Recreational Boat Market to Reach $25.9 Billion by 2028

The global recreational boat market, by value, is estimated to be USD 18.9 billion in 2023 and is projected to reach USD 25.9 billion by 2028, at a CAGR of 6.5% from 2023 to 2028. The recreational boat market is set to benefit from several key factors that will drive its growth. The expanding tourism industry, along with rising disposable income levels, will contribute to increased demand for recreational boating experiences. Global tourism has improved significantly since the COVID-19 pandemic. In 2022, international tourist arrivals reached 900 million, double those in 2021 and 37% fewer than in 2019. This recovery was driven by strong pent-up demand, improved confidence levels, and the lifting of restrictions. People are becoming more confident about traveling again, as the pandemic situation continues to improve. Many countries have lifted travel restrictions, making it easier for people to travel.

Market Dynamics:

Driver: The growing tourism industry will increase recreational boat demand

The recreational boat market has experienced significant growth, particularly in relation to the booming tourism industry. Over the past decade, the market has shown immense potential, with specific segments such as pontoons, cruises, and water sports boats witnessing substantial sales growth. Personal watercraft and used boat sales have also increased, offering buyers and seasonal leasing businesses the opportunity to provide enjoyable holidays. According to a report by the European Ministry of Foreign Affairs, small sea and river cruises have become increasingly appealing to small and medium-sized operators, while larger cruises cater to bigger tour operators and experience seasonal demand for functions and parties. Pontoons and water sports boats, on the other hand, have seen growing demand driven by local tourism. Many popular tourist destinations worldwide, blessed with nearby lakes, rivers, and beaches, have created a market for pontoons and water sports activities.

Opportunity: Online market for the industry can boost sales in untapped markets

The emergence of the online market for boats has greatly evolved the way recreational boats are sold. Previously, boat manufacturers primarily relied on dealerships and boat shows to sell their products, limiting their reach to specific regions. However, the growing popularity of online boat sales has opened up new markets for manufacturers worldwide. By leveraging online platforms, manufacturers can now sell their boats in previously untapped markets without the need for extensive dealership networks. This expansion has not only broadened the market but has also resulted in cost savings for manufacturers, as online sales eliminate the need for traditional brick-and-mortar dealerships. As a result, recreational boats have become more affordable for a wider audience. The increasing demand for recreational boats through online sales channels is expected to continue its rapid growth in the coming years, particularly in new and emerging markets worldwide. E-commerce giants such as Amazon, Walmart, and Alibaba have entered the boat market and offer boats from various top brands, including Intex, Bris, Classic, Solstice, Sea Eagle, and FRP. Inflatables, pontoons, and water sports boats are among the top-selling categories in the online boat market.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227150980

By Electric segment is expected to be the fastest segment in the forecast

The Electric powered boats segment is estimated to lead the global recreational boat market by engine type. An electric boats obtains power from an storage battery. There is an increase in the electrification of boats globally, owing to reduced emissions. Asia Oceania and Europe are increasingly investing in the electrification of their transportation systems. For instance, some nations provide incentives to businesses that finance the development of electric boats. For examples in 2022, India launched it first electric operated Ferries for its one of its’s state waterways.  Since they emit no emissions when in use, electric boats are more environmentally friendly than diesel locomotives. Because of this, they are appealing to organizations and governments that want to reduce their carbon footprint. Similarly, South Korea and Japan have launched their own Hydrogen based boats and ferries for public transport thereby reducing emissions and improving public transports.

North America is expected to be the largest and fastest market during the forecast

North America is estimated to second larget market of the recreational boatin 2023 in terms of value. Germany, The region is a major hub for several renowned OEMs, including Brunswick Corporation,Malibu Boats, MasterCraft, Polaris Inc., Bombardier Recreational Products.   The North American boat industry is the largest in the world. Most American boats are equipped with high-end technologies, which include advanced navigation, digital consoles, high performance and efficiencent porpulsion, and other features providing comfort. This offers recreational boat OEMs opportunities to increase their presence in North America.

Key Players

The recreational boat market is dominated by global players such as Brunswick Corporation (India), Yamaha Motor Corporation (Japan),  Groupe Beneteau (France), Malibu Boats (US) and Ferretti Group (Italy). These companies offer extensive products and solutions for the recreational boat industry; have strong distribution networks at the global level, and invest heavily in R&D to develop new products.

Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=227150980