Recreational Boat Market by Boat Type (Cabin Cruisers, Sailboats, Fishing Boats, and Others), Material Type (Aluminum, Fiberglass, Steel, and Others): Global Market Size Estimates and Forecast (2022-2030)
The market crossed US$ 17.5 billion mark in 2022 and is expected to hit US$ 27.9 billion by 2030, recording a CAGR of 6% during the forecast period.
Recreational boat market is significantly increasing with rising demand from tourism industry.
Growing trend towards recreational water sport activities coupled with rising demand from tourism industry, rising disposable income globally, and rising integration of latest technology in boats are some of the major factors driving the growth of the market. The fiberglass segment is expected to pace up with owing to its advantages such as lightweight, ease of maintenance, and others. Fiberglass material is heavier than aluminum allowing the hall to break through waves easily. Further, aluminum, and steel segments are also expected to gain traction during the forecasted year.
With the report, the market is segmented into boat type, material type, and geography. By boat type, the market is segmented into cabin cruisers, sailboats, fishing boats, and others. On the basis of material type, the market is further segmented into aluminum, fiberglass, steel, and others. Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Technological advancement in boats and boat engines has empowered the growth of the market.
Recreational boats are large motorboats with cabin, plumbing, and other entertaining conveniences needed to live on board. They are leisurely activity travelling on the water boat. Increasing innovation in boat engines such as VTEC system, selective gear rotation system, electronic fuel injection capacity, and direct-injection technology has surged the demand for recreational boat. Manufacturers are focusing on developing high powered and low polluting engines to meet the consumer demand and reduce the emission generated through activities. In addition, key players in the market are introducing twin turbocharged engines offering high torque and power, thereby surging its demand in the market.
Rising adoption in tourism industry is one of the major factors accelerating the market growth.
The demand for recreational boat is significantly increasing with increased demand from tourism industry. This is attributed by rising number of water sport activities, and growing adventure travelling globally. Various tourism companies are offering consumer extensive beach time as an extension of the onboard experience. Moreover, favorable initiatives and water tourism awareness programs to promote nature tourism is further attributing the market growth.
Recent strategic developments in recreational boat market
The recreational boat market has undergone several significant developments, and a few of these have been mentioned below:
- In July 2021, Brunswick Corporation announced the launch of new H22 boat, an series of next generation series boats with 14 person capacity.
- In July 2021, Malibu Inc launched the 25 LSV, as a part of LSV series.
The recreational boat market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Brunswick Corporation, Groupe Beneteau, Polaris Inc, Malibu Inc, and Azimut Yachts Montenegro are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Recreational boat related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Application industry of recreational boat industry
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Boat Type:
- Cabin Cruisers
- Sailboats
- Fishing Boats
- Others
- Material Type:
- Aluminum
- Fiberglass
- Steel
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Brunswick Corporation
- Groupe Beneteau
- Polaris Inc
- Malibu Inc
- Azimut Yachts Montenegro
Companies profiled
- Brunswick Corporation
- Groupe Beneteau
- Polaris Inc
- Malibu Inc
- Azimut Yachts Montenegro