Recreational Boats Market to Grow by USD 6.28 Billion (2024-2028) Rising Boating Activities Driving Revenue, Report on AI-Driven Market Transformation - Technavio

NEW YORK, Nov. 26, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global recreational boats market  size is estimated to grow by USD 6.28 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  5.97%  during the forecast period. Increasing customer engagement in recreational boating activities is driving market growth, with a trend towards growing population of high-net-worth individuals. However, high total cost of ownership for recreational boats  poses a challenge.Key market players include A. H. Wadia Boat Builders, Azimut Benetti SpA, Baja Marine, Bavaria Yachtbau GmbH, Brunswick Corp., Christensen Shipyards LLC, Damen Shipyards Group, Feadship Holland BV, Grady White Boats Inc., Great American Marine, Groupe Beneteau, Halevai Power, Jettec Jet Boats Ltd., Malibu Boats Inc., Marine Products Corp., MasterCraft Boat Holdings Inc., Nobiskrug Yachts GmbH, Shandong Heavy Industry Group Co. Ltd., and Yamaha Motor Co. Ltd..

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Key Market Trends Fueling Growth

The Recreational Boats Market is experiencing in demand due to pent-up demand and increasing confidence levels among consumers. Travel restrictions are easing, leading to an uptick in boat sales. Boat options cater to various preferences and budgets, including pontoons, cruises, water sports boats, and personal watercraft. Used boat sales are also on the rise due to cost savings. Boat manufacturers and dealerships are focusing on larger cruises, local tourism, recreational fishing, and sustainable development. Emission norms are a key consideration, with boat engine manufacturers addressing Nitrogen Oxide, hydrocarbons, and particulate matter. Untapped markets and online boat sales are also driving growth. Cost savings and e-commerce giants are impacting production schedules and trade barriers, including import duties and luxury goods. The yacht segment and leisure boating continue to be popular, with luxury features, outboards, speed, and cost-effectiveness driving demand. Safety considerations and emission regulations are important, as are water bodies, tourist hotspots, and overall tourism. Sustainable development, economy, and production schedules are industry dynamics shaping the recreational industry. Leisure activities, tourism activities, personal ships, watercraft sales, rental services, river cruises, and small and large cruises are all part of the market landscape. Battery prices and environmental impact are also key considerations. Organizations are focusing on navigable waters, water sports demand, international tourists, and tourism operators. Sailboats, motorboats, yachts, fishing boats, and cruising boats come in various sizes and engine types, including electric drives and diesel engines. Sports fishing and transportation are also popular uses for recreational boats. 

The recreational boats market caters primarily to high-net-worth individuals (HNWIs), who represent a small fraction of the global population but hold significant wealth. According to the World Bank, HNWIs make up less than 1% of the world's population, yet they control over 40% of its total wealth. This demographic has a growing affinity for leisure activities, including recreational boating. Initially concentrated in the Western world, HNWIs are now found in various regions globally. The expanding population of HNWIs drives demand for luxury boats, thereby fueling market growth. Leisure boating has emerged as a popular recreational activity among this demographic, contributing to the market's expansion. 

