The Global Recreational Boats Market was worth US$ 17.22 billion in 2022 and is anticipated to reach a valuation of US$ 26.11 billion by 2028 and is predicted to register a CAGR of 7.45% during 2023-2028.
Factors like the expanding pool of high net-worth population, growing tourism, innovations in boat engines, and the expanding economy will aid the market's growth globally. The recreational boat market currently represents a small share of the worldwide leisure industry, however, experts foresee significant growth for the market within the coming years. On the downside, its vulnerability to prevailing trends within the worldwide economy often creates obstacles for the global recreational boating market.
Market Drivers:
Some of the key growth factors of the market are advanced technology, high-tech features, and better consumer confidence. The demand for speed boats and powerboats is predicted to extend as they're used for recreational activities. The need for sailboats is anticipated to continue as these boats are used for travelling and fishing. Sailboats are powered by wind and are cost-effective. Hence, the preference for sailboats is more. Recreational boating market players are getting to add various marine technologies within the pleasure crafts. Global Navigation Satellite System (GNSS) may be a trending technology utilized in the industry. It's basically used for traffic management and surveillance in both inland waters and sea. They are also used in search & rescue and fishing boat control. These advancements are likely to spice up the expansion of the recreational boat market within the next few years. Currently, the market represents a minimal share of the worldwide leisure industry, but, experts suggest that there'll be significant growth within the recreational boat market in the upcoming years.
Market Restraints:
A significant aspect limiting the industry in recent years is the concern for environmental hazards because of recreational boat activities. Increasing use of motorized boats affects the wildlife in water bodies and impacts the water and soil quality. Growing in leaching of disinfectants wont to clean, protect, and operate watercraft is applying the environment flora and fauna. Leaching of those disinfectants pollutes the water, leaks alkaline or acidic, and affects the wildlife's ability to survive, causing various lethal diseases like mutations, cancer, congenital disabilities, and death.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
7.45% |
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Segments Covered |
By Power, Product Type, Activity Type, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Caterpillar Incorporated, Azimut-Benetti, Ferretti, Carlisle Paddles, Avon Inflatables, Brunswick Corporation, Rodriguez, Bombardier Recreational Products Incorporated, Bavarian, Sealine Attwood, Zodiac Marine & Pool, Platinum Equity, Baja Marine, Suzuki Motor Corporation, Princess, Group Beneteau, Sunseeker, Azimut-Benetti, Yamaha Motor Company Limited, Kawasaki Heavy Industries Limited, KCS International Incorporated, Honda Motor Company Limited, Poly Marquis Yach, Tognum AG, Hydra-Sports Boat, Godfrey Marine, Crusader Marine Engines, General Motors Company, Pleasurecraft Engine Group, Interphase Technologies, Fountain Powerboat Industries Incorporated, and Others. |
Market Segmentation:
Rising innovation in diesel-based recreational boat systems is providing a significant outlook for the market. However, the introduction of powerful and efficient diesel-based engines is supporting the adoption of recreational boats. The mixing of rail fuel delivery systems, turbochargers, and exhausts with diesel-based engines is creating new industry trends. Moreover, increasing demand for fuel-efficient and quiet operating engines is strengthening the market revenue.
The sailboats segment is predicted to carry a substantial share of the global recreational boat market. These boats are firstly used for travelling and fishing and are powered by wind. These boats also are cost-effective which more consumers prefer them.
Fishing has emerged as a well-liked recreational activity. In terms of size, the global recreational boat market is currently witnessing a considerably high demand for bigger boats. Factors like the implementation of state regulations mandating specific safety standards and the installation of lifesaving and firefighting equipment are supporting the expansion of this segment.
Market Reginal Analysis:
The Global Recreational Boats Market Report includes the segmentation of regions:
The recreational boating market is predicted to witness considerably high demand from North America. The high income and standard of living of consumers within the region will support the market’s growth within the coming years. Europe market is the second largest region owing to its rising tourism activities.
Rising government initiatives across the Asia Pacific are developing opportunities for the recreational boat market. The government authorities’ spending on the development of sailing infrastructure may be a significant factor supporting market growth within the region. Public and personal sectors in countries including Japan, Thailand, China, and Australia are that specialize in creating awareness among the population to support market growth. Moreover, government water tourism awareness programs in these regions are creating various opportunities for the market.
Market Key Players:
Frequently Asked Questions
The Global Recreational Boats Market is expected to grow with a CAGR of 7.45% between 2023-2028.
The Global Recreational Boats Market size is expected to reach a revised size of US$ 26.11 billion by 2028.
Caterpillar Incorporated, Azimut-Benetti, and Ferretti are the three Recreational Boats Market key players.
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