Recreational Boat manufacturers are investing considerable amounts in the research and testing of new technologies for use in recreational boats. The ongoing trend of growing demand for recreational boats along with the growing tourism industry and increasing disposable income levels of people will boost the recreational boat market.

The global Recreational Boat Market size is projected to grow from USD 16.4 Billion in 2021 to USD 23.6 Billion by 2027, at a CAGR of 6.2%.

The growth of the market is influenced by the increasing demand for recreational boating due to the growing tourism sector, increasing disposable income levels as well as investments in autonomous marine technology.

The Recreational Boat Market is dominated by established players such as Brunswick Corporation (US), Groupe Beneteau (France), Malibu Boats (US), Polaris Inc. (US), MasterCraft Boat Company (US), Azimut Benetti (Italy), Sunseeker International Limited (UK), Ranger boats (USA), Tracker Boats (USA), Lund Boats (USA), Marine Product Corporation (USA), Bennington Marine LLC (USA), Hobie Cat Company (USA), Ferretti Group (Italy), Bavaria Yachtbau (Germany), Godfrey Pontoon Group (USA), Catalina Yachts (USA), and Mahindra Odyssea (India).

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

The newly growing online market for boats has provided a new channel for selling these boats. Earlier, most boating companies used to sell their boats majorly through dealers and boat shows. This resulted in the boats being sold in only some key regions across the world. The growth of online mode of boat sales expanded the market for the boat manufacturers. Many manufacturers have been able to sell their boats in newer markets without setting up large scale dealership networks through these online markets. Online sales of boats also save on the dealership cost and increase the affordability of the majority of these boats. All these factors have led to a growth in demand for recreational boats through an online sales medium. In the coming years, we can expect fast growth in online sales of recreational boats for manufacturers, especially from new markets around the world. E-Commerce companies like Amazon, Walmart and Alibaba sell boats for various top brands like Intex, Bris, Classic, Solstice, Sea Eagle, FRP, etc. Inflatables, Pontoons and watersports boats are the top-selling boats sold online.

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The recreational boat market in North America is expected to be the largest and fastest-growing across the world due to the high demand for leisure boating and water sports in the region. The US is expected to be a fast-growing market in the region with the government helping grow the recreational boat market over the years. However, Emission regulations could limit the growth rate of the market in both these countries by reducing recreational boating demand in the coming years. Canada also has a high demand due to recreational boating being a traditional pastime in the region. Mexico is also a fast-growing market with recreational boating gradually finding its place in the country.  

The recreational boating market in Europe will grow at a fast pace in the coming years due to the renewed enthusiasm for recreational boating and the growing demand across these countries. Europe has some of the world’s top boat manufacturers and is also the region with the largest number of boat manufacturers in the world. The regions enthusiasm for recreational boating has been historically high with recreational boating being one of the top leisure activities in the region. The growth of cruise tourism and watersports have also increased the demand in the region. France will be the largest market in terms of volume while the UK will be the fastest-growing market as most cruise operators in the region are from the UK.

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The Asia Oceania recreational boat market will grow at a fast rate. China will be the largest market with gradual demand for recreational boating in the country. Australia and New Zealand will also have a high demand for water sports and leisure boating across their beaches. Japan will have a strong demand for recreational boating with top players like Yamaha, Kawasaki, etc. developing some of the world’s top watersports boats. South Korea and New Zealand will have a strong demand in both watersports and fishing segments due to their high demand for these boats. India will also have a fast-growing demand for cruising and watersports with rising water tourism in the country.

The aluminium boat segment is currently the largest boat segment in the recreational boat market around the world. Due to their strong usability and low cost, these boats are mostly used for small-sized boats for recreational boating. Personal boats are mostly made of aluminium due to their lower costs, less servicing and maintenance requirements and ease of use for general boating operations. These boats are easy to manufacture and are the most easily available recreational boats in the market. North America will be the largest market for aluminium boats followed by Europe, Asia Oceania and the rest of the world. This is due to the high demand for these boats as private boats for people in the North American and European regions.