights

The Recreational Boats Market segmentation, based on power Range includes Up to 100 kW, 100-200 kW, and above 200 kW. The 100 kW segment dominated the market in 2022. Entry-level boaters, owners of small boats, and people looking for more economical solutions frequently like the category of water sports with a power range of up to 100 kW. Small fishing boats, PWCs, and small sailboats are just a few examples of the smaller vessels that fall within this power range. They are appropriate for interior waterways, lakes, and coastal regions and can accommodate activities like watersports, day cruising, and fishing. Due to its affordability and larger client base, the market category with up to 100 kW may dominate in terms of sales volume.

Recreational Boats  Material Type Insights

The Recreational Boats Market segmentation, based on material type, includes aluminum, fiberglass, steel, and others. The steel segment will dominate the market in 2022. Larger commercial vessels and some luxury yachts are the main uses of steel. Steel boats offer advantages of Strength and Durability, longevity, being customized to meet individual design requirements, and allowing for unique features and layouts—even if they are less common in the recreational boat industry. Steel is very sturdy and stable, offering stability and robustness, especially for bigger vessels. Steel boats may last a very long time because of their strength, resistance to damage, and wear.

Recreational Boats Activity Type Insights

The Recreational Boats Market segmentation, based on activity type, includes Crusing+watersports, & Fishing. The crusing+watersports segment dominated the market in 2022. Many different types of boaters, including families, enthusiasts, and recreational users, are drawn to the cruising and watersports market. It includes pursuits including day cruises, extended journeys, water skiing, wakeboarding, tubing, and other aquatic sports. This market sector accommodates the wide range of tastes of boaters by combining both leisurely sailing and vigorous watersports.

Recreational Boats Power Source Insights

The Recreational Boats Market segmentation, based on Power Source includes Engine Powered, Boat Shows, & Online Sales. The engine powered segment dominated the market in 2022. Boats with engines, especially those with internal combustion engines, are frequently utilized in the water sports sector. They profit from an established infrastructure that supports their usage, which includes gas stations and servicing facilities.

Recreational Boats Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Recreational boats Market dominated this market in 2022 (45.80%). Popular tourist sites in North America, like Florida, California, and the Great Lakes, draw people who enjoy boating for leisure. Infrastructure for boating and rental services are further market drivers. Further, the U.S. Recreational boats market held the largest market share, and the Canada Recreational boats market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Recreational Boats Market Share By Region 2024 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Recreational boats market accounts for the second-largest market share. A lot of people travel by boat to Europe in search of boating adventures and chartering services. Countries with beautiful coasts, including Croatia, Greece, and Turkey, draw tourists interested in ocean exploration. Further, the German Recreational boats market held the largest market share, and the UK Recreational boats market was the fastest growing market in the European region

The Asia-Pacific Recreational boats Market is expected to grow at the fastest CAGR from 2023 to 2032. More people are now able to engage in recreational activities, such as boating, thanks to the expanding middle class in nations like China, India, and Southeast Asian countries. Moreover, China’s Recreational boats market held the largest market share, and the Indian Recreational boats market was the fastest growing market in the Asia-Pacific region.

Recreational Boats Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Recreational Boats market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Recreational boats industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Recreational boats industry to benefit clients and increase the market sector. In recent years, the outboard boats industry has offered some of the most significant advantages to medicine. Major players in the Recreational Boats market, including 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. and others, are attempting to increase market demand by investing in research and development operations.

A manufacturer of automobiles, Yamaha Motor Co. Ltd. The business produces and sells components for bikes, Boats , robotics, financial services, and other things. Motorcycles, all-terrain vehicles, snowmobiles, leisure vehicles, outboard motors, personal watercraft, boats, industrial robots, automobile components, and unmanned industrial helicopters are all part of its product line. Financial services are offered by Yamaha Motor, which also produces and distributes a variety of other goods, including golf vehicles, car engines, generators, electric wheelchairs, parts and accessories, water purification systems, snow blowers, pleasure-use boat mooring equipment, and racing kart engines. The business provides services to the automotive, water sports, consumer, commercial, and other industrial areas. It functions via global networks for development, manufacturing, and sales. The headquarters of Yamaha Motor are in Shizuoka, Iwata, Japan.

Automobiles are produced by Polaris Inc. (Polaris), previously Polaris Industries Inc. The business focuses in creating off-road vehicles (ORV), which include motorcycles, small vehicles (SV), snowmobiles, all-terrain vehicles (ATV), and side-by-side vehicles for utility and recreational usage. The company's product line includes personal quadricycles, all-terrain vehicles, snowmobiles, commercial utility vehicles, and side by side vehicles. Additionally, the business sells clothing, accessories, and related replacement parts (PG&A). Financing, insurance, and long-term service agreements are among its services. The business has activities in Norway, the UK, Germany, Australia, Sweden, Brazil, and Sweden. It also has operations in Canada, Brazil, Mexico, China, and India. The headquarters of Polaris are in Medina, Minnesota, in the US.

Key Companies in the Water Sports market include

• 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


• Yamaha Motor Co. Ltd.

Recreational Boats Industry Developments

January 2023: An all-electric marine outboard will be introduced in 2023, according to an announcement by Brunswick Corporation. The Avator 7.5e from Mercury Marine, a division of Brunswick Corporation, will be the first of a full family of electric outboard motors. With 750 W of power at the prop shaft, a Mercury 3.5 hp FourStroke outboard offers nearly the same output and performance as the 7.5e. It is available with a tiller or remote steering and is intended for use in small boats like kayaks, inflatables, and tenders. Another feature of the Avator series is a replaceable lithium-ion battery. The 48 V/1 kWh battery pack was developed in conjunction with Mastervolt and has an IP67 water resistant grade.

April 2023: Launched by Ferretti Group is Custom Line's 106' hull 14. The planning line for the brand starts with the Custom Line 106 Ft, a design by the Ferretti Group Engineering Department. The yacht features more than 200 square meters of connected outdoor spaces, as well as interior rooms with a 2-meter-high ceiling and huge windows.

Recreational Boat Market Segmentation

Recreational Boat Type Outlook

• Yachts


• Sailboats


• Personal Watercrafts


• Inflatables


• Others

Recreational Boat Size Outlook

• <30 Feet


• 30-50 Feet


• >50 Feet

Recreational Boat Engine Placement Outlook

• Outboards


• Inboards


• Others

Water Sports Engine Type Outlook

• ICE


• Electric

Water Sports Power Range Outlook

• Up to 100 kW


• 100-200 kW


• Above 200 kW

Water Sports Material Type Outlook

• Aluminum


• Fiberglass


• Steel


• Others

Water Sports Activity Type Outlook

• Crusing+watersports


• Fishing

Water Sports Power Source Outlook

• Engine Powered


• Boat Shows


• Online Sales

Water Sports Regional Outlook

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  Middle East
  
  


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  Africa
  
  


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  Latin America