Outboard Boats Market size exceeded USD 5 billion in 2021 and is projected to grow at over 6% CAGR from 2022 to 2028. Increasing consumer spending on recreational activities and water sports is encouraging boat companies to launch new models, thereby driving the industry growth.
Outboard boats are experiencing an increase in demand globally due to rising inclination toward outdoor recreational activities and significant participation in boating events. Boat manufacturers are emphasizing on improving the productivity of their boats for their market share enhancement. Furthermore, rising boat club spending on boating event promotion is accelerating the market revenue.
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Outboard boats are becoming popular not only for riding activities but also owing to increasing awareness regarding the health benefits of water sports. Several government authorities are establishing strategic partnerships with each other to improve boating activities will create a favorable environment for the market. For instance, in November 2021, the U.S. government announced a deal with the EU to remove retaliatory tariffs on American boats sold in Europe. This deal will result in a 25% discount in custom duties on American-made boat engines and boats sold in Europe.
Outboard boats are witnessing an upward market trend on account of increasing OEMs initiatives on new product innovations. Market players, such as Brunswick Corporation, Walker Bay Boats, Inc., and Malibu Boat, are introducing innovative outboard boats to gain a higher revenue share.
|Outboard Boats Market Size in 2021:||5 billion (USD)|
|Forecast Period:||2022 to 2028|
|Forecast Period 2022 to 2028 CAGR:||6%|
|2028 Value Projection:||9 billion (USD)|
|Historical Data for:||2017 to 2021|
|No. of Pages:||180|
|Tables, Charts & Figures:||244|
|Pitfalls & Challenges:|
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High investments, which are required to build outboard boat manufacturing facilities are important factors impacting the industry statistics. The high prices and ownership cost of outboard boats led by expensive maintenance activities are affecting the outboard boats market worldwide. Additionally, the limited availability of skilled labor and boat riders, especially for express cruiser and center console, is creating a hindrance in the industry.
The worldwide spread of COVID-19 in 2020 and 2021 impacted outboard boats demand in the international market. In 2020, the industry was challenged by various factors including the limited availability of skilled employees, shutdown of manufacturing facilities, and international supply chain disruptions. Manufacturers closed their boat production facilities several times in 2020 & 2021 impelled by increasing number of COVID-19 patients.
Recreational boats market is anticipated to register growth rate of about 6.5% through 2028. Recreational boats are further classified as pontoon, bowrider, express cruiser, and center console. Market participant are taking initiatives to introduce new outboard boats to create a favorable outlook for the segment. Moreover, the wider availability through extensive distribution channels in coastal areas is also propelling the outboard boats market demand.
The high maneuverability and user-friendly controls of pontoon boats are increasing their demand in the global powerboats market. Pontoon boat sales are expected to reach around USD 2 billion by 2028. Companies are emphasizing on expanding their pontoon boat business to enhance their share. For instance, in March 2021, Polaris’ brand, Bennington expanded its pontoon boat business operations in Elkhart City, Indiana. The company purchased a 43,485 square feet property with one building to establish the manufacturing facility in the region.
The adoption of bowrider boats is rising driven by their reasonable cost compared to other luxury boats. Industry leaders, such as Cantieri Capelli SRL and Gaga Marine Corporation, are participating in various boat shows to present their bowriders to potential consumers.
The enhanced appearances of express cruisers and their ability to offer diverse onboard activities are creating a favorable environment for the segment. Key players, such as Campion Marine Inc., Quality Boats, and Nimbus Group, are launching new express cruiser series to boost their boat sales.
Center console boats have good water accessibility and wide storage spaces, driving the segment growth across the globe. Manufacturers including Stingray Boats and Smartliner Boats are adopting different market strategies to increase their center console sales.
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The North America outboard boats market size crossed USD 3 billion in 2021. Rising consumer disposable incomes and supportive government regulations on nautical tourism are improving the market statistics. Boat manufacturing companies including Polaris, Inc., Smart Own ZE, and Bombardier Recreational Products, Inc. are expanding their business operations to achieve higher profitability. For instance, in May 2020, Bombardier Recreational Products, Inc. outlined a new strategy for its marine business and the growth of its boat brands. The company invested in R&D for the development of its next-generation marine engines with enhanced operational efficiency.
Companies operating in the outboard boats market are emphasizing significantly on introducing new models to enhance their representation. Industry players, such as Ribcraft Ltd., SEAARK, LLC, and Orkney Boats, are introducing new outboard boats to attract potential business clients worldwide.
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