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Market Challenges

• The Recreational Boats Market is experiencing in demand due to pent-up demand and increasing confidence levels among consumers. However, travel restrictions and various boat options with different preferences, budgets, and emission norms pose challenges. Boat manufacturers and dealerships are offering a range of boats, from pontoons and cruises to water sports boats and personal watercraft. Used boat sales are also gaining popularity due to cost savings. The yacht segment and luxury features in larger cruises continue to attract luxury goods buyers. Leisure boating and cruising are on the rise, with cost-effectiveness, maintenance costs, versatility, and functionality being key considerations. Safety considerations and emission regulations are crucial factors, with boat engine manufacturers focusing on reducing Nitrogen Oxide, hydrocarbons, and particulate matter. Untapped markets and online boat sales are emerging trends, with e-commerce giants entering the scene. Trade barriers, import duties, and local tourism are influencing the industry dynamics. Recreational fishing, river cruises, and small and large cruises cater to local tourists and international tourists, respectively. Navigable waters, tourist hotspots, and overall tourism are driving the recreational industry, with sustainable development and economy playing a significant role in production schedules. Water sports and boating activities are popular leisure activities, with battery prices and organizational efforts impacting the market. Environmental impact and water sports demand are crucial considerations, with tourism operators and local authorities collaborating to ensure safety and regulations. Sailboats, motorboats, yachts, fishing boats, and cruising boats cater to various boat size, engine type, and electric drive preferences.
• The recreational boat market has seen a significant increase in average retail prices since 2006, with an approximate annual growth rate of 5%. This trend has led to higher costs for boat buyers, affecting both the initial investment and ongoing expenses. Some of the additional costs include slip rental, insurance, maintenance, cleaning, and a state boating license. Considering these expenses, the total cost of owning a recreational boat is substantial.

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Segment Overview 

This recreational boats market report extensively covers market segmentation by

• 1.1 Sailboats
• 1.2 Personal watercrafts (PWC)
• 1.3 Inflatables

• 2.1 Outboards
• 2.2 Inboard

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Sailboats-  The recreational boats market is experiencing growth due to the rise in recreational tourism and increasing sailing activities. Europe, specifically, is a significant region for yachts, with popular destinations like Greece, Spain, France, and Italy attracting thousands of tourists, particularly high-net-worth individuals (HNWIs), for business events and meetings. The global tourism industry's growth, with Southeast Asia leading the way, is fueling the demand for sailboats. Countries such as China and India contribute significantly to this trend, spending more on foreign tourism than domestic. Sailing races, including the America's Cup and Asian Sailing Championships, further boost market growth. Parasailing, a popular water sport, adds to the market's expansion in various coastal areas. China, particularly Hangzhou, is emerging as a leader in water sports, increasing tourism and recreational activities. These factors collectively drive the growth of the sailboats segment in the global recreational boats market.

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Research Analysis

The Recreational Boats Market is experiencing in demand due to pent-up travel desires and increasing confidence levels as restrictions ease. Boat options cater to various preferences, budgets, and water bodies, including pontoons, sailboats, and motorboats. Tourist hotspots and overall tourism industry dynamics continue to influence market growth. Sustainable development and environmental impact are key considerations, with organizations advocating for eco-friendly practices and technologies. Economy plays a significant role in production schedules and consumer purchasing power. Battery prices and water sports demand are also factors shaping the market. International tourists and tourism operators are major consumers, with navigable waters offering diverse opportunities for leisure activities. Industry dynamics remain influenced by trends, regulations, and technological advancements.

Market Research Overview

The Recreational Boats Market is experiencing in demand due to pent-up demand and rising confidence levels as travel restrictions ease. Boat options cater to various preferences and budgets, including pontoons, cruises, water sports boats, and personal watercraft. Used boat sales are also on the rise due to cost savings. Larger cruises and luxury yacht segment are gaining popularity in overall tourism, particularly in tourist hotspots. However, emission norms are a significant consideration, with boat engine manufacturers focusing on reducing Nitrogen Oxide, hydrocarbons, and particulate matter. Untapped markets, online boat sales, and e-commerce giants are disrupting traditional boat manufacturers and dealerships. Industry dynamics are influenced by production schedules, sustainability, and economic factors. Leisure activities, including boating and fishing, are essential components of the recreational industry. Navigable waters, such as rivers and lakes, offer diverse opportunities for recreational boating, water sports, and tourism activities. Safety considerations, emission regulations, and maintenance costs are essential factors for consumers. Water bodies and local authorities collaborate with tourism businesses to promote sustainable development and economic growth. Overall, the recreational boating market is a significant contributor to the economy and offers versatility, functionality, and cost-effectiveness for various leisure activities.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Sailboats
• Personal Watercrafts (PWC)
• Inflatables
• Product Type
• Outboards
• Inboard
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio