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 size was valued at USD 16.31 billion in 2019 and is poised to grow from USD 17.37 billion in 2023 to USD 28.75 billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024-2031).

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. 'Ferretti', 'Princess Cruise', 'Yamaha Motor Co., Ltd.', 'Brunswick Corporation', 'Beneteau Group', 'Groupe Bénéteau', 'Malibu Boats Inc.', 'MasterCraft Boat Holdings Inc.', 'Azimut Benetti Group', 'Bavaria Yachtbau GmbH', 'Bombardier Recreational Products Inc. (BRP)', 'Correct Craft Inc.', 'Fincantieri S.p.A.', 'Godfrey Marine', 'HanseYachts AG', 'Jeanneau SAS', 'Riviera Australia Pty Ltd.', 'Sunseeker International Limited', 'White River Marine Group', 'Zodiac Nautic S.A.S. '

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

The recreational boating industry is being driven by a number of major factors, including the rising interest in outdoor recreational activities and rising participation rates across all age groups in those activities. In addition to the excitement and adrenaline rush of getting fit, water sports are gaining popularity for their numerous health benefits. Consequently, the expanding health benefits of water sports are supporting market expansion worldwide. The coronavirus pandemic fueled an increase in recreational boat sales in 2020, which was reflected in sales volume in 2021 and is anticipated to continue in 2022.

North America held the largest share of the recreational boat market in 2021 and it is expected to dominate the 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.