Recreational Boat Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Boat Type (Yachts, Sailboats, Personal Watercraft, Inflatables, and Others); Engine Placement (Outboard and Inboard); Power Range (<50 KW, 51–150 KW, and >151 KW)); Regions and Country
Detailed Analysis of COVID-19 Impact on the Recreational Boat Market
The global recreational boat market is expected to witness a CAGR of 6% during the forecast period owing to factors including the expanding tourism sector and rising levels of personal disposable income. The need for recreational boating will rise as a result of advancements in autonomous maritime technology, which will also raise the need for less experienced leisure boaters. The existence of numerous players in this diversified and well-integrated market assures a steady supply to meet the global demand for recreational boats. In addition, to gain traction in the recreational boat market, prominent market players are creating new products, implementing expansion strategies, and engaging in partnerships, mergers, and acquisitions. For instance, In June 2021, Groupe Beneteau launched its Grand Turiamo 45 luxury boat with high-class interiors, and dynamic control. It has a length of 14.78 meters, 900 Liters fuel capacity, 400 Liters freshwater capacity, and 2X 440 CV/HP engine power.
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.
Some of the major players operating in the market are 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., and Marine Products Corporation.
Insights Presented in the Report
“Amongst boat type, personal watercraft is expected to witness the fastest growth during the forecast period”
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, the growing consumer interest in outdoor recreational activities, the availability of a variety of water sporting equipment and facilities, and the expansion of e-commerce, particularly in the APAC and Americas, are the main factors driving the recreational boat industry. Numerous water sports facilities have been established around the world as a result of the growing participation rates in water sports among all age groups. To boost the money generated from the global tourism business, a number of government organizations have recently actively begun emphasizing the promotion of water sports.
“Amongst power range, 51 – 150 KW category to witness significant growth during the forecast period”
Based on the power range, the market is bifurcated into <50 KW, 51 – 150 KW, and >151 KW. In 2020, the 51 – 150 KW category is expected to witness significant growth during the forecast period. This is mainly due to the stringent emission regulations coupled with increasing investment in research and development of energy-efficient and high-power recreational boats. Furthermore, high power demand for luxury yachts has risen steadily in the last few years. This can be attributed to the change in lifestyle of people fueled by growth in HNWIs, a rise in inclination toward recreational and leisure activities, and a surge in the trend of yacht tourism. In addition, major players in the market are focusing on launching new and improved premium yachts offering luxurious features to customers. For instance, 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.
“North America will Dominate the Market During the Forecast Period”
For a better understanding of the market adoption of recreational boats, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the 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. North America grabbed a significant market share in the global recreational boat market in 2020, and it is expected to grow with considerable CAGR during the forecast period owing to the high-income levels of the consumers in the region coupled with rising awareness about the importance of spending time in outdoor recreational activities for a balanced and healthy life. Furthermore, as per the Centers for Disease Control and Prevention (CDC), spending time outdoors can improve overall health and wellness. In addition, outdoor activities such as boating offer many opportunities to be physically active and also promote mental health and stress reduction. Furthermore, the higher demand for the recreational boat in the region is majorly driven by factors such as an increasing number of HNWI and the growing popularity of water sports & fishing activities. In the upcoming years, passenger traffic in coastal and marine tourism is expected to increase drastically due to the attractiveness of the region and recent supportive policies.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Recreational Boat Market|
|2.2.||Research Methodology of the Recreational Boat Market|
|2.5.||Main Objective of the Recreational Boat Market Study|
|5||RECREATIONAL BOAT MARKET COVID-19 IMPACT|
|6||RECREATIONAL BOAT MARKET REVENUE (USD MN), 2019-2027F|
|9.2.||51 – 150 KW|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.5.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||RECREATIONAL BOAT MARKET OPPORTUNITIES|
|13||RECREATIONAL BOAT MARKET TRENDS|
|14||VALUE CHAIN ANALYSIS|
|15.1.||Demand Side Analysis|
|15.2.||Supply Side Analysis|
|16.1.1.||Porter’s Five Forces Analysis|
|17.3.||Mastercraft Boat Holdings Inc.|
|17.4.||Malibu Boats Inc.|
|17.6.||Azimut Benetti S.p.A.|
|17.7.||Sunseeker International (Dalian Wanda Group)|
|17.8.||Bombardier Recreational Products Inc.|
|17.10.||Marine Products Corporation|
Research Methodology for Recreational Boat Market Analysis
Analyzing the historical market, estimating the current market, and forecasting the future of the recreational boat market were the three major steps undertaken to create and analyze the demand and sales of recreational boats across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. The detailed methodology is explained below.
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
A detailed secondary study was conducted to obtain the historical market size of the recreational boat through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the recreational boat, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are boat type, engine placement, and power range. Further regional-level analyses were conducted to evaluate the overall demand for recreational boats in the global context.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing vehicle ownership and technological advancement in the marine and outdoor sports sector, etc. Historical trends and their year-on-year impact on the market size and share were analyzed. The demand and supply-side scenario was also thoroughly studied.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., a bottom-up approach was applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the demand for recreational boats across the major regions globally
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Recreational boat Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the recreational boat market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of boat type, engine placement, power range, and regions.
The main objective of the Recreational boat Market Study
The current & future market trends of the recreational boat market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of recreational boats in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
- Segments in the study include boat type, engine placement, power range, and regions
- Defined analysis of the regulatory framework for the recreational boat industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
- Analyze the current and forecast market size of the recreational boat across the globe. Major regions analyzed in the report include North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Spain, Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific); and Rest of World. Define and analyze the competitive landscape of the recreational boat sector and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry