Global Recreational Boats Market - 2022-2029

Global Recreational Boats Market - 2022-2029

Market Overview

The global recreational boat market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2029).

Recreational boats, commonly known as pleasure craft boats, are designed to provide enjoyment on the water. Most people use them for amusement and pleasure during outings with family and friends. Recreational boating includes boat racing, sailing, campaigning, fishing and other water sports. Plastic, metal and coated textiles are used to construct recreational boats.

Runabouts, towboats, fishing boats, sailboats, pontoon boats, sterndrive powerboats, jet boats, personal watercraft, propulsion systems and cabin cruisers are all examples of recreational boats. Changes in boat technology, increased boat size, growth in the number of high-net-worth individuals, a growing economy, growing tourism industry and boat engine innovation entice more people to recreational boating. Its increased interest in recreational boating is fueling the global recreational boating industry.

Market Dynamics

The market will be boosted by the developing tourism industry and people's increasing disposable income levels. Developments in autonomous maritime technology will drive up demand for recreational boating, putting more pressure on less experienced sailors. The existence of many manufacturers in the well-integrated and fragmented business means that the demand for recreational boats worldwide is met consistently.

The growing tourism industry

The recreational boat sector is growing rapidly in tandem with the tourism industry. The market has demonstrated the ability to grow alongside the tourism industry during the last decade, particularly in selling pontoons, water sports vessels and pontoons. Personal watercraft along with used boat sales have also grown, providing a terrific seasonal vacation for buyers and leasing firms. Meanwhile, bigger cruises are used by major tour companies and have a seasonal demand for gatherings, parties and so on.

Furthermore, during the last decade, Spain has seen increased demand for water sports. In recent years, water sports demand from overseas tourists has risen, with demand jumping in the summer season. As per the Ministry of Foreign Affairs, 22 percent of all tourism operators in Europe offer water sports and 14 percent offer recreational fishing as an added component to their tour packages and programs. Maine, Tennessee, Florida, Minnesota, Alaska, Washington, California and Nevada are the greatest water sports and water tourism destinations in U.S. Demand for pontoons and water sports boats has been high in such locations.

The growing water-sports activities

Water sports activities for recreation include jet-skiing, rowing, rafting, kayaking, canoeing, sailing, powerboating, yachting and boat racing. Consumer interest in water sports, combined with increased participation across all age groups, has driven the development of recreational boating facilities worldwide. Furthermore, watersports are becoming increasingly popular for the pleasure or adrenaline rush of being fit and for various health benefits. As a result, the health benefits of water activities are driving the market growth for recreational boating.

Furthermore, the artificial water bodies for kayaking and rafting have increased in favor among water sports lovers. Furthermore, the growing popularity of sport fishing and motorized watersports such as jet skiing, sailing, and yachting contributes to expanding the recreational boating market.

High initial price and ownership costs

Recreational boat construction necessitates enormous resources and skilled people, which significantly raises the initial manufacturing cost of the boat. The cost of a boat engine is among the most direct costs associated with a boat. Recreational boats necessitate high-performance engines and the number of horsepowers will influence the total cost of the boat. Added facilities and fittings, such as additional storage, seating or custom interiors, increase the price of boats.

Furthermore, registration fees, taxes, insurance, mooring or dock fees, monthly maintenance and overhaul maintenance all add to the cost of owning these boats. For example, the typical yearly cost of ownership for these boats ranges from US$3,000 to US$10,000 or more and owing to the high initial and ownership costs, low & middle-income individuals are reluctant to spend on recreational boating, which limits the market.

COVID-19 Impact Analysis

Due to Chinese supply interruptions and lockdowns, the recreational boat market sustained modest losses from March to May 2020. The market resumed with normal sales, similar to the previous year, once lockdowns were removed and logistics were in place by May 2020. However, after U.S. repealed emission restrictions for recreational boating in June, growth for personal watercraft increased dramatically. Due to partial lockdowns, people could not travel elsewhere and personal boating provided a safe tourism alternative throughout the pandemic.

Recreational boat production expanded at a quick rate of roughly 20-60% each month in 2020. However, by September-October 2020, sales had gone back to normal. Likewise, recreational boat manufacturing has followed demand because this business mostly provides boats after receiving orders. Despite the consequences of COVID-19, this industry has seen significant expansion internationally, with a 12 percent increase in U.S.

Segment Analysis

By activity, the recreational boat market is segmented into watersports & cruising and fishing.

