Small Boats Market - By Type (Personal Watercraft, Pontoon, Deck Boat, Inflatable Boat, Bowrider), Application (Utility, Sports, Recreation, Military), Growth Prospects, Regional Outlook, Global Forecast, 2023 - 2032

Small Boats Market Size

Small Boats Market size was valued at USD 17.1 billion in 2022 and is anticipated to register a CAGR of 7.6% between 2023 and 2032, due to the proliferation of recreational boating and water sports activities globally. As more people seek leisure activities on water, there is a growing demand for small boats such as kayaks, paddleboards, and personal watercraft. These versatile & accessible vessels cater to enthusiasts of all ages, contributing to market growth. The expansion of tourism and waterfront developments further stimulates the small boats industry, creating opportunities for manufacturers and rental services.
 

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The rising popularity of water sports is significantly accelerating the small boats industry. As more individuals and families engage in activities, such as wakeboarding, water skiing, and fishing, there is a heightened demand for specialized small boats including ski boats, fishing boats, and personal watercraft. These boats offer versatility and accessibility to water sports enthusiasts, and their adoption is further fueled by waterfront tourism, rentals, and recreational boating, driving the industry growth.
 

The high upfront cost of small boats can be a significant challenge for market demand. Many potential buyers may find it financially daunting to invest in a new boat as it entails the purchase price as well as ongoing expenses comprising maintenance, storage, and fuel. This cost barrier can deter individuals from entering the market or upgrading to larger or more advanced boat models, impacting overall sales and the industry size.

COVID-19 Impact

The COVID-19 pandemic had a positive impact on the small boats market. With restrictions on travel and a desire for social distancing, there was a surge in demand for recreational activities close to home. Small boats, including kayaks, paddleboards, and fishing boats, became popular choices for outdoor leisure. This led to increased sales and rental of small boats as people sought safe and enjoyable ways to spend time outdoors, driving growth in the market.
 

Small Boats Market Trends

Connectivity and technology integration represent a significant shift toward enhancing the boating experience through advanced digital features in the small boats industry. Small boat manufacturers are incorporating cutting-edge technology to provide boaters with greater convenience, safety, and entertainment. This includes the integration of GPS navigation systems for precise route planning, fish finders for improved angling experiences, and smartphone connectivity for controlling various boat functions remotely.
 

For instance, in September 2023, Avikus, a subsidiary of the South Korean conglomerate HD Hyundai Co., unveiled “New Boat Dock," an autonomous navigation system designed for leisure boats. This move aligns with Avikus' goal of strengthening its position in the growing market and expanding its portfolio of self-navigation systems, ranging from large commercial vessels to smaller ships. These connected solutions make boating more enjoyable while contributing to safer & more efficient journeys on the water, aligning with the broader trend of smart & connected boating.
 

Electric small boats are emerging as a notable trend in the market owing to their environmental benefits and efficiency. These boats utilize electric propulsion systems powered by batteries, reducing emissions and noise pollution on the water. For instance, in August 2022, Godfrey Pontoons launched the Mighty G. Innovative, a new craft designed specifically for electric propulsion. As the global focus on sustainability grows, consumers are increasingly seeking electric options for recreational boating and fishing. Electric small boats offer quieter operation, zero emissions, and lower operating costs, making them an attractive choice for eco-conscious boaters and contributing to the overall shift toward cleaner & greener boating solutions.
 

Small Boats Market Analysis:

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Based on type, the pontoon segment accounted for 40% of the market share in 2022. Pontoon boats are versatile and offer spacious deck layouts, making them ideal for various recreational activities such as cruising, fishing, and water sports. Their stability and capacity to accommodate larger groups have made them popular among families and social gatherings. Manufacturers are introducing innovative features and luxurious amenities to attract a broader audience. As consumers seek comfortable & multi-functional watercraft, pontoon boats have gained prominence, boosting their adoption in the market.
 

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Based on the application, the recreation segment recorded around 43% of the small boats market share in 2022, attributed to the increasing demand for leisure and recreational activities on the water. Small boats are favored for outdoor activities including fishing, water skiing, wakeboarding, and cruising, providing enthusiasts with affordable & accessible recreational options. Manufacturers are responding by introducing innovative designs, enhanced performance features, and customizable options to cater to the diverse preferences of recreational boaters.
 

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North America small boats market held over 55% of the revenue share in 2022, owing to several factors including a robust boating culture, high disposable incomes, and an increasing preference for recreational activities in the region. Additionally, favorable government initiatives and infrastructure development for water sports and boating have bolstered the market. The demand for small boats including pontoons, fishing boats, and personal watercraft continues to rise as consumers seek outdoor leisure activities, leading to a thriving industry in North America.
 

Small Boats Market Share

Major companies operating in the small boats industry are:

• American Sail Inc.
• Bombardier Recreational Products
• Brunswick Corporation
• Chaparral Boats
• Honda Motor Co., Ltd.
• Kawasaki Motors Corp., USA
• Malibu Boats
• MasterCraft Boat Holdings, Inc.
• Polaris Inc.
• Regal Boats
• Scout Boats
• Taiga Motors
• Tracker Marine Group
• Winnebago Industries, Inc.
• Yamaha Motor Corporation

BRP Inc, and Yamaha Motor Co. Ltd. are major companies in personal watercraft market, holding over 75% of the revenue share. BRP offers a diverse lineup of Sea-Doo models, catering to a wide range of preferences and riding styles, from high-performance racing models to family-friendly options. With a global distribution network and a presence in numerous countries, BRP has expanded its market reach, making Sea-Doo accessible to a broad customer base.
 

Small Boats Industry News

• In April 2023, Kaebon, a Munich-based startup, launched the EB Eins, an electric boat designed to be the lightest in the world. This cutting-edge vessel incorporates advanced materials and design to minimize its weight significantly, enhancing energy efficiency and maneuverability.
   

The small boats market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:

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Market, By Type

• Personal watercraft
• Pontoon
• Deck boat
• Inflatable boat
• Bowrider
• Other

Market, By Application

• Utility
• Sports
• Recreation
• Military

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • Australia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa