Recreational Boats Market

Recreational Boats Market Size (2023-2028):

The Global Recreational Boats Market was worth US$ 17.22 billion in 2022 and is anticipated to reach a valuation of US$ 26.11 billion by 2028 and is predicted to register a CAGR of 7.45% during 2023-2028.

Factors like the expanding pool of high net-worth population, growing tourism, innovations in boat engines, and the expanding economy will aid the market's growth globally. The recreational boat market currently represents a small share of the worldwide leisure industry, however, experts foresee significant growth for the market within the coming years. On the downside, its vulnerability to prevailing trends within the worldwide economy often creates obstacles for the global recreational boating market. 

Market Drivers:

Some of the key growth factors of the market are advanced technology, high-tech features, and better consumer confidence. The demand for speed boats and powerboats is predicted to extend as they're used for recreational activities. The need for sailboats is anticipated to continue as these boats are used for travelling and fishing. Sailboats are powered by wind and are cost-effective. Hence, the preference for sailboats is more. Recreational boating market players are getting to add various marine technologies within the pleasure crafts. Global Navigation Satellite System (GNSS) may be a trending technology utilized in the industry. It's basically used for traffic management and surveillance in both inland waters and sea. They are also used in search & rescue and fishing boat control. These advancements are likely to spice up the expansion of the recreational boat market within the next few years. Currently, the market represents a minimal share of the worldwide leisure industry, but, experts suggest that there'll be significant growth within the recreational boat market in the upcoming years. 

Market Restraints:

A significant aspect limiting the industry in recent years is the concern for environmental hazards because of recreational boat activities. Increasing use of motorized boats affects the wildlife in water bodies and impacts the water and soil quality. Growing in leaching of disinfectants wont to clean, protect, and operate watercraft is applying the environment flora and fauna. Leaching of those disinfectants pollutes the water, leaks alkaline or acidic, and affects the wildlife's ability to survive, causing various lethal diseases like mutations, cancer, congenital disabilities, and death.

Market Recent Developments:

• Caterpillar Marine is pleased to spotlight the Cat® C7.1 Propulsion Engine. The latest turbocharged C7.1 platform may be a powerful, compact addition to their high-performance product portfolio. The engine offers a superior power-to-weight ratio, leading to swift reaction time and speedy acceleration.
• The Ferretti 920 (28.49m LOA) features a totally new hull measuring 23.98m, which suggests it are often termed as a recreational craft. The glory of this new maxi flybridge offers an immediate impression. Its dynamic, irrepressible profile evolves the stylistic design features that have led to the international success of recently launched models and have completely modernized the fleet.

RECREATIONAL BOATS MARKET REPORT COVERAGE:

Market Segmentation:

Recreational Boats Market - By Power:

• Engine-Powered 
• Man-Powered 
• Sail Propelled 

Rising innovation in diesel-based recreational boat systems is providing a significant outlook for the market. However, the introduction of powerful and efficient diesel-based engines is supporting the adoption of recreational boats. The mixing of rail fuel delivery systems, turbochargers, and exhausts with diesel-based engines is creating new industry trends. Moreover, increasing demand for fuel-efficient and quiet operating engines is strengthening the market revenue.

Recreational Boats Market - By Product Type:

• Inboard Boats 
• Outboard Boats 
• Inflatable 
• Sail Boats
• Personal Watercrafts

The sailboats segment is predicted to carry a substantial share of the global recreational boat market. These boats are firstly used for travelling and fishing and are powered by wind. These boats also are cost-effective which more consumers prefer them.

Recreational Boats Market - By Activity Type:

• Watersports 
• Cruising 
• Fishing 

Fishing has emerged as a well-liked recreational activity. In terms of size, the global recreational boat market is currently witnessing a considerably high demand for bigger boats. Factors like the implementation of state regulations mandating specific safety standards and the installation of lifesaving and firefighting equipment are supporting the expansion of this segment.

Market Reginal Analysis:

The Global Recreational Boats Market Report includes the segmentation of regions:

• North America - U.S., Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, Africa

The recreational boating market is predicted to witness considerably high demand from North America. The high income and standard of living of consumers within the region will support the market’s growth within the coming years. Europe market is the second largest region owing to its rising tourism activities.

Rising government initiatives across the Asia Pacific are developing opportunities for the recreational boat market. The government authorities’ spending on the development of sailing infrastructure may be a significant factor supporting market growth within the region. Public and personal sectors in countries including Japan, Thailand, China, and Australia are that specialize in creating awareness among the population to support market growth. Moreover, government water tourism awareness programs in these regions are creating various opportunities for the market.

Market Key Players:

1. Caterpillar Incorporated
2. Azimut-Benetti
3. Ferretti
4. Carlisle Paddles
5. Avon Inflatables
6. Brunswick Corporation
7. Rodriguez
8. Bombardier Recreational Products Incorporated
9. Bavarian
10. Sealine Attwood
11. Zodiac Marine & Pool
12. Platinum Equity
13. Baja Marine
14. Suzuki Motor Corporation
15. Princess
16. Group Beneteau
17. Sunseeker
18. Azimut-Benetti
19. Yamaha Motor Company Limited
20. Kawasaki Heavy Industries Limited
21. KCS International Incorporated
22. Honda Motor Company Limited
23. Poly Marquis Yach
24. Tognum AG
25. Hydra-Sports Boat
26. Godfrey Marine
27. Crusader Marine Engines
28. General Motors Company
29. Pleasurecraft Engine Group
30. Interphase Technologies
31. Fountain Powerboat Industries Incorporated