The global recreational boat market was valued at USD 19,271.1 million in 2023, which is expected to reach USD 29,098.2 million by 2030, progressing at a CAGR of 6.3% during 2024–2030. This can be attributed to the surging coastal tourism and the increasing recreational activities and nautical sports, such as scuba diving, yachting, sailing, cruising, and others.
- Moreover, the increasing interest of the population toward water tourism and the rising investments by governments for infrastructure development to attract tourists in their country are driving the growth of recreational activities, thereby increasing the demand for recreational boats.
Yacht Category Accounts for the Largest Revenue Share
The yacht category accounted for the largest revenue share in 2023 in the market. This is ascribed to the luxury and comfort provide by yachts for recreational activities.
A personal watercraft (PWC), also known as jet ski or water scooter, is a recreational watercraft, which is designed to hold only few riders. This category also holds a significant share in the market. This is attributed to the increasing water sports activities and the advantages associated with personal watercrafts, such as less maintenance cost, lower intimal cost, and the potential to navigate in shallow water.
Whereas, the inflatables category is expected to witness significant growth in the coming years. This can be because inflatable boats are widely used in rescue operations or for short distance travels through water. Also, they have been exponentially used for scuba diving, river rafting, and other recreational activities. A range of inflatable boats available in the market includes inflatable kayaks, rubber rafts, rescue boats, and lifeboats.
Outboard Motors Category Dominates the Market
- On the basis of placement, the outboard motors category accounts for the largest share in the market. This is attributed to their cheaper cost, better versatility, and modern technology.
- Moreover, inboard motor placement accounts for a significant share of the market and this category is expected to grow at a high growth rate during the forecast period. This can be due to its good fuel efficiency, quiet operation, less vulnerability, and extremely low emissions.
North America Is the Market Leader
Geographically, the North American market held the largest revenue share, of 45%, in 2023. This is ascribed to the growing demand for recreational boats in the region, due to the increasing water sports activities, leisure boating, and water tourism.
Europe is also held a significant share in the market because of the presence of beautiful coastal areas that are amongst the most preferred touristic destinations for domestic and international travelers, making coastal and maritime tourism the biggest, in the region.
Top global manufacturers of recreational boats are 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, and White River Marine Group.