Recreational Boating Market Analysis

Recreational Boating Market Analysis

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Outboard recreational boating industry will expand at 10% growth rate during 2023-2032. Since their engines are located on the transom, outside the hull, outboard boats demonstrate superior flexibility, and maneuverability, and can be maintained easily. Many industry players are focusing on product innovations through strategic partnerships which is also likely to contribute to segment growth.

For instance, in July 2022, Groupe Beneteau, a European leader in recreational boating inked a deal with Vision Marine Technologies, a leader in electric transition of the recreational boating industry to deploy Vision Marine Technologies' high-power outboard motors into various models in its wide range of brands. Such initiatives are likely to create a favorable environment for industry development.

Diesel recreational boating market is estimated to amass USD 45 billion by 2032. High durability, efficiency, and cost-effectiveness of diesel engines are contributing to segment expansion. These engines also incur low maintenance costs and demonstrate a longer life span and fuel efficiency, which will favor their requirement. Moreover, wide availability of eco-friendly models of advanced diesel engines with reduced noise levels and emissions is further increasing the demand for diesel-powered recreational boats. 

Asia Pacific recreational boating industry size is expected to surpass USD 3.5 billion by 2032, on account of its growing tourism sector. As per data from the IBEF, international tourist arrivals in the country will reach 30.5 billion by hitting revenue worth over USD 59 billion by 2028. The government in the region is also making significant efforts to develop recreational boating infrastructure for promoting tourism and water sports. In addition, strong presence of industry players such as the Yamaha Motor Corporation and others is creating a favorable environment for regional expansion.