Recreational Boat Market Size and Share Analysis by Boat Type (Yachts, Sailboats, Personal Watercrafts, Inflatables), Engine Placement (Outboard, Inboard), Engine Type (ICE, Electric), Material Type (Aluminum, Fiberglass, Steel), Activity Type (Watersports, Fishing) - Global Industry Revenue Estimation and Demand Forecast to 2030

Recreational Boat Market Outlook

The global recreational boat market was valued at USD 19,271.1 million in 2023, and it is projected to register a CAGR of 6.3% during 2024–2030, to reach USD 29,098.2 million by 2030. This is attributed to the rising tourism sector in emerging countries, such as China and Brazil, and the increasing recreational activities globally.

• Similarly, the surging advancements in technologies and the mounting adoption of connected boats are expected to add fuel to the market growth during the forecast period.
• Moreover, this is due to the rising demand for various types of boats used for recreational and the increasing coastal tourism and water-related activities such as yachting, boating, and fishing.
• The interest in water-based tourism has increased because of the augmented spending on water-related activities by a chunk of the population.
• In addition, the increasing awareness among the population regarding the advantages associated with integrating technologies in recreational boats is projected to boost the growth of the market in the coming years.
• The market consists of engine manufacturers, boat manufacturers, independent dealers, equipment manufacturers, and service providers.
• Manufacturers are increasingly introducing advanced technologies, such as artificial intelligence, the internet of things (IoT), and smart sensors, in their products, which, in turn, drives the demand for these kinds of boats.

Yacht Category Holds the Largest Share

The yacht category dominates the market, holding the largest revenue share of 70% in 2023, and it is expected to maintain its position over the forecast period as well. This is due to the increasing popularity of recreational cruising and boating, fueled by the rising disposable income of people globally.

It is witnessed in the market that the demand for luxurious yachts is rising. This is because individuals are looking for luxury experiences on the water. Also, a yacht is the costliest recreational vehicle among all boats, which makes its revenue share the highest in this segment.

Whereas, the sailboats category is expected to show significant growth in the coming period. These boats are mainly used for traveling and fishing.

Outboard Motors Placement Dominates the Industry

• The outboard motors category dominates the market. This is because outboards are widely used for propelling small watercraft.
• In addition, outboard motors provide good control of steering, as they are made to hinge over their mountings and thereby regulate the direction.
• Also, these have lower initial investment, better versatility, more room available for people, high efficiency, easier access, and modern technology.
• In order to reduce the possibility of a propeller hitting the surface with an outboard, the motor can be shifted up to an upper position either manually or electronically.
• This helps where there may be debris and the amount of water is less, which could damage the propellers and motors.
• In addition, every outboard is fortified with a manual piston, which allows the operator to lower it down to its bottommost setting. Outboard motors require less maintenance, are much more accessible, and are easier to install.
• Whereas, the inboard motors category also held a significant share in 2023. This is attributed to the excellent fuel efficiency, quiet operation, less vulnerability, and extremely low exhaust gas emissions.

Growth in Water-Based Tourism

The mounted consumer participation in marine recreational activities is providing worthwhile growth opportunities for market players. In the past few years, water tourism and related activities such as power boating, yachting, and sailing, have seen a significant increase. In addition, fast expansion in adventure tourism is supporting water recreational activities.

Further, the demand for water-based activities is boosted due to the considerable coastal tourism on U.S. coasts, which is increasing the need for propulsion systems and engines for small-sized boats. For instance, it has been estimated that there are approx. 90,000 beaches across the U.S.

Moreover, the EU’s marine and coastal tourism is a significant segment of the tourism industry, due to its cultural richness and natural beauty, which has a become popular vacation spot for most of the native and international travelers. Further, the Blue Growth initiative in Europe is expected to provide a lucrative growth opportunity in the market, as this strategy supports the maritime sectors as a whole.

In addition, oceans and seas are prominent drivers for the European economy and have great potential for innovation and growth. This is expected to boost the market in the coming year.

ICE Category Accounts for the Largest Share

• Based on engine type, the internal combustion engine (ICE or IC) category held the largest share, of 90%, in 2023.
• This is because the diesel propulsion system is the most commonly used marine propulsion system, as these are most commonly used in every type of recreational vessel and small boat.
• Marine diesel engines are generally designed for faster speed and long periods of continuous operation. They are often used to power large ships, pleasure craft, and commercial vessels.
• ICEs are typically powered by hydrocarbon-based fuels like gasoline, diesel fuel, natural gas, or ethanol.
• In addition, the electric engine category also holds a significant share of the market, owing to the increasing concern about the environment, which is affected by emissions produced by diesel engines.
• Thus, electric engines are replacing diesel engines.
• In addition, electric engines offer superior performance, a greater degree of reliability, and less vibration and noise.

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Steel Is the Widely Used Material in Boats

On the basis of material, the steel category accounted for the largest market share in 2023. This is because steel is widely used in making boats, as it has high strength, resistance to abrasion, durability, and comparatively low cost.

Moreover, aluminum also holds a significant share in the market. This is attributed to its lightweight, especially with respect to steel. Aluminum boats can travel faster because of their lightweight, which means the boats give better mileage for the same amount of fuel as compared to steel boats. Further, its properties like corrosion and chemical resistance make it a strong choice for the building of boats.

Whereas, the fiberglass category is expected to witness the fastest growth in the recreational boat market during the forecast period. This can be because a fiberglass hull performs better in rough water conditions as compared to a boat made up of aluminum. Other benefits offered by fiberglass include it is not susceptible to corrosion and resistant to liquids and aggressive chemicals.

North America Is the Market Leader

Geographically, North America dominates the market, with a revenue share of 45% in 2023, and it is also expected to remain the largest throughout the forecast period, advancing at a significant growth rate.

• This is due to the presence of key players, beautiful beaches, lush forests, and interesting water-based tourist destinations in the region.
• Moreover, the rising disposable income, surging demand for leisure water sports, and government investments in the recreational boat sector are driving the growth of the regional market.

In addition, Europe also held a significant share in 2023 in the market. This is due to the surging tourism and investment by governments. They are investing in international tourism, tourism places, and natural places such as beaches to attract travelers, thereby increasing the demand for water sports and recreational activities, which, in turn, boosts the need for recreational boats in the region.

Top Recreational Boats Manufacturers:

• Brunswick Corporation
• Yamaha Motor Co. Ltd.
• Groupe Beneteau
• Malibu Inc.
• Premier Marine LLC
• Azimut Benetti S.p.A.
• Bombardier Recreational Products
• Bryton Marine Group
• Hobie Cat Company
• Marine Products Corporation
• Polaris Inc.
• Sunseeker International
• White River Marine Group

Market Size Breakdown by Segment

This report offers deep insights into the recreational boat market, with size estimation for 2017 to 2030, the major drivers, restraints, trends and opportunities, and competitor analysis.

Based on Boat Type

• Yachts
• Sailboats
• Personal Watercrafts
• Inflatables

Based on Engine Placement

• Outboard
• Inboard

Based on Engine Type

• ICE
• Electric

Based on Material Type

• Aluminum
• Fiberglass
• Steel

Based on Activity Type

• Watersports
• Fishing

Region/Countries Reviewed for this Report

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa
  • U.A.E.