Recreational Boating Market Size By Product (Inboard Boats, Outboard Boats), By Type (Center Console, Express Cruiser, Pontoon, Runabout Bowrider), By Horsepower, Engine & Global Forecast, 2023 – 2032

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. 

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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.

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.

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.

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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. 

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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. 

Global recreational boating Market Share

• Monterey Boats
• Polaris, Inc.
• Yamaha Motor Corporation
• Mercury
• Porter Inc. (Formula Boats)
• The Rossiter Boat Company
• Honda
•  MasterCraft Boat Company
   

Recreational Boating Industry News:

• In January 2023, BRP Inc., a Canadian manufacturer of recreational boats, announced plans to open its boat manufacturing facility in Mexico. Through this move, the company intends to expand its manufacturing capacity to cater to growing demand for marine products. 
   
• In March 2022, Aqua Superpower, a prominent leader in boating industry inked a deal with the Catalan Association of Tourist Marinas (ACPET) for building its electric boat fast charger network in Italy and Spain. The electric boat boasts AC & DC 25kW-150kW fast chargers with the potential to power, hybrid boats, commercial vessels, electric jet-skis, super yacht tenders, and other recreational vehicles. 
   

This market research report on recreational boating includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and shipment in units from 2018 to 2032 for the following segments:

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Market, By Product

• Inboard boat
  • Below 200 hp
  • 201 to 500 hp
  • 501 to 1000 hp
  • Above 1000 hp
• Outboard boat
  • By type
    • Center console
    • Express cruiser
    • Pontoon
    • Runabout bowrider
    • Others
  • By horsepower
    • Below 200 hp
    • 201 hp to 500 hp
    • 501 hp to 1000 hp
    • Above 1000 hp
• Inflatables
  • By horsepower          
    • Below 200 hp
    • 201 hp to 500 hp

Market, By Engine 

• Diesel
• Gas

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