The Recreational Boat Market size is projected to reach USD 32.53 Billion by 2028 from an estimated USD 27.55 Billion in 2021, growing at a CAGR of 2.4% globally.
Recreational boats, often known as pleasure craft boats, are built for having fun on the water. Many people use this for enjoyable activities with family and friends while on vacation. Boat racing, sailing, campaigning, fishing, and other water sports games are all examples of recreational boating. The recreational boat market is expected to grow as the popularity of outdoor activities and water sports grows, as well as the engagement of young people in such activities, particularly adventurous water sports and leisure boating.
Recreational fishing and sea outings are becoming increasingly popular in North America, Europe, and the Caribbean island cluster. Speed boats, yachts, and houseboats, on the other hand, have witnessed huge demand from the wealthy. Except for the recreational boat definition, large investment in the rental boat segment has seen growth as the majority of the population prefers to rent recreational boats for such activities. This has enticed big market players to invest in the recreational boat rental market, resulting in growth in the recreational boat market.
Major Key Players for Recreational Boat Market:
- Brunswick Corporation
- Groupe Beneteau
- Malibu Boats
- Polaris Inc.
- MasterCraft Boat Company
- DOMANI Yachts
- Edorado Marine
- Elco Motor Yachts
Market Dynamics and Factors:
The demand for recreational boats is driven by advancements in boat engines such as direct injection, VTEC, selective gear rotation, four-stroke technology, and electronic fuel injection capability, which boost engine power. To accommodate consumer demand and reduce emissions from boating activities, engine manufacturers are designing high-powered, low-polluting engines. Furthermore, the introduction of 2 and 4-stroke engines with direct injection technology, which provide improved fuel economy, lower emissions, and greater power, is increasing the demand for sophisticated recreational boat engines. Manufacturers are revolutionizing boats with engine innovation and the replacement of old motors.
The NOX limit in Europe has been established at 1.8 g/kW-hr, requiring boat engine manufacturers to modify their equipment to meet severe emission standards. Pollution regulations in most parts of the world are a major impediment to the recreational boat business. Which is expected to have an impact on the market throughout the forecast period.
Recreational Boat Market Report Highlight:
- By Boat Type, Yacht is the set to dominate the boat type segment of the recreational boat market. A yacht is considered to be an apt recreational boat that consists of comfort, leisure, a high-performance engine, and a surreal boating experience.
- By Engine Type, ICE is the dominating engine type segment in the recreational boat market. The internal Combustion Engine is the most common and extensively used engine type in boats and vessels around the world.
- By Engine Placement, Outboard placement dominates the engine placement segment in the recreational boat market.
- North America is dominating the recreational boat market over the forecasted period. The US is anticipated to be the highest rising market in the North American region with the government supporting growing the recreational boat market.
Key Industry Development:
- Malibu boats introduced the 25 LSV from the LSV series in July 2021, with a length of 7.62 meters. It can accommodate up to 18 people and has a fuel capacity of 390 liters and a powerful 430 hp torque, making it perfect for deep-sea fishing and touring.
- Groupe Beneteau debuted its Grand Turismo 45 luxury yacht in June 2021, featuring first-class furnishings and intelligent dynamic control. The Grand Turiamo 45 has a length of 14.78 metres, a fuel capacity of 900 liters, and a freshwater capacity of 400 liters, as well as a strong 2X 440 CV/HP engine.
Recreational Boat Market Segmentation:
- Personal Watercraft
By Engine Type
By Engine Placement
For this report, Introspective Market Research has segmented the Recreational Boat Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM