Recreational Boat Market Size Soars to $25.9 Billion by 2028: Trends and Opportunities

The Recreational Boat Market Size is projected to reach a remarkable $25.9 billion by 2028, driven by a growing demand for leisure activities, water-based tourism, and an increasing preference for outdoor recreational experiences. This market expansion is fueled by a rising interest in boat ownership, advancements in boat technology, and the availability of a wide range of recreational boat options such as yachts, sailboats, and pontoons. Factors such as disposable income growth and enhanced accessibility to coastal and inland waterways are contributing to the surge in recreational boating globally.

Additionally, the Recreational Boat Market Size is also influenced by the growing trend of sustainable boating and the adoption of electric boats, which offer eco-friendly alternatives for water sports and leisure activities. Governments and industry players are investing in marina development, boat safety, and infrastructure, further boosting the market’s potential. As consumer preferences shift toward luxurious and customizable boats, the market is expected to maintain its upward trajectory, presenting lucrative opportunities for manufacturers and stakeholders by 2028.

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By Electric segment is expected to be the fastest segment in the forecast

The Electric powered boats segment is estimated to lead the global recreational boat market by engine type. An electric boats obtains power from an storage battery. There is an increase in the electrification of boats globally, owing to reduced emissions. Asia Oceania and Europe are increasingly investing in the electrification of their transportation systems. For instance, some nations provide incentives to businesses that finance the development of electric boats. For examples in 2022, India launched it first electric operated Ferries for its one of its’s state waterways.  Since they emit no emissions when in use, electric boats are more environmentally friendly than diesel locomotives. Because of this, they are appealing to organizations and governments that want to reduce their carbon footprint. Similarly, South Korea and Japan have launched their own Hydrogen based boats and ferries for public transport thereby reducing emissions and improving public transports.

North America is expected to be the largest and fastest market during the forecast

North America is estimated to second larget market of the recreational boatin 2023 in terms of value. Germany, The region is a major hub for several renowned OEMs, including Brunswick Corporation,Malibu Boats, MasterCraft, Polaris Inc., Bombardier Recreational Products.   The North American boat industry is the largest in the world. Most American boats are equipped with high-end technologies, which include advanced navigation, digital consoles, high performance and efficiencent porpulsion, and other features providing comfort. This offers recreational boat OEMs opportunities to increase their presence in North America.

Key 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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