Increasing watersports & cruising activities

Watersports are gaining popularity for the thrill or adrenaline rush of getting in shape and the numerous health benefits. As a result, the growing number of health benefits connected with water sports is fueling global market expansion. The coronavirus outbreak in 2020 drove an increase in recreational boat sales. New-age groups and female boat buyers fueled the development. Since the epidemic, many market players have improved their product offers as the demand for recreational activities increased.

For example, in July 2020, Kawasaki introduced eight new models for 2021, each of which features a four-cylinder, four-stroke Kawasaki marine engine, either normally aspirated or supercharged. Enterprises are also introducing electric people boats as a clean and silent recreational activity. As the electric watercraft space begins to take shape, Taiga, for example, debuted two variants of its Orca electric jet ski in July 2020. A 23-kWh battery pack is included with the boat. Its electric motor produces over 134 kW and can reach a top speed of 104 km/h.

Geographical Analysis

Growing recreational activities in North America

The economic recovery following the recession, combined with inexpensive finance in the regional market, is driving up the number of boat sales. Furthermore, the regional industry is being driven by increased demand for recreational boats in U.S. The popularity of marine and outdoor activities such as boating and cruising is growing in U.S. According to the NMMA-National Marine Manufacturers Association, retail unit sales of new powerboats in U.S. increased by more than 12% in 2020 compared to 2019, with approximately 310,000 new powerboats sold. Personal watercraft sales climbed by approximately 8% to 82,000 units in 2020.

Boat sales are predicted to remain strong in 2021. Furthermore, restrictions are expected to last until 2021, fueling the demand for safe outdoor recreational activities such as boating. Outdoor recreation generates US$ 788 billion in real gross output, accounting for 2.1 percent of the country's GDP. The country's most popular outdoor recreation activities are boating and fishing, which account for over US$ 23.6 billion in revenue.

Competitive Landscape

Fortifying their positions, recreational boating market participants are working on various strategies such as mergers and acquisitions, sales channel development and product innovation. For example, Malibu Boats Inc acquired the acquisition of Maverick Boat Group in January 2021 to increase production capacity and extend distribution channels in previously unexplored markets. The acquisition seeks to provide customers with innovative boats while increasing stockholders' long-term profits.

In boat innovation, companies pour money into R&D to develop smart technologies and produce imposing designs. Brunswick Corporation, for example, stated in January 2019 that it would establish a boat technology center, Brunswick Fiberglass Boat Technology Center (BFBTC), to produce innovative recreational boats and technology centers in U.S. The technological center's goal is to improve recreational boating.

Major global recreational boats market companies include Brunswick Corporation, Groupe Beneteau, Malibu Boats, Polaris Inc., MasterCraft Boat Company, Sunseeker International, Ferretti Group, Bass Pro Group, Marine Products Corporation and Yamaha Motor Company.

Marine Products Corporation

Overview: Marine Products Corporation (MPC) is a manufacturer of fiberglass-powered boats sold through a network of independent dealers. Chaparral luxury sterndrive and outboard leisure boats, outboard sport deck boats and Robalo outboard sport fishing boats are among the products offered by Marine Products. MPC is a Delaware corporation incorporated on August 31, 2000 and went public on February 28, 2001. MPC is currently trading under the ticker name MPX on the New York Stock Exchange. A network of 206 local and 89 overseas independent authorized dealers sells the company's products.

Product Portfolio: Under the brand names Chaparral and Robalo, Marine Products is a leading manufacturer of fiberglass boats. SSX, SSi Sportboats and Ski & Fish models are among Chaparral's sterndrive versions. The Chaparral Surf Series includes select models from the SSX and SSi lines. OSX Luxury Sportboats and select SSi Sportboats are among Chaparral's outboard options. Robalo manufactures center console, dual console and Cayman bay boat models for outboard sport fishing.

Key Development: Marine Products Corporation stated in November 2021 that it would present on November 18, 2021, at the Southwest IDEAS Investor Conference in Dallas. The presentation will include a business introduction, a showcase of Marine Products Corporation's products and a discussion of the company's most recent financial results.

Why Purchase the Report?

Visualize the composition of the recreational boats market segmentation by boat, activity, boat size, material, engine and region, highlighting the critical commercial assets and players.

Identify commercial opportunities in the recreational boat market by analyzing trends and co-development deals.

Excel data sheet with thousands of recreational boats market-level 4/5 segmentation points.

Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

Product mapping in excel for the key product of all major market players

The global recreational boats market report would provide access to an approx. 77 market data table, 73 figures and 223 pages.

Target Audience 2022

Recreational Boats Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Emerging Companies

Recreational Boats Manufacturers