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Industry Trends
Recreational Boating Market size surpassed USD 35 billion in 2020 and is anticipated to grow at over 6.5% CAGR between 2021 and 2027. Rising consumer expenditure on leisure boating activities owing to increasing disposable income in Europe and North America is driving the industry growth.
The growing popularity of outdoor activities along with increasing participation of adult population in recreational boating and water-based sports is likely to spur the market revenue. A steady increase in fishing activities and rising investment in the rental boat sector will propel the demand. Prominent industry players are collaborating with rental communities to support the rental recreational boating market.
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Technological advancements in leisure boats are expected to augment the industries. Boat manufacturers are integrating joystick piloting to improve maneuverability of the vessel and enhance recreational boating operations. Companies are investing in smart technologies, such as IoT & AI, for developing connected boat solutions to enhance boating experience. For instance, in March 2021, Yamaha Motor Co., invested in the U.S. startup Siren Marine to develop connected boat solutions with the help of Siren’s smart boat technology in the industry.
Growing environmental hazards caused by recreational boating activities is a major factor challenging the industry growth. Rise in the use of disinfectants to clean, and operate motorboats is impacting the flora and fauna, causing environmental degradation.
The COVID-19 pandemic mildly impacted the recreational boating market in the first half of 2020. The industry experienced a drop in investment and revenue due to global travel restrictions imposed by government bodies. Market players involved in production of boats faced financial constraints owing to lower demand and temporary closure of businesses. However, the easing of lockdown measures and the growing interest of people in recreational boating during the second half of 2020 are stabilizing the industry statistics. The market anticipates a swift recovery led by fiscal support and increased focus on digitalization.
| Report Coverage | Details |
|---|---|
| Base Year: | 2020 |
| Market Size in 2020: | 35 Billion (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 6.5% |
| 2027 Value Projection: | 60 Billion (USD) |
| Historical Data for: | 2017 to 2020 |
| No. of Pages: | 350 |
| Tables, Charts & Figures: | 657 |
| Segments covered: | Product, Engine |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Lower investment and easier maintenance are fueling the outboard recreational boats demand
The outboard recreational boating market is poised to register growth rate of above 7.5% through 2027. Lower initial investment, easier maintenance, light weight, more interior space, and better versatility offered by outboard boats is boosting the segment demand.
The 500 - 1,000 hp outboard boats are expected to witness a high growth till 2027 driven by the growing adoption of powerful outboard boats for racing events. For instance, in February 2020, Mercedes-AMG collaborated with Cigarette Racing to build a special edition outboard watercraft 59’ Tirranna AMG Edition equipped with 2,700 hp to provide a speed of 80 mph across the water.
Rising usage of diesel-based engine owing to high fuel efficiency
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The diesel engine boats held more than 70% of the recreational boating market revenue share in 2020. Unit shipments of diesel boats amounted to over 250,000 in 2020. The introduction of efficient and powerful diesel-based engines by companies, such as Yamaha and Mercury Marine, is augmenting the market expansion. With the incorporation of turbochargers, rail fuel delivery system is creating new market trends.
Increasing tourism activities will foster the market demand across Europe
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Europe recreational boating market is set to expand at around 5.5% CAGR through 2027. Proliferation of the travel and tourism industry in European countries has led to higher production and distribution of motorboats, water sports equipment and services. Supportive government policies are influencing the market demand for water recreational activities across the region. Public authorities are launching various projects to promote recreational boating and spread awareness related to water sports activities. European companies, such as Azimut-Benetti and Groupe Beneteau, export boats to several international markets, propelling the regional industry statistics.
High focus of market players on acquisitions and R&D activities
Recreational boating market participants are focusing on various strategies such as mergers & acquisitions, sales channel expansion, and product innovation for strengthening their position. For instance, in January 2021, Malibu Boats. Inc completed the acquisition of Maverick Boat Group to boost production capacity and expand distribution channel in untapped regions. The acquisition aims to deliver innovative boats to customers and increase the long-term profitability of shareholders.
Companies are investing huge amounts in R&D activities to develop smart technologies and create commanding design in boat innovation. For instance, in January 2019, Brunswick Corporation announced its plan create boat technology center, Brunswick Fiberglass Boat Technology Center (BFBTC) to build innovative recreational boats and technology center in the U.S. The technology center aims to enhance the recreational boating experience.
The prominent players in recreational boating market include Yamaha Motor Corporation, Correct Craft, Malibu Boats, Porter Inc., Brunswick Corporation, Grady-White Boats, Groupe Beneteau, and Maverick Boat Group, Inc.
This market research report on recreational boating includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2021 to 2027 for the following segments:
Market, By Product
- Inboard Boats
- By horsepower
- Below 200 hp
- 201 to 500 hp
- 501 to 1000 hp
- Above 1000 hp
- By horsepower
- Outboard boats
- By type
- Center console
- Express cruiser
- Pontoon
- Runabout bowrider
- Others
- By type
- By horsepower
- Below 200 hp
- 201 to 500 hp
- 501 to 1000 hp
- Above 1000 hp
- Inflatables
- By horsepower
- Below 200 hp
- 201 to 500 hp
- By horsepower
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Norway
- Finland
- Sweden
- Asia Pacific
- China
- India
- Japan
- Australia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
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