How Has The Recreational Boating Market Size Evolved In Recent Years?
The recreational boating market has seen considerable growth due to a variety of factors.
• In recent times, the recreational boating market has witnessed a robust growth. It is projected to surge from $32.87 billion in 2024 to $35.28 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.3%.
This upswing during the historical period can be credited to several factors such as economic progression, increased disposable income, intensification of boating tourism and recreational activities, affinity towards waterfront properties, demographic shifts, lifestyle choices, and eco-friendly regulations and practices.
What Can Be Expected from the Recreational Boating Market in the Coming Years?
The recreational boating market is expected to maintain its strong growth trajectory in upcoming years.
• The market for recreational boating is predicted to witness a significant surge in the following years, escalating to a value of $48.03 billion by 2029, with a compound annual growth rate (CAGR) of 8.0%.
The expected rise during the forecast period can be credited to developments in rental and sharing services, broadening of the market and globalization, enhanced safety and regulatory standards, shifts in demographics and lifestyle inclinations, and an increasing fascination with boating tourism. Noteworthy trends projected for the forecast period encompass electric propulsion systems, the incorporation of smart technology, an upswing in water sports and activities, advancements in design and aesthetics, as well as wellness and comfort features.
What Are the Critical Driver Fuelling the Recreational Boating Market's Growth?
The expansion of the tourism sector is set to fuel the surge in the recreational boating market. Often termed the travel industry, this sector encompasses individuals journeying to different destinations, either domestically or internationally, for leisure, social or business purposes. The hotel, hospitality, and transportation businesses are all integral elements of the tourism industry, with a major focus on ensuring tourists are comfortable, entertained, and adequately provided for during their travels. For example, a report by UN Tourism, a Spain-based agency of the United Nations, revealed that approximately 790 million tourists embarked on international travel in the initial seven months of 2024, which represented an 11% increase from 2023. Consequently, the escalating tourism sector significantly contributes to the growth of the recreational boating market.
How Is the Recreational Boating Market segmented?
The recreational boating 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
Subsegments:
1) By Yachts: Sailing Yachts, Motor Yachts, Catamarans
2) By Sailboats: Daysailers, Cruisers, Racing Sailboats
3) By Personal Watercrafts: Stand-Up PWC, Sit-Down PWC, Sports PWC
4) By Inflatables: Inflatable Boats, Inflatable Paddleboards, Inflatable Kayaks
5) By Other Boats: Fishing Boats, Pontoon Boats, Cabin Cruisers
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What New Trends Are Influencing the Recreational Boating Market?
The emergence of new product development is a trend that's increasingly gaining traction in the recreational boating sector. Businesses are innovating new products to cater to the growing demands of this market. With new product introductions, firms can broaden their range of offerings, attract new consumers, and boost their market visibility. For instance, in February 2024, Mercury Marine, a marine propulsion business based in the US, initiated the Joystick Steering for Single-Engine Vessels. This joystick steering system is notably aimed at single-engine vessels, specifically those driven by Mercury's Verado outboard engines, with horsepower between 250 and 600. This new system allows for an effortless, single-touch control for throttle, shift, and steering, enabling easy one-handed maneuvering. It's only a part of Mercury's extensive range of joystick systems that are designed for different boat types, including sterndrives and multi-outboard setups.
Who Are the Key Players in the Recreational Boating Market?
Major companies operating in the recreational boating market include:
• 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
What Is The Most Dominant Region In The Recreational Boating Market?
North America was the largest region in the recreational boating market in 2024. The regions covered in the recreational boating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
