Recreational Boat Market Size, Share, Growth Analysis, By Type analysis(diesel and electric), By Boat size(fishing, transportation) - Industry Forecast 2024-2031

Recreational Boat Market Drivers

Growing Tourism to Boost Demand for Recreational Boats in Global Market

• The growing tourism industry will increase recreational boat demand. The growth of the tourism industry is largely responsible for the expansion of the recreational boat market. This market has demonstrated its capacity to expand with the tourism sector over the past ten years, particularly in terms of pontoon, cruise, and water sports boat sales. Over the course of these years, sales of used boats and personal watercraft also increased because they provided buyers and leasing businesses with a wonderful holiday experience. With the growing tourism industry, small sea and river crises have become more appealing for small and medium-sized operators

Recreational Boat Market Restraints

Stringent Regulations to Hinder Market Growth during Forecast Period

• Strict emission norms for recreation boats to reduce demand. New motor boats, sailing boats, jet skis, and other recreational vehicles have been subjected to stricter limits for nitrogen oxide (NOx), hydrocarbons (HC), and particulate matter by the European Commission. It is proposed that propulsion engines will be constructed to produce less particulate matter and HC+NOx emissions by 34% and 20%, respectively. To cut emissions, the recreational boat market is also regulated by the United States. Its CBA determines the discharge limits for boats in accordance with state regulations. For instance, the discharge that these boats let out could be harmful to the fish, the environment, and so on are governed. Additionally, it has established no discharge zones to safeguard the environment.

• The NOX limit in Europe has been set at 1.8 g/kW-hr, whereas the US EPA 4 regulations announced a 63% reduction in emissions for engines with more than 600 kW compared to the EPA 3 regulations that came before them. To meet such stringent pollution standards, boat engine manufacturers would need to upgrade their technology. We are aware of their impact on the market.

• In 2020, the recreational boating industry in the United States was exempt from pollution regulations for a short period of time. This caused the demand for recreational boating to dramatically rise over the following months. As a result, this market's demand is heavily influenced by pollution regulations in numerous regions of the world.