Recreational Boating Industry Overview
|Study Period:||2018 - 2028|
|Fastest Growing Market:||North America|
|Largest Market:||North America|
|CAGR:||> 5 %|
*Disclaimer: Major Players sorted in no particular order
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Recreational Boating Market Analysis
The recreational boating market was valued at USD 27.32 billion in 2021, and it is anticipated to reach USD 36.78 billion by 2027, at a CAGR of 5.1% during the forecast period.
Due to the COVID-19 pandemic and with the travel restrictions and social distancing norms imposed, all recreational activities were muted. Consequently, the recreational boating market saw a dip in its revenues. With no public movement and the down phase of the global economy, neither new purchases were made, nor any transactions occurred. This forced the market toward economic downfall. However, with the recovery of the tourism sector in 2021 across major geographies in the North American and European regions, the market is seeing growth.
The recreational boating industry continues to attract large volumes of participants competing strongly with rival luxury leisure pursuits. It is estimated that there are at least 140 million active boaters and watersports participants worldwide, including almost 100 million across the United States and Canada, a further 36 million across Europe, and more than 5 million in Australia.
Over the long-term, the growth in the watersports tourism industry is majorly driving the recreational boating market. Rising attraction toward recreation activities and watersports from millennial and post-millennial generations is further boosting the demand in the market studied. However, dynamics in the cost range of diversified boats might serve as a challenge.
At present, the recreational boating industry represents a small percentage of the overall global leisure industry; however, the share of recreational boats is anticipated to grow over the forecast period.
Recreational Boating Industry Segments
The scope of the report covers the latest trends and technologies followed by COVID-19 impact on the market. The recreational boating report covers segmentation based on Boat Type, Application, Power Source, and Geography.
By Boat Type, the market is segmented into Inboard Boats, Outboard Boats, Personal Watercraft Boats, and Other Boat Types.
By Application, the market is segmented into Watersports and Fishing.
By Power Source, the market is segmented into Internal Combustion Engine and Electric.
and Geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
The report offers market size and forecast for all the above segments in value (in USD Billion).
|By Boat Type|
|Personal Watercraft Boats|
|Other Boat Types|
|By Power Source|
Recreational Boating Market Trends
This section covers the major market trends shaping the Recreational Boating Market according to our research experts:
Increasing Watersports and Recreational Activities
The growing interest of people in outdoor recreational activities and increased participation rates across all age groups for the same are some of the major factors driving the recreational boating industry.
Watersports are becoming popular not only for the excitement or adrenaline rush of getting fit but also because of several health benefits. As a result, increasing health benefits associated with water sports are supporting market growth worldwide.
A study from North Carolina State University found that outdoor play and nature-based activities helped buffer some of the negative mental health impacts of the COVID-19 pandemic for adolescents. In 2020, the coronavirus pandemic fueled the surge in recreational boat sales which is registered on the sales volume during 2021 and presumed to continue in 2022 as well.
New age groups and female boat buyers played a huge role in the growth which is further capitalize by the players by expanding their product portfolio and introducing new technologies. For Instance, Tiaga offers Orca electric jet ski in their portfolio, the electric watercraft space has begin to shape the business sphere. The watercraft is offered with a 23-kWh battery pack. Its electric powertrain generates over 134 kW and can achieve a top speed of up to 104km/h.
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The North American Region is Likely to Dominate the Market
There is already an uptrend in the domestic boating industry, where people are opting to do watersports in their own country rather than going foreign. This ongoing trend is boosting the watersport industry domestically.
The National Marine Manufacturers Association (NMMA) reported that retail unit sales of new powerboats in the United States exceeds 300,000 Units for two consecutive years during 2020 and 2021. Moreover NMMA has announced that the year 2022 will remain positive and the sales volume of new boats may increase by 3% as compared to 2021.
Additionally, restrictions are likely to continue into 2021, which will fuel the demand for safe outdoor recreation activities, including boating.
