Recreational Boat Market Opportunities, Industry Trends And Business Overview -2029

Market Overview:

The Recreational Boat Market Size Is Projected To Reach USD 32.53 Billion By 2028 From An Estimated USD 27.55 Billion In 2021, Growing At A CAGR Of 2.4% Globally.

Most recreational boats are made or designed to be used for non-commercial purposes, but they can also be leased or rented later for commercial purposes. Such boats are used for cruising, fishing, travel through streams, and relaxation purposes which are explicitly for private use. The recreational boat market is likely to see an increase in revenue as a result of the rising popularity of outdoor activities and water sports, particularly adventure water sports and recreational boating, among young people. A developing pattern in sporting fishing and ocean outing has seen significant development in North America, European expense lines, and Caribbean island bunch.

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Market Dynamics:

Driver:

The tourism industry's growing trend will lead to an exponential increase in the recreational boat market. Over the last ten years, the sporting boat market has demonstrated its ability to foster close the travel industry, especially for the deals of barge boats, travels, and water sports exercises at well-known excursion areas of interest. Sales of used boats and personal watercraft have also increased over time because they provide great vacation activities for customers and leasing companies throughout the year. The primary driving force behind the expansion of the recreational boat market is the rapidly expanding tourism sector.

Opportunities:

The recently created web commercial center for boats has outfitted a spic and span channel for advancing those boats. In the past, the majority of boat dealers promoted their products at boat shows and sellers' markets. The market for boat manufacturers increased as online boat sales increased. Numerous makers had been equipped for advancing their boats in additional cutting-edge markets without setting up huge scope showroom organizations and keeping away from store support costs. Additionally, boat sales online save dealership fees and make boats more affordable.

Key Chapter Will Be Provided In The Report

•Patent Analysis
•Regulatory Framework
•Technology Roadmap
•BCG Matrix
•Heat Map Analysis
•Price Trend Analysis
•Investment Analysis
•Company Profiling and Competitive Positioning
•Industry Value Chain Analysis
•Market Dynamics and Factors
•Porter's Five Forces Analysis
•Pestle Analysis
•SWOT Analysis

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Segmentation Analysis of Recreational Boat Market:

By Boat Type, Yacht is the dominating in the boat type segment of the recreational boat market. A yacht is considered to be an apt recreational boat that consists of comfort, leisure, high-performance engine, and surreal boating experience. The yacht segment is expected to grow swiftly during the forecasted period. High demand from North America and Europe for leisure boating among wealthy customers contributes the majority share of the revenue for the recreational boat market. Superyachts are the new trend in the owner of recreational boats and yachts. In 2020, 341 superyachts were sold with the costliest yacht from Hasna Superyacht costing USD 92.5 million. Such high demand in the luxury yacht segment has boosted the revenue and demand in the recreational boat market.

By Engine Type, ICE is the dominating engine type segment in the recreational boat market. Internal Combustion Engine is the most common and widely used engine type in boats and vessels around the world. Diesel, Bio-Diesel, and gasoline is the most common fuel type in recreational boats and vessels. To power high-performance engines and to generate propulsion in harsh water conditions, high-performance diesel engines are used in recreational boats. As new emission norms are being introduced by the government to curb marine pollution, manufacturers of diesel engines need to shift towards highly efficient and high-performing diesel engines to meet the emission standard. Such emission norms hinder the growth of diesel engine-powered boats. These regulations are favorable for electric-based reactional boats as existing manufacturers are shifting to integrate electric boats into their portfolio.

By Engine Placement, Outboard placement dominates the engine placement segment in the recreational boat market. Due to the outside placement of the engine, it is easier to repair and replace spare parts of the engine making it convenient for the owner as well as operators to maintain the boat. Outboard placement boats have a lower chance of fire-mishap due to the engine being located outside the boat. This makes outboard boats being the most popular boat option for boating enthusiasts which has resulted in high demand for outboard engine placement boats in the recreational boat market globally.

By Type

•Yachts
•Sailboats
•Personal Watercraft
•Inflatables
•Others

By Engine Type
•Ice
•Electric

By Engine Placement
• Outboards
• Inboards
• Others

Regional Analysis of Recreational Boat Market:
North America is the dominating in the recreational boat market during the forecasted period. The US is anticipated to be a fast-growing market in the North American region with the government assisting grow the recreational boat market. More than 3,10,000 units of powerboat have sold in 2020 which is 12% more than the previous year. Personal Watercraft sales jumped by 8% compared to 2019 with 82000 units. Freshwater fishing boats and pontoons sales topped at 1,43,000 units in the United States. Canada also has a high demand due to recreational boating being a traditional pastime in the region. Mexico is a fast emerging market with recreational boating is being adopted in the tourism sector.

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By Region

•North America (U.S., Canada, Mexico)
•Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
•Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
•Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
•South America (Brazil, Argentina, Rest of SA)

Players Covered in Recreational Boat Market are:
•Brunswick Corporation
•Groupe Beneteau
•Malibu Boats
•Polaris Inc.
•MasterCraft Boat Company
•Candela
•DOMANI Yachts
•Edorado Marine
•Elco Motor Yachts
•Electracraft and other major players.

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The report provides insights on the following pointers:

1.Market Penetration: Offers comprehensive information on the market offered by the key players

2.Market Analysis: Provides detailed information on lucrative growing markets and examines market penetration across mature segments.

3.Market Diversification: Details regarding new product launches, untapped geographies, recent developments, and investments are provided.

4.Competitive Landscape: Provides an in-depth analysis of the top companies' market shares, strategies, products, certification, regulatory approvals, patent landscape, and production capabilities.

5.Industry Dynamics and Factors: Offers insightful information about future technologies, R&D initiatives, and game-changing product breakthroughs.

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