USD 16.31 billion
Report ID: SQMIG20T2005 | Region: Global | Published Date: January, 2023 | Pages: 242 | Tables: 63 | Figures: 75
Global Recreational Boat Market size was valued at USD 16.31 billion in 2021 and is poised to grow from USD 17.37 billion in 2022 to USD 28.75 billion by 2030, growing at a CAGR of 6.5% in the forecast period (2023-2030).
Recreational Boating is one of the world's most vibrant maritime sectors. A recreational boat is basically a big motorboat that has a cabin, plumbing, and other fun things you need to live on board. Recreational boats are being used by people to go on outings with their families, friends, and peers. The best uses for recreational boats are fishing, boat racing, water sports, campaigning, and sailing. These ships are made of coated fabrics, plastics, and aluminum.
The worldwide recreational boat market is expanding due to the rising number of people operating recreational businesses and the increasing use of these boats for business-specific purposes like passenger transportation and short-distance transportation. Recreational boating events are open to all kinds of boats such as engine powered, sail powered, or man powered.
US Recreational Boat Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 16.31 billion
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The Recreational Boat Market is segmented on the basis of Boat Type, By Boat size, By Boat engine, By Application, and by region. Whereas, By Boat type, Recreational Boat Market is sub segmented into the outboard boats, inboard & sterndrive boats, and sailboats. By Boat size , Recreational Boat Market is sub segmented into the 20 ft. boats, 21 ft. to 35 ft. boats, and 36 ft. to 50 ft. boats. By Boat engine, Recreational Boat Market is sub segmented into diesel and electric. By application, Recreational Boat Market is sub segmented into fishing, transportation, sports, travel & tourism, and others. By region, Recreational Boat Market is segmented on the basis of North America, Europe, Asia-Pacific, and the Rest of the World.
Recreational Boat Market Analysis by Boat Size
Based on the Boat size, the 21 ft. to 35 ft. boat size segment is expected to command the largest share of the recreational boats market. High-power engines and technical advancements have increased the demand for boats in this size range. Manufacturers of boats offer medium-sized vessels with two to three engines for improved space utilization and speed. The segment is expanding as a result of these design trends and consumer demand for spacious boats for leisure activities. Because they need more space and power, these boats are mostly used for sports and tourism. To meet consumer demand at water level, tourism and travel-specific boats with a large capacity for passengers and powerful engines are required.
Recreational Boat Market Analysis by Boat Engine
Based on boat engine, The electric segment is expected to grow at the highest CAGR during the forecast period. Due to the absence of a combustion system and a silent motor, electric motors produce less noise than diesel and gas engines. A better boating experience is made possible by these features, which enable passengers to converse without disturbing others. Additionally, these engines provide environmental safety advantages and emit negligible exhaust emissions. Compared to diesel engines, electric motors are also more adaptable because they are lighter and have more space.
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North America held the largest share of the global recreational boat market in 2021 and it is expected to dominate the global market during the forecast period. The domestic boating industry has already seen a rise in people choosing to participate in water sports in their own country rather than abroad. The domestic water sports industry is flourishing as a result of this ongoing trend. Retail unit sales of new powerboats in the United States exceeded 300,000 units for two consecutive years in 2020 and 2021, according to the National Marine Manufacturers Association (NMMA).In addition, NMMA has stated that the year 2022 will continue to be profitable and that the volume of new boat sales may rise by 3% in comparison to 2021. Additionally, restrictions are likely to continue into 2021, resulting in a demand for boating and other safe outdoor recreation activities. Boating is enjoyed by approximately 100 million Americans annually, according to the US Bureau of Economic Analysis (BEA).Outdoor recreation accounts for 2.1% of the country's GDP and generates real gross output of USD 788 billion.With close to USD 23.6 billion in annual spending, the country's most popular outdoor recreation activities are fishing and boating.
Canada is yet another nation where the recreational boating industry is a significant contributor to the economy.Every year, this Canadian pastime brings together more than 12 million people on the water. It generates more than USD 10 billion in revenue and has an impact of USD 5.6 billion on the GDP.
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Recreational Boat Market Drivers
Growing Tourism to Boost Demand for Recreational Boats in Global Market
Recreational Boat Market Restraints
Stringent Regulations to Hinder Market Growth during Forecast Period
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The recreational boat market worldwide is fragmented, and during the forecast period, this fragmentation is expected to grow. All over the world, there are a lot of domestic and international vendors. In recent years, these major players have become increasingly competitive. The market is growing in developing economies like China and India due to the entry of several international brands there. However, the market is concentrated in developed nations like the United States and other Western European nations.
Recreational Boat Market Top Players Company Profile
Recreational Boat Market Recent Developments
Sky Quest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global recreational boat market analysis, The North American Region is Likely to Dominate the Market. Based on the Boat size, the 21 ft. to 35 ft. boat size segment is expected to command the largest share of the recreational boats market.
|Market size value in 2021||USD 16.31 billion|
|Market size value in 2030||USD 28.75 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Recreational Boat Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Recreational Boat Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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