According to the US Bureau of Economic Analysis (BEA), around 100 million Americans go boating each year. Outdoor recreation makes up 2.1% of country’s GDP, generating USD 788 billion in real gross output. Boating and fishing are the largest outdoor recreation activities in the country, totaling near to USD 23.6 billion.
Another country where the recreational boating industry is a major contributor to the economy is Canada. Canadian pastime brings more than 12 million people together on the water every year, thereby generating more than USD 10 billion in revenues and has a GDP impact of USD 5.6 billion.
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Recreational Boating Market Competitor Analysis
The recreational boating market is fragmented and dominated by industry players such as American Sail Inc., Ferretti, Sunseeker, Beneteau, Brunswick, MacGregor, Azimut-Benetti, Hunter, Hobie Cat Corporation, Princess Cruise, Bavaria Yachtbau, and Catalina Yachts. The boat manufacturers are expanding their business to increase their revenue generation opportunities. For instance:
- In March 2022, Sportsman Manufacturing Inc. has announced to invest USD 8 million to expand their operations in Dorchester County, South Carolina, this will increase the manufacturing capacity of company in order to meet the growing demands.
Recreational Boating Market Top Players
Azimut Benetti Group
Bennington Marine LLC
*Disclaimer: Major Players sorted in no particular order
Recreational Boating Market Recent Developments
- In July 2022, Vision Marine Technologies and Groupe Beneteau formed a partnership to integrate Vision Marine Technologies' high-power electric outboard motors onboard several models across Groupe Beneteau's brand portfolio.
- In July 2022, Mercury Marine, a division of Brunswick Corporation, announced today a collaboration with Alliant Energy to construct a 5-megawatt, a 32-acre solar array in eastern Fond du Lac County to advance the company's sustainability initiatives and the region's growing commitment to renewable energy.
- In July 2022, Italian Benetti launched the 37-meter Benetti B.Yond in a private ceremony in Livorno. Goga was the name given to the yacht. As the first model in Benetti's Voyager series, the yacht is built with a steel hull and an aluminum superstructure for long-range cruising.
Recreational Boating Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in USD Billion)
5.1 By Boat Type
5.1.1 Inboard Boats
5.1.2 Outboard Boats
5.1.3 Personal Watercraft Boats
5.1.4 Other Boat Types
5.2 By Application
5.3 By Power Source
5.3.1 IC Engine
5.3.2 Electric Power
5.4 By Geography
5.4.1 North America
18.104.22.168 United States
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Rest of the World
18.104.22.168 South America
22.214.171.124 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Groupe Beneteau
6.2.2 Azimut Benetti Group
6.2.3 Marine Product Corporation
6.2.4 Bennington Marine LLC
6.2.5 Sunseeker International Limited
6.2.6 Ranger Boats
6.2.7 Catalina Yachts
6.2.8 Brunswick Corporation
6.2.9 Hobie CAT Company
6.2.10 Bavaria Yachtbau
6.2.11 Mahindra Odyssea
6.2.12 Tracker Boats
6.2.13 Godfrey Pontoon Group
6.2.14 Ferretti Group
6.2.15 Sportsman Boats Manufacturing Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Recreational Boating Market Research FAQs
What is the study period of this market?
The Recreational Boating Market is studied from 2018 - 2028.
What is the growth rate of Recreational Boating Market?
The Recreational Boating Market is growing at a CAGR of >5% over the next 5 years.
What is Recreational Boating Market size in 2018?
The Recreational Boating Market is valued at 28 Billion USD in 2018.
What is Recreational Boating Market size in 2028?
The Recreational Boating Market is valued at 36 Billion USD in 2028.
Which region has highest growth rate in Recreational Boating Market?
North America is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Recreational Boating Market?
North America holds highest share in 2021.
Who are the key players in Recreational Boating Market?
Brunswick Corporation, Groupe Beneteau, Azimut Benetti Group, Bennington Marine LLC, Catalina Yachts are the major companies operating in Recreational Boating Market.
Recreational Boating Industry Reports
In-depth industry statistics and market share insights of the Recreational Boating sector for 2020, 2021, and 2022. The Recreational Boating research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Recreational Boating report PDF.