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Recreational Boats Market by Type (Motorboats, Yachts, Sailboats, Personal Watercraft), Boat Size, Engine Type (Diesel Engines, Electric Drives), Application (Sports Fishing, Transportation, Watersports), and Geography - Global Forecast to 2031
Report ID: MRAUTO - 10437 Pages: 250 Mar-2024 Formats*: PDF Category: Automotive and Transportation Delivery: 24 to 48 Hours Download Free Sample ReportThe Recreational Boats Market is expected to reach $42.1 billion by 2031, at a CAGR of 6.7% from 2024–2031. The growth of the recreational boats market is driven by the growing tourism sector, rising disposable income, and growing participation in water sports and boating activities. However, strict pollution norms for recreational boats and high fuel prices restrain the market’s growth.
Furthermore, the innovation in boat engines and integration of IoT & sensor-based technologies are expected to offer significant growth opportunities for players operating in the recreational boats market. However, the high battery prices of e-boats and high maintenance costs may hinder the growth of this market.
The recreational boats market has experienced significant growth, particularly in relation to the booming tourism industry. Over the past decade, the market has shown immense potential, with specific segments such as pontoons, cruises, and water sports boats witnessing substantial sales growth. As tourism thrives, people seek out new ways to experience vacation destinations. Recreational boating offers a unique perspective, allowing tourists to explore coastlines, islands, and bodies of water in a fun and adventurous way. Tourists often seek out leisure activities during trips, and recreational boating offers a unique experience for exploring coastal areas, lakes, and rivers. This drives the demand for different types of recreational boats tailored to various activities, such as sailing, motorboating, kayaking, and paddleboarding.
Additionally, various key players, regional governments, and organizations are launching initiatives to drive the growth of the recreational boats market. For instance, In December 2023, the government of Western Australia announced Recreational Boating Facilities Scheme (RBFS) grants. Under which, RBFS provides grants to state, local, and other government authorities to plan, construct, and upgrade public boating infrastructure to benefit the WA boating community. Grant applicants may request up to 75% of a project's estimated cost, with the maximum grant set at USD 750,000 (excluding GST). The RBFS aims to:
Spain has witnessed a remarkable surge in water sports demand, particularly from international tourists, with growth rates reaching as high as 20% over certain years. During the summer season, the demand for water sports boats can skyrocket by up to 60%. Similarly, Australia stands as a prime market for water sports-related boats, offering more than 14 types of water sports across its states. A significant portion of the country's tourism industry relies on water sports, with an annual growth rate of approximately 5–7%. Across Europe, 22% of all tourism operators incorporate water sports, while 14% provide recreational fishing as an additional feature within their tourism packages. Such factors help to drive the growth of the recreational boat market during the forecast period.
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Based on type, the global recreational boats market is segmented into motorboats, yachts, sailboats, personal watercraft, fishing boats, cruising boats, and other types. The personal watercraft segment is further segmented into jet ski, inflatables, and other personal watercraft. The fishing boats segment is further segmented into center console boats, walk-around boats, flats-fishing boats, convertible boats, and other fishing boats. The cruising boats segment is further segmented into runabout boats, catamaran boats, cabin cruiser boats, pontoon boats, and other cruising boats. The sailboats segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to various factors, such as increasing concerns over environmental sustainability and the offering of unique experiences for tourists seeking adventure and exploration in water-related activities. Also, government regulations aimed at promoting recreational boating safety and environmental conservation can influence the sailboat market.
Based on boat size, the global recreational boats market is segmented into less than 25 feet, 20 feet to 50 feet, and more than 50 feet. The 20 feet to 50 feet segment is projected to register the highest CAGR during the forecast period due to various factors, such as the increasing number of affluent individuals, increasing popularity of the boating lifestyle characterized by leisurely activities on the water, and families with disposable income contributing to the demand for mid-sized recreational boats. Also, advancements in marine technology, including propulsion systems, navigation equipment, onboard electronics, and materials, influence the design and capabilities of 20 feet to 50 feet recreational boats.
Based on engine type, the global recreational boats market is segmented into diesel engines, electric drives, and unpowered. The diesel engines segment is further segmented into engine type and power output. The engine type segment is further sub-segmented into outboard engines, inboard engines, sterndrive engines, and jet drive engines. The power output segment is further sub-segmented into less than 250 HP, 250 HP to 500 HP, and more than 500 HP. The electric drives segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to various factors, such as stringent government regulations on emissions, particularly in environmentally sensitive areas, which are pushing the adoption of electric alternatives. Electric boats generally require less maintenance compared to gasoline-powered ones. This translates to lower operational costs over time for boat owners.
Also, rising fuel prices increase the operational cost of traditional boats, making electric alternatives seem more attractive.
