Recreational Boat Market to Reach Around $60 Billion by 2027. Marine Tourism Revolutionizing the Market - Arizton

·5 min read
Arizton Advisory and Intelligence
Arizton Advisory and Intelligence

The global recreational boat market is expected to reach around $60 billion by 2027. North America is the largest market of recreational boats with an expected incremental revenue of over $10.5 billion with an absolute growth of around 68% between 2021-2027.

Chicago, Aug. 08, 2022 (GLOBE NEWSWIRE) -- According the Arizton’s latest research report, recreational boat market is expected to grow at a CAGR of over 7.4% during 2022-2027. Marine and ocean tourism are some of the fastest-growing areas of the global tourism industry. In the global economy, tourism is the major contributor, witnessing an increase in global GDP contribution of 6% in 2021 as compared to 2020. In the past years, tourism has grown progressively and is likely to continue to increase to 1.8 billion tourist arrivals by 2030. In recent years, the growing marine tourism industry has supported the growth of the recreational boat market. In the US, states such as California, Florida, and New York are the major tourist attractions in the country. These states attract millions of both national and international tourists every year.

Recreational Boat Market Report Scope

Report Attributes

Details

MARKET SIZE (2027)

$60 Billion

MARKET SIZE (2021)

$38.3 Billion

MARKET SIZE-VOLUME (2027)

1.08 million Units

CAGR (2022-2027)

Over 7.4%

BASE YEAR

2021

FORECAST YEAR

2022-2027

MARKET SEGMENTS

Type, Power, Activity, Boat Size, Engine Type, and Region

GEOGRAPHIC ANALYSIS

North America, Europe, APAC, Middle East & Africa, and Latin America

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Increasing Participation in Leisure Boating Activities in Europe

The leisure boating industry in Europe has witnessed impressive growth over the past five years. Countries such as Belgium, Croatia, and many others have witnessed significant growth in the recreational boat market. For instance, Belgium has several water sports centers that support almost any type of water-related recreation. It is home to over 20 marinas. Inland lakes and waterways are used intensively for a variety of water sports, such as cable waterskiing, wakeboarding, dinghy sailing, windsurfing, jet-skiing, rowing, and kayaking, among others. Belgian authorities are aggressively involved in the growth and modernization of various clubs and marinas.

Key Insights

  • Inboard recreational boat segment accounted for majority share of the global market in 2021 and is expected to grow with an 8.88% CAGR during the forecast period.

  • Engine powered boat segment dominates the global recreational boat market in 2021 and is expected to add around $20 billion revenue during the forecast period.

  • Cruising segment dominated the market with a share of 85.05% in 2021.US is expected to generate an incremental revenue of over $10 billion by 2027 owing to the presence of several major brands and start-up in the recreational boat market.

  • Europe is the second largest market for recreational boat, in which Italy accounts for the major share.

Key Offerings:

  • Market Size & Forecast by Revenue | 2022−2027

  • Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities

  • Segmentation – A detailed analysis by type, power, activity, boat size, engine type, and region

  • Competitive Landscape – 5 Key Company Profiles and 32 Other Prominent Vendors

Competitive Landscape

The global recreational boat market is undergoing several transformations about research on innovative products. The demand and adoption of several boating activities are high for numerous reasons, such as increased urbanization and a rise in living standards. Vendors can fight stiff market competition based on the pricing and quality of their products. A surge in the number of vendors due to low entry barriers has provided customers with a wide range of providers, which has intensified the competition. Hence, players focus not only on acquiring customers but even retaining them. Emerging economies, such as Brazil, Russia, India, and China, are witnessing an increase in the number of products in the market, and understandably, customers in such economies will remain price-centric in low-price segments. Recreational boaters are also consistently facing the impact of various macroeconomic developments across the globe.

Key Vendors

  • Azimut-Benetti Group

  • Bombardier Recreational Products (BRP)

  • Brunswick Corporation

  • Ferretti

  • Groupe Beneteau

Other Prominent Vendors

  • Albemarle Boats

  • Baja Marine

  • Bavaria Yachts

  • Bertram Yachts

  • Princess Yachts

  • Boston Whaler Boats

  • Catalina Yachts

  • Correct Craft

  • Custom Weld Boats

  • Duckworth Boats

  • Explorer Industries

  • Fountain Powerboats

  • Godfrey

  • Grady-White Boats

  • Grand Banks Yachts

  • HanseYachts

  • High Caliber

  • Hobie

  • Lund

  • Malibu

  • Marine Products Corporation

  • Marlow Hunter

  • Maverick Boat Group

  • MCBC Holdings

  • Pacific Asian Enterprises

  • Porter

  • Sunseeker

  • Thunder Jet

  • Viking Yacht

  • White River Marine Group

  • Yamaha

  • Zodiac Marine & Pool

Market Segmentation

Type

  • Outboard Boats

  • Inboard/Sterndrive Boats

  • Personal Watercraft Boats (PWC)

  • Superyachts

  • Other Boats

Power

  • Engine-Powered Boats

  • Sail-Propelled Boats

  • Man-Powered Boats

Activity

  • Cruise Tourism

  • Watersports

  • Fishing

Boat Size

  • 30-50 Feet Boats

  • >50 Feet Boats

Engine Type

  • Ice and Electric

  • Hybrid

Region

  • North America

    • US

    • Canada

  • Europe

    • Italy

    • The Netherlands

    • UK

    • Germany

    • France

    • Poland

    • Spain

    • Norway

  • APAC

    • Japan

    • China

    • Australia

    • New Zealand

    • India

    • South Korea

    • Malaysia

  • Middle East & Africa

    • South Africa

    • UAE

  • Latin America

    • Mexico

    • Brazil

    • Argentina

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