Recreational Boat Market Projected 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 market for recreational boat is expected to rise as a result of reasons including, the adoption of emissions-free transportation, and advantageous government policies including subsidies, rise in boat industry electrification.

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Yacht segment is estimated to account for the largest market during the forecast period

The yacht segment has the largest market in the recreational boat market in terms of value, and this trend is expected to continue in the forecast period. The high demand for yachts can be attributed to the increasing popularity of leisure boating and cruising, fueled by the rise in disposable income levels worldwide. While the number of yachts sold may not exhibit rapid growth, the market continues to thrive due to the ongoing enhancement of luxury features and amenities offered by yachts. As manufacturers introduce new and improved features, the prices of yachts tend to increase. This indicates a strong market demand for luxurious and high-end yachts, attracting affluent individuals who seek high end luxury experiences on the water. The dominance of the yacht segment in terms of value highlights the significant contribution it makes to the overall market. The luxury, comfort, and exclusivity provided its features associated with yachts continues to captivate discerning buyers, particularly in regions such as the United States and Europe. The steady growth of disposable income levels, coupled with the desire for premium leisure experiences, further fuels the demand for yachts in these markets.

Outboards are estimated to account for the largest market size during the forecast period

The outboard boats segment holds the leading position in its segment the global recreational boat market and is expected to maintain and increase its market share in the forecast period. This segment has high demand, particularly in the Asia Oceania, United States and Europe, driven by several factors that make outboard boats highly appealing to boating enthusiasts. One of the key advantages of outboard boats is their superior speed. Equipped with powerful outboard engines, these boats offer excellent acceleration and cruising speeds, allowing boaters to enjoy thrilling and exhilarating experiences on the water. The ability to swiftly navigate through waterways makes outboard boats a popular choice for recreational activities such as water sports and cruising.

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"North America is expected to witness highest growth during the forecast period."

The recreational boat market in North America is expeted to be the largest and most rapidly expanding market globally, primarily driven by the robust demand for leisure boating and water-sports in the region. The United States, in particular, is expected to experience significant growth, supported by government initiatives aimed at fostering the development of the recreational boat industry. However, it is important to note that the growth rate of the market in North America could be hindered by emission regulations. As governments prioritize environmental conservation, stricter emission standards may be imposed, potentially impacting the demand for recreational boating in the future.

Key Market 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 have developed and launched new products, adopted electrification strategies, and undertakeen collaborations, partnerships, to gain market size in the market.

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This release was published on openPR.