Based on application, the global recreational boats market is segmented into sports fishing, transportation, watersports, and other applications. The sports fishing segment is projected to register the highest CAGR during the forecast period due to various factors, such as the continuous development of new technologies such as lighter and stronger materials, fuel-efficient engines, and innovative navigation systems improving the boats' performance, efficiency, and overall fishing experience. The rise of competitive fishing tournaments creates a demand for high-performance boats equipped with the latest technology to give participants an edge.
Also, the expansion of marinas and boat clubs provides the necessary infrastructure for boat ownership. These facilities offer storage, maintenance services, and a sense of community for boat owners, making boat ownership more accessible and fostering the sport fishing culture.
Based on geography, the recreational boats market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is projected to record the highest CAGR during the forecast period. The high growth of the market in the Asia-Pacific region is attributed to various factors, such as economic growth in many parts of Asia-Pacific has led to an increase in disposable incomes, allowing consumers to spend more on leisure activities. Moreover, the popularity of water sports like surfing, wakeboarding, and fishing is increasing in the region, driving demand for boats that cater to these activities. Also, various local and state government initiatives aimed at promoting tourism, maritime recreation, and water-based sports, policies related to infrastructure development, boating regulations, tax incentives, and marine conservation efforts influence the accessibility and popularity of recreational boating activities can have a significant impact on the recreational boats market during the forecast period.
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading players over the past three-four years. The key players operating in the global recreational boats market include Brunswick Corporation (U.S.), Groupe Beneteau (France), Mastercraft Boat Holdings, Inc. (U.S.), Marine Products Corporation (U.S.), Malibu Boats, Inc. (U.S.), Azimut-Benetti Group (U.S.), Ferretti S.p.A. (Italy), Porter, Inc. (U.S.), Grady-White Boats, Inc. (U.S.), Maverick Boat Group, Inc. (U.S.), Correct Craft (U.S.), Yamaha Motor Co., Ltd. (Japan), Polaris Inc. (U.S.), White River Marine Group (U.S.), and Monterey Boats (U.S.).
Particular |
Details |
Number of Pages |
250 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2023 |
CAGR (Value) |
6.7% |
Estimated Market Size (Value) |
$42.1 billion by 2031 |
Segments Covered |
By Type
By Boat Size
By Engine Type
By Application
By Geography
|
Countries Covered |
North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America, and Middle East & Africa |
Key Companies |
Brunswick Corporation (U.S.), Groupe Beneteau (France), Mastercraft Boat Holdings, Inc. (U.S.), Marine Products Corporation (U.S.), Malibu Boats, Inc. (U.S.), Azimut-Benetti Group (U.S.), Ferretti S.p.A. (Italy), Porter, Inc. (U.S.), Grady-White Boats, Inc. (U.S.), Maverick Boat Group, Inc. (U.S.), Correct Craft (U.S.), Yamaha Motor Co., Ltd. (Japan), Polaris Inc. (U.S.), White River Marine Group (U.S.), and Monterey Boats (U.S.) |
The global recreational boats market is projected to reach $42.1 billion by 2031, at a CAGR of 6.7% from 2024–2031.
In 2024, the diesel engines segment is expected to account for the largest share of the global recreational boats market. The large market share of this segment is attributed to various factors, as diesel engines excel in delivering superior power and torque, which is especially crucial for larger boats (yachts, cruisers) that require the ability to handle heavy loads, navigate challenging waters, and tow watersports equipment. Diesel engines are renowned for their robust build quality and extended lifespans. They can withstand prolonged operation under demanding conditions, making them favorable for serious boaters and frequent users.
Also, Modern diesel engines boast improved fuel efficiency compared to their gasoline counterparts, particularly for larger vessels undertaking extended trips. This translates to greater range and potentially lower operational costs on longer voyages.
The growth of the recreational boats market is driven by the growing tourism sector, rising disposable income, and growing participation in water sports and boating activities.
Furthermore, the innovation in boat engines and integration of IoT & sensor-based technologies are expected to offer significant growth opportunities for players operating in the recreational boats market.
The key players operating in the global recreational boats market include Brunswick Corporation (U.S.), Groupe Beneteau (France), Mastercraft Boat Holdings, Inc. (U.S.), Marine Products Corporation (U.S.), Malibu Boats, Inc. (U.S.), Azimut-Benetti Group (U.S.), Ferretti S.p.A. (Italy), Porter, Inc. (U.S.), Grady-White Boats, Inc. (U.S.), Maverick Boat Group, Inc. (U.S.), Correct Craft (U.S.), Yamaha Motor Co., Ltd. (Japan), Polaris Inc. (U.S.), White River Marine Group (U.S.), and Monterey Boats (U.S.).
Published Date: Oct-2024
Published Date: Oct-2024
Published Date: Oct-2024
Published Date: Sep-2024
Published Date: Sep-2024
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