The global recreational boat market size is projected to grow from USD 18.9 Billion in 2023 to USD 25.9 Billion by 2028, at a CAGR of 6.5%. The recreational boat market is expected to experience growth driven by various factors. The expanding tourism industry and rising disposable incomes contribute to increased demand for recreational boating experiences. Furthermore, advancements in autonomous marine technology are anticipated to fuel the market by attracting a broader customer base, including less skilled recreational boaters who can enjoy boating with ease. The market benefits from the presence of numerous manufacturers operating in a well-integrated and fragmented industry. This ensures a stable supply of recreational boats to meet the global demand. The industry’s structure allows for a diverse range of boat options and competitive pricing, catering to the varying preferences and budgets of boating enthusiasts worldwide.
“Outboard Engine boats segments expected to have the largest market size during the forecast period”
The outboard engine boats segment currently holds the largest share in the global recreational boat market and is expected to maintain its dominance in the future. The high demand for outboard boats, particularly in the US and Europe, contributes to their leading position. This is primarily attributed to the advantages they offer, such as higher speed, easier docking, and lower maintenance costs compared to other types of boats. Additionally, the fact that the engine is located outside the boat reduces the risk of fire incidents, making outboard boats a popular choice among boating enthusiasts.
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“North America is expected to be fastest growing market during the forecast period.”
The North American region is poised to be the largest and fastest-growing market for recreational boats worldwide. This is primarily driven by the high demand for leisure boating and water sports activities in the region. The United States, in particular, is expected to experience significant growth, supported by government initiatives aimed at fostering the recreational boat market. However, the market growth in both the US and Canada may be hindered by emission regulations, which could dampen the demand for recreational boating in the coming years.
Canada also exhibits a strong demand for recreational boats, as it has been one of the most preferred leisure time in the region. The country’s rich waterways and scenic landscapes contribute to the popularity of boating activities. In Mexico, the recreational boat market is gradually gaining traction, and it is considered a fast-growing market in the region. As recreational boating finds its place in the country, the demand for boats and water-based activities is expected to rise steadily.
“Electric Boats is expected to be fastest growing segment during the forecast period”
The future growth of electric boats is anticipated to outpace that of internal combustion (IC) engine boats due to several key factors. One crucial driver is the increasing global emphasis on environmental concerns and sustainability. Electric boats produce zero direct emissions, addressing the pressing need to reduce carbon emissions and combat air and water pollution. Energy efficiency is another significant advantage of electric boats. Electric propulsion systems convert a higher percentage of electrical energy into propulsion, resulting in improved overall efficiency and reduced energy wastage. This translates to lower operational costs, extended range capabilities, and a more sustainable use of resources. Government incentives and support further accelerate the growth of electric boats. Many governments around the world offer subsidies, tax credits, and funding programs to promote the adoption of electric vehicles, including electric boats. These initiatives stimulate market demand and encourage boat manufacturers and consumers to embrace cleaner and more sustainable options.
Key Market Players:
The recreational boat market is dominated by global players such as Brunswick Corporation (India), Yamaha Motor Corporation (Japan), Groupe Beneteau (France), Malibu Boats (US) and Ferretti Group (Italy). These companies offer extensive products and solutions for the recreational boat industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.
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