Recreational Boat Market is expected to foresee significant growth. Asia-Pacific to lead the growth!

• Vikas Kumar
• July 30, 2022
• CONSUMER GOODS, NEWS
• Recreational Boat Market, Recreational Boat Market Forecast, Recreational Boat Market Growth, Recreational Boat Market Share, Recreational Boat Market size, Recreational Boat Market Trend
• 0 Comments

Outdoor recreation became increasingly popular as both a fitness and socially distant activity and encompassed running, hiking, cycling, boating, fishing, camping, and walking. This has led to increased demand for recreational boats, with a strong likelihood for sustained demand going forward. Therefore, with the growing participation of individuals in outdoor recreational activities, the recreational boat market is expected to witness a CAGR of around 6% during the forecast period (2021–2027). In addition, major players in the market are developing new products, adopting expansion strategies, and have undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the recreational boat market. For instance, in July 2021, Heyday a brand of Brunswick Corporation launched its new H22 boat as part of its upcoming series of next-generation wake boats. Similarly, in July 2021, Malibu boats launched the 25 LSV with a length of 7.62 meters, as part of its LSV series. It has a max capacity of 18 people and comes with 390 liters of fuel capacity and 430 hp torque. Thus, with the rising industry rivalry coupled with new product launches, the market is expected to witness strong growth during the forecast period.

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Due to COVID-19, the boats and engine manufacturing companies have faced huge losses during the first & second quarters of 2020. This is mainly attributed to disrupted supply chains and production schedules. The COVID-19 pandemic negatively impacted the recreational boating industry across the world. Several preventive measures are taken to curb it, such as lockdowns, movement restrictions, and a reduction in working staff and manufacturing halts. However, by the end of 2020, once lockdowns were released and logistics were getting in line, the market reopened with normal sales similar to the previous year. This was mainly due to people not being able to go elsewhere due to partial lockdowns and personal boating providing a safe tourism option during the pandemic.

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Based on the boat type, the market is bifurcated into yachts, sailboats, personal watercraft, inflatables, and others. Among these, personal watercraft is expected to witness the fastest growth during the forecast period owing to the increasing participation in water sports activities globally. Furthermore, an increasing number of people are engaging in outdoor sports and leisure activities as a means to unwind and escape routine, tedious pursuits.

Based on the engine placement, the market is bifurcated into outboard and inboard. Among these, outboard is expected to hold the majority share in the market. This can mainly be attributed to the increasing adoption of advanced outboard engines offering several advantages such as easy low-speed maneuvering, enhanced acceleration & fuel efficiency, compared to inboards, thus increasing the acceptance of these engines. Furthermore, major stakeholders in the market are focusing on introducing new and improved recreational boats in the market to increase their presence and cater to evolving consumer needs.

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For a better understanding of the market adoption of Recreational Boat, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of World. In 2020, the North American region held the highest market share in the global recreational boat market. This is mainly due to the higher disposable income as well as rising spending on recreation & leisure activities in developed countries like U.S. and Canada, which are supporting the growth of the region’s market.

Recreational boat Market Segmentation

Market Insight, by Boat Type

• Yachts
• Sailboats
• Personal Watercrafts
• Inflatables
• Others

Market Insight, by Engine Placement

• Outboard
• Inboard

Market Insight, by Power Range

• <50 KW
• 51 – 150 KW
• >151 KW

Market Insight, by Region

• North America
  • US
  • Canada
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • Australia
  • India
  • Rest of Asia-Pacific
• Rest of World

Top Company Profiles

• Brunswick Corporation
• Groupe Beneteau
• Mastercraft Boat Holdings Inc.
• Malibu Boats Inc.
• Polaris Inc.
• Azimut Benetti S.p.A.
• Sunseeker International (Dalian Wanda Group)
• Bombardier Recreational Products Inc.
• Ferretti S.p.A.
• Marine Products Corporation