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Recreational Boating Market Size
- Report ID: GMI2076
- Published Date: May 2023
- Report Format: PDF
Recreational Boating Market Size
Recreational Boating Market size surpassed USD 30 billion in 2022 and is anticipated to grow at over 8% CAGR from 2023 to 2032 driven by a surge in water sports and recreational activities globally.
Growing interest in water sports and recreational activities among millennial and post-millennial generations has increased the product demand. As per the U.S. Bureau of Economic Analysis, in 2021, outdoor recreation economy made up 1.9% of the current dollar GDP for the country. Many governments across the world are investing considerable amounts to support the outdoor recreation industry, which is also likely to favor industry growth.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Recreational Boating Market Size in 2022: | USD 35 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 8% |
| 2032 Value Projection: | USD 60 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 669 |
| Segments covered: | Product, Engine |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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However, steep initial prices of recreational boats may limit product demand to a certain extent. High-quality yet innovative raw materials used for reducing vehicular weight and customizing exterior and interior features add to the overall cost of boats. Additionally, high labor, maintenance, storage, and other miscellaneous expenses in peak seasons also affect the prices of boats, posing challenges to recreational boating market expansion.
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Recreational Boating Market Scope
