The recreational boating market has seen substantial growth, expanding from $30.88 billion in 2023 to $33.33 billion in 2024 at a CAGR of 7.9%. This growth is due to economic expansion, increased disposable income, the popularity of boating tourism, lifestyle preferences, and environmental regulations. The market is projected to reach $44.84 billion by 2028 at a CAGR of 7.7%. Growth drivers include innovations in rental and sharing services, market expansion and globalization, adherence to safety standards, demographic changes, and increased interest in boating tourism. Key trends include electric propulsion technology adoption, smart technology integration, growth in water sports, advancements in design, and the incorporation of wellness and comfort features.
Major Driver In The Recreational Boating Market
The recreational boating market is set to witness significant growth propelled by the burgeoning tourism industry. The tourism sector, encompassing travel for leisure, social, or business reasons, is closely tied to hospitality, transportation, and the hotel industry. Notably, the travel and tourism industry is anticipated to surge to USD 512 billion by 2028, as reported by Invest India in 2021. This interdependence drives the recreational boating market, as catering to the needs and preferences of tourists becomes paramount. Thus, the growth of the tourism industry acts as a key driver for the recreational boating market, with the 2023, 2024, and 2028 market sizes shaping its trajectory.
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Recreational Boating Market Competitive Landscape
Lowe Boats, Yamaha Motor Co Ltd., Polaris Inc., Brunswick Corporation, Groupe Beneteau, Malibu Boats, Ferretti Group, Sea Ray, Mastercraft Boat Holdings Inc., Azimut Benetti Group, Marine Products Corporation, Nitro Boats, Hobie Cat Company Inc., Boston Whaler, Lund Boats, White River Marine Group, Grady-White Boats, Regal Boats, Ranger Boats, Sunseeker International Limited, Baja Marine, Correct Craft, Bayliner, Chaparral Boats, Pacific Asian Enterprises, Fairline, Bavaria Yachtbau, Albemarle Boats, Crestliner Boats, Tracker Boats
Key Recreational Boating Market Trend
New product development is a key trend gaining popularity in the recreational boating market. Companies are developing new products to support the recreational boating market. New product launches help players in expanding their product portfolio, acquire new customers, and enhancing their market presence. For instance, in June 2021, Sunseeker a UK-based company specializing in making luxury motor yachts has launched their new 100 yacht, which features a master suite, private bow terrace, sunbathing hideaways, and luxurious furnishings. The yacht is powered by the best engines MTU 12V 2000 M96X and MTU 16V 2000 M96L and it can also accommodate smaller jet boats for water activities. This new model boasts several industry-first features and entertainment possibilities, including an open-plan bow to stern entertainment flybridge and a king Stateroom with private access to the bow terrace.
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Recreational Boating Market Segmentation
The recreational boatings market covered in this report is segmented –
1) By Boat Type: Yachts, Sailboats, Personal Watercrafts, Inflatables, Other Boats
2) By Engine Placement: Outboards, Inboards, Other Engine Placements
3) By Material Type: Aluminum, Fiberglass, Steel, Other Materials
4) By Boat Size: Up to 20 Ft., 21 Ft. to 35 Ft., 36 Ft. to 50 Ft.
5) By Activity Type: Cruising, Water Sports, Fishing
By Geography:The regions covered in the recreational boating market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the recreational boating market in 2023.
The Recreational Boating Global Market Report 2024 furnishes information about the global recreational boating market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
