Recreational Boats Market by Propulsion (Outboard, Inboard and Sterndrive), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower (Below 250 HP, 250 to 500 HP) and Application (Fishing, Sports) - Global Forecast to 2027
Redding, California, Sept. 23, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Recreational Boats Market by Propulsion (Outboard, Inboard and Sterndrive), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower (Below 250 HP, 250 to 500 HP) and Application (Fishing, Sports)– Global Forecast to 2027”, published by Meticulous Research®, the recreational boats market is expected to grow at a CAGR of 7.8% to reach $54.9 billion by 2027.
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Recreational boats are a vessel that is either leased, rented, or chartered to a person use. These boats are primarily used for leisure activities, such as travel, sports, fishing, and water sports. The growth of this market is mainly attributed to the booming tourism industry, growing economic development, growing participation in boating activities, innovation in boat engines, and increasing disposable income. Additionally, growing water sports activities and growing boat imports in developing nations provide significant growth opportunities for recreational boats.
The Impact of COVID-19 on the Recreational Boats Market
The COVID-19 pandemic has caused a 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. There has been a significant impact on supply chains globally. Boats and engine manufacturing companies faced huge losses during the first & second quarters 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.
With the increasing number of cases, consumers opted to spend on necessities and food supply compared to recreational & leisure activities in the highly impacted regions, including Europe and Asia-Pacific. This situation resulted in negligible spending on outdoor recreational & boating activities. Also, the imposition of stringent lockdowns and temporary closure of public facilities, including marinas, boating parks, and lakes, have led to the downfall of the boating business.
The sudden outbreak of COVID-19 has had an unprecedented impact on the lives of people and businesses. Outboard-powered boats are witnessing a significant demand even during the pandemic. Following the WHO's social distancing guidelines for minimizing the virus spread, people have shunned airlines, hotels, cruises, and other crowded places. However, some Europeans opted for outboard-powered boats as personal transportation to fend off the coronavirus, thereby slightly boosting the demand for outboard-powered boats.
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Integration of IoT & Sensor-based Technologies to Drive the Market Growth
Integration of IoT allows intelligent solutions and offers seamless connectivity on boats. Smart technologies, such as wearables, help control lights, temperature, and boats. The need for seamless connectivity on the boats to increase the passengers' safety and reliability is driving the adoption of IoT and intelligent technologies. Connected boating provides real-time analytics, one of the most important aspects while traveling in the open sea. For the boater, it provides security through data & cloud services. For service providers, it offers efficiency, preventative maintenance, new revenue streams; and for insurance providers, it helps with risk mitigation.
Implementing IoT and related technologies, such as intelligent solutions, sensors, and wearables in futuristic boats like smart homes, are expected to create a major disruption in the recreational boating market. These technologies and components allow users to experience connectivity and smart boat features. With the integration of wireless sensors and smartphone applications, users can check the vessel and essential system status. Sensor integration offers consumers real-time boat monitoring features and increases boat security. IoT systems in boats monitor and increase security, further easing the maintenance and repair procedures. These technologies also help owners gain information on boats while they are docked or sailing long distances.
Various partnerships are taking place in this area of IoT and connected boats. For instance, in 2019, Telit, a global Internet of Things (IoT) enabler, partnered with Boatrax, a vessel tracking company. Through Telit's deviceWISE IoT Platform and cellular IoT communication modules, Boatrax Box was created, a first-of-its-kind monitoring and diagnostic solution that aggregates important data boat performance and owner behavior in real-time. Developments like these are expected to encourage boat manufacturers to implement IoT-based devices in their boats.
To provide efficient analysis, Meticulous Research® has segmented this market based on type (inboard and sterndrive boats, outboard boats, sailboats), boat size (up to 20 ft., 21 to 35 ft., 36 ft. to 50 ft.), engine type (diesel, electric), horsepower (below 250 HP, 250 to 500 HP, above 500 HP), application (fishing, sports, travel & tourism, transportation), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
Based on propulsion, the recreational boats market is segmented into inboard & sterndrive boats, outboard boats, and sailboats. The outboard boats segment accounted for the largest share of the recreational boats market in 2020. The segment is expected to grow at the highest CAGR during the forecast period. This growth is attributed to the high adoption of advanced outboard power engines, the growing saltwater fishing industry, and the lower cost of outboard boats.
Based on boat size, the recreational boats market is segmented into up to 20 ft., 21 ft. to 35 ft., and 36 ft. to 50 ft. The 21 ft. to 35 ft. boats segment accounted for the largest share of the recreational boats market in 2020 and is also expected to grow at the highest CAGR during the forecast period. Due to its compact size and various advanced features, this boat size is preferred for tourism, sports, and fishing activities.
