Recreational Boating Market Statistics 2027 -
The global recreational boating market was valued at $29.0 billion in 2019, and is projected to reach $35.4 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027.
Recreational boating is a leisurely activity of traveling on water in a boat. Many individual use this for fun and pleasure activities during outing with family and friends. Recreational boating includes many activities such as boat racing, sailing, campaigning, fishing, and other water sports game such as powerboat racing, sports fishing, kayaking, and others. Various types of recreational boats are used for recreational boating, including runabouts, towboats, fishing boats, sailboats, pontoon boats, sterndrive powerboats, jet boats, personal watercraft, propulsion systems, and cabin cruisers. These boats are primarily made up of plastic, aluminum, and coated fabrics. Recreational boating events are open to all kinds of boats such as engine powered, sail powered, or man powered.
The factors such as growing interest toward recreational water sport activities and rising water-based tourism, are anticipated to drive the recreational boating market growth. However, high initial & ownership cost of recreational boats and environmental concerns associated with recreational boating are expected to hinder the market growth. Further, technological advancement in boats & boat engines and growing high net-worth population are some of the factors expected to offer lucrative opportunities for the market growth during the forecast period.
The recreational boating market is segmented on the basis of power, product type, activity type, size, and region. By power, it is classified into engine powered, man powered, and sail propelled. By product type, it is divided into inboard boats, outboard boats, inflatable, sail boats, and personal watercrafts. On the basis of activity type, the market is bifurcated into watersports & cruising and fishing. By size, it is categorized into less than 30 ft, 30 to 59 ft, 60 to 79 ft, 80 to 99 ft, more than 100 ft, and full custom. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the recreational boating market are Azimut Benetti Group, Brunswick Corporation, Groupe Beneteau, Hobie Cat Company, Marine Products Corporation, Mastercraft Boat Holdings, Inc, Polaris Inc, Sunseeker International Limited, White River Marine Group, and Yamaha Motor Co., Ltd.
COVID-19 Impact Analysis:
There has been significant impact on supply chains globally. Boats and engine manufacturing companies have faced huge losses during the first & second quarter of 2020 due to disrupted supply chains and production schedules. The rapid spread of COVID-19 in the U.S., Europe, and Asian economies resulted in nationwide lockdowns and a temporary halt of production facilities to prevent further spread. However, the recreational boating market started gaining traction soon during the second quarter of 2020, and outboard-powered boats started witnessing a spike in demand for recreational purposes. According to National Marine Manufacturers Association, in May 2020, new boat sales rebounded sharply, up by 59%, compared to April 2020, and up 9% from pre-pandemic levels on a seasonally-adjusted basis.
By Power
Engine Powered is projected as the most lucrative segments
Growing interest toward recreational water sport activities
Recreational water sports activities include jet skiing, rowing, rafting, kayaking, canoeing, sailing, power boating, yachting, boat racing, and others. Growing interest of consumers toward water sporting activities coupled with improved participation among all age groups has influenced the development of recreational boating facilities across the globe. In addition, watersports are becoming popular not only for the excitement or adrenaline-rush of getting fit but also due to several health benefits. As a result, health benefits associated with water sports are supporting the demand for recreational boating. Moreover, in the recent years, it has been observed that artificial water bodies for kayaking and rafting are gaining increased popularity among water sports enthusiasts. In addition, the rising popularity of sport fishing and motorized watersports, such as jet skiing, sailing, and yachting activities, further fosters the growth of the recreational boating market. Furthermore, in the recent years, various government authorities have actively started accentuating the promotion of water sports. In several countries, initiatives have been commenced to encourage the development of water sports facilities and recreational boating.
By Product Type
Personal Watercrafts is projected as the most lucrative segments
Growth in water-based tourism
Increasing disposable income of customers and growing inclination toward marine tourism & leisure activities, such as sailing, power boating, yachting, and others, are experiencing significant growth in recent years. In addition, adventure travel is growing at a rapid pace and cruise expeditions are witnessing its impact. Furthermore, numerous cruise builders are investing in land-based private islands that allow cruise lines to offer customers exclusive beach time as an extension of the onboard experience. In addition, the natural landscape of countries, which have a sea/ocean as a border attract significant number of international tourists every year, especially from the affluent segment of the population. These countries are also preferred destinations for some promotional events and meetings, during which luxury yachts are leased. Moreover, favorable government initiatives and water tourism awareness programs to promote marine tourism are creating huge opportunities for the recreational boating market.
By Activity Type
Fishing is projected as the most lucrative segments
High initial & ownership cost of recreational boats
Attributed to the sheer size and complexity, recreational boat construction requires massive facilities and professional workers, which primarily increase the initial manufacturing cost of boat. In addition, the price of an engine equipped in boat is one of the most direct costs associated with a boat. Recreational boats require high performance engine and the amount of horsepower will impact the total cost of the boat. Moreover, fittings and extra features, such as extra storage, seating or custom interiors, increase the initial cost of boats. Furthermore, various costs, such as registration fees, taxes, insurance, mooring or dock fees, regular maintenance, and overhaul maintenance, increase the ownership cost of these boats. For instance, the average annual ownership of these boats is between $3,000 to $10,000 or more. Thus, owing to the high initial and ownership cost, low and middle-income groups are unlikely to spend on recreational boating, which is restraining the market to an extent.