Based on engine, the recreational boats market is segmented into diesel and electric. The diesel engines segment accounted for the largest share of the recreational boats market in 2020. The growing development of high-power diesel engines with eco-friendly features to control environmental pollution is driving the growth of this segment. However, the electric segment is expected to grow at the highest CAGR during the forecast period.
Based on horsepower, the recreational boats market is segmented into boats up to 250 HP, boats from 250 HP to 500 HP, and above 500 HP. In 2020, the up to 250 HP boats segment accounted for the largest share of the recreational boats market. The segment's growth is due to the rising demand for low-power and efficient boats for leisure and fishing. However, the 250 HP to 500 HP segment is expected to grow at the highest CAGR during the forecast period.
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Based on application, the recreational boats market is segmented into fishing, transportation, sports, travel & tourism, and other applications. In 2020, the fishing segment accounted for the largest share of the recreational boats market. The growth is attributed to the increasing consumer interest in fishing activities and the growing number of fishing license allocations. However, the sports segment is expected to grow at the highest CAGR during the forecast period.
Based on geography, the recreational boats market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the overall recreational boats market. The large share of this region is attributed to the presence of key market players; increased investment in boating activities, such as fishing, sport boating, and entertainment; and growing adoption of advanced technologies. Furthermore, increasing disposable income and consumer spending and rising spending on recreation and leisure activities are major factors driving the growth of the North American market. However, Europe is expected to grow at the highest CAGR during the forecast period.
In North America, the U.S. is expected to account for the largest share of the recreational boats market. The market growth is due to strong economic growth, growing disposable income & consumer spending, rising adult boating participation, growing number of boating enthusiasts, and low interest rates on boat purchases. Recreational boating is a popular leisure activity in the U.S. Major factors influencing the growth of this market are strong economic growth, growing disposable income & consumer spending, rising adult boating participation, growing number of boating enthusiasts, and low interest rates on boat purchases. The growing trend of boat exhibitions provides a platform for the boating industry to unveil its latest innovations around the country. These exhibitions enable dealers and manufacturers to offer some of their most attractive incentives and deals while giving shoppers the chance to compare different boats and dealers in one location.
According to National Marine Manufacturers Association, the sales of boats, marine products, and services totaled around USD 42 billion in 2018, with a 7% increase compared to 2017. The increasing spending on the recreational boating sector is majorly due to consumer preferences towards boating, fishing, and leisure activities. Americans prefer water sports and leisure boating in the summer season, further contributing to the market growth. In 2019, Florida had the highest number of registered recreational boating vessels, with almost 936,000.
In 2018, the top ten states for powerboat, engine, trailer, and accessories sales included Florida, Texas, Michigan, North Carolina, Minnesota, Wisconsin, New York, California, and Georgia. Additionally, the estimated number of pre-owned boats sold in the country in 2018 was 976,200. Increasing disposable income in the U.S. and consumer attraction towards boating are creating opportunities for recreational boat manufacturers. The average income of 62% of boat owners in the U.S. was less than USD 100,000 in 2019.
The top five players that dominated the global recreational boats market were Brunswick Corporation (U.S.), Groupe Beneteau (France), MCBC Holdings, Inc. (U.S.), Marine Products Corporation (U.S.), and Malibu Boats, Inc. (U.S.). Other leading players operating in the recreational boats market are Grand Banks Yachts Ltd. (Singapore), Porter, Inc. (U.S.), Grady-White Boats, Inc. (U.S.), Maverick Boat Group, Inc. (U.S.), Correct Craft Holding Company, LLC (U.S.), Baja Marine (U.S.), Pacific Asian Enterprises (U.S.), Albemarle Boats (U.S.), Sunseeker International Ltd (U.K.), White River Marine Group (U.S.), Monterey Boats (U.S.), and Yamaha Motor Co. Ltd. (Japan). These players continuously focus on agreements, collaboration, & partnerships, and new product development & launches to increase their respective market shares.
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Recreational Boats Market, by Propulsion
Inboard & Sterndrive Boats
Recreational Boats Market, by Boat Size
Up to 20 Ft.
21 Ft. to 35 Ft.
36 Ft. to 50 Ft.
Recreational Boats Market, by Engine
Recreational Boats Market, by Horsepower
Up to 250 HP
250 HP to 500 HP
Above 500 HP
Recreational Boats Market, by Application
Travel & Tourism
Recreational Boats Market, by Geography
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa (MEA)
Rest of MEA
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