By Size
More Than 100 ft is projected as the most lucrative segments
Technological advancement in boats and boat engines
Innovation in boat engines, such as direct-injection technology, VTEC system, selective gear rotation system, four-stroke technology, and electronic fuel injection capability, increases engine power and drives the demand for recreational boats. Engine manufacturers are developing high powered and low polluting engines to meet consumer demand and reduce emissions from boating activities. Additionally, the launch of two and four-stroke engines with direct injection technology that offers increased fuel economy, low emissions, and more power is promoting the demand for advanced recreational boat Furthermore, market players are introducing twin turbocharged engines offering high torque and power, thereby supporting the demand for boats equipped with high horsepower engines. Moreover, ongoing technological advancements of outboard recreational boats, such as improvement in propulsion systems, joystick docking control, automatic trim controls, and digital throttle controls, strengthen the product demand. In addition, the introduction of outboard boats equipped with such advanced features is increasing the adoption of outboard boats for racing events. Therefore, ongoing technical innovations in boats and boat engines are offering growth opportunities for the recreational boating market.
By Region
LAMEA would exhibit the highest CAGR of 7.4% during 2020-2027.
Key Benefits For Stakeholders
- This study presents analytical depiction of the global recreational boating market analysis along with current trends and future estimations to depict imminent investment pockets.
- The overall global recreational boating market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global recreational boating market with a detailed impact analysis.
- The current global recreational boating market is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Power
- Engine Powered
- Man Powered
- Sail Propelled
By Product Type
- Inboard Boats
- Outboard Boats
- Inflatable
- Sail Boats
- Personal Watercrafts
By Activity Type
- Watersports & Cruising
- Fishing
By Size
- Less Than 30 Ft
- 30 to 59 Ft
- 60 to 79 Ft
- 80 to 99 Ft
- More Than 100 Ft
- Full Custom
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- South Korea
- China
- Japan
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- Azimut Benetti Group
- Brunswick Corporation
- Groupe Beneteau
- Hobie Cat Company
- Marine Products Corporation
- Mastercraft Boat Holdings, Inc
- Polaris Inc
- Sunseeker International Limited
- White River Marine Group
- Yamaha Motor Co., Ltd.
Recreational Boating Market Report Highlights
| Aspects | Details |
 By Power |
|
 By Product Type |
|
 By Activity Type |
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 By Size |
|
 By Region |
|
 Key Market Players | Polaris Inc, Mastercraft Boat Holdings, Inc, Yamaha Motor Co., Ltd., Azimut Benetti Group, Marine Products Corporation, Sunseeker International Limited, Groupe Beneteau, Hobie Cat Company, White River Marine Group, Brunswick Corporation |
Analyst Review
The recreational boating market is expected to witness remarkable growth in the future, owing to the recreational boating market is expected to witness remarkable growth in future, owing to growing interest toward recreational water sport activities and rising water-based tourism.
According to David Foulkes (CEO of boating company, Brunswick Corporation), the COVID-19 pandemic significantly boosted recreational boating activities and will continue the trend in the future. Boat buyers have become more ethnically diverse and the average age dropped from low 50s into high 40s in recent years. In addition, sales have increased among women, which is providing opportunity for outdoor recreation.
Moreover, technological advancements in boats and boat engines are anticipated to drive the market growth. However, high initial & ownership cost of recreational boats and environmental concerns associated with recreational boating hinder the market growth. Further, the growing high net-worth population is projected to offer lucrative opportunities for the market growth during the forecast period.
Among the analyzed regions, Europe is the highest revenue contributor, followed by North America, Asia-Pacific, and LAMEA. On the basis of forecast analysis, Europe is expected to maintain its lead during the forecast period, owing to increasing demand for luxury cruisers, rising coastal & maritime tourism, and growing boating participation by adults.
The global recreational boating market was valued at $28,979.99 million in 2019, and is projected to reach $35,379.99 million by 2027, registering a CAGR of 5.1% from 2020 to 2027.
The COVID-19 pandemic outbreak has caused widespread economic downturn as several countries imposed strict lockdowns to contain the infection. This has affected diverse industries; manufacturing is one of the severely impacted sectors. For instance, a major player, Princess Yachts, reported that sales were 50% lower in April 2020 than in April 2019. However, the market started gaining traction soon during the second quarter of 2020, and outboard-powered boats started witnessing a spike in demand for recreational purposes.
The sample for global recreational boating market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
There are certain upcoming trands in recreational boating such as technological advancement in boats and boat engines and growing high net-worth population
The key growth strategies adopted by the recreational boating industry players includes business expansion, collaboration, product launch, agreement and partnership. These strategies opted by various industry players is leading to the growth of the recreational boating market as well as the players.
The company profiles of the top market players of recreational boating service industry can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the recreational boating market.
Europe region is leading the market presently in terms of revenue. However, Canada, South Korea and India is expected to provide more business opportunities for the key players operating in the global recreational boating market.
By product type, personal watercraft segment is expacted to gain traction over the forecast period as well as domainate the market share in the global recreational boating market
Canada, South Korea, India and Africa has wirnessed as a key matured markets growing in the global recreational boating market
growing interest towards recreational water sport activities, growth in water-based tourism and high initial & ownership cost of recreational boats have strong impact on the global recreational boating market
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