Boats Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Boats Market
The Boats market size was valued at 32.47 billion in 2023, and the market is now projected to grow from 34.25 billion in 2024 to USD 61.19 billion by 2032, exhibiting a CAGR of 7.5% during the forecast period of 2023-2030.
The COVID-19 pandemic despatched shockwaves across several industries affecting supply-demand dynamics. However, the marketplace remained resilient while displaying strong increase. As human beings had been running at bendy times, they shifted towards outdoor sports. Thus, the growing call for for leisure boating led to market increase at some stage in the pandemic length.
Increasing client spending and high disposable income degrees will boost the increase of the leisure boating quarter inside the destiny. People interact in diverse recreational sports, along with crusing, swimming, diving, wakeboarding, and different water sports activities. Few humans utilize them to spend time with family or friends and set up events. This results in Boats market growth.
A high quality outlook for marine tourism enterprise will assist market increase during the forecast length. Marine tourism definitely impacts financial boom in numerous components. It generates employment and substantially contributes to nearby economies. Moreover, it affords more than one sociocultural blessings, along with strengthening groups and selling sustainable tourism. Many international locations throughout the globe are formulating guidelines to decorate the coastal tourism sector within the wake of troubles related to weather alternate and environmental degradation.
Comprehensive Analysis of Boats Market
The Boats market is rising at an exponential charge due to its marketplace segmentation. Based on type, the market is categorized into inboard and outboard. Based on size, the market is segmented into below 20 ft, 20 – 50 ft, and more than 50 ft. Based on end-user, the market is segmented into commercial and recreational. Based on propulsion, the market is segmented into conventional, electric, and others. Based on hull, the market is segmented into aluminum, GRP, steel, wood, and others. Based on application, the market is divided into water sports, sailing, tourism, surveys, fishing, and others.
North America has the largest Boats market share. The North America boats marketplace size end up USD 16.58 billion in 2023 and is projected to preserve its characteristic all through the forecast duration. The U.S. Outside workout financial system generated USD 374.3 billion, accounting for 1.8 % of the U.S. Gross Domestic Product (GDP). According to Outdoor Industry Association, in 2017, nearly half of the U.S. Population participated as a minimum once in an out of doors interest. In 2022, the wide type of Americans taking part in out of doors exercising at least as quickly as improved to 55%. Such favorable traits associated with the developing hobby of people in enjoyment boating and water sports activities sports activities will bolster the market increase inside the direction of the forecast length.
The top players in the market play a crucial role in the Boats industry assuring industrial prospectus growth and setting market standards. These players include, Premier Marine Inc. (U.S.), Brunswick Corporation (U.S.), Polaris Inc. (U.S.), Groupe Beneteau (France), Yamaha Motor Corporation (Japan), Malibu Inc. (U.S.), Marine Product Corporation (U.S.), Sun Tracker Boats (U.S.), Carolina Skiff, LLC (U.S.), and Berkshire Pontoons (U.S.).
In December 2023, India brought Barracuda, its fastest solar-electric boat. Barracuda changed into designed through Navalt and can be deployed definitely in the rough seas as a workboat to ferry as much as 12 passengers and cargo. The 14-metre-lengthy, four. Four-metre-huge vessel can achieve a top velocity of 12.Five knots (23 kmph) and has a number of seven hours on a single charge.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 7.5% over 2024 to 2032
Unit Value (USD Billion)
Segmentation By Type
Inboard
Outboard
By Size
Below 20 ft
20 – 50 ft
More than 50 ft
By End-user
Commercial
Recreational
By Propulsion
Electric
Conventional
Others (Sailboat, Solar, and Others)
By Hull
Wood
GRP
Aluminum
Steel
Others (ABS, PE, and Others)
By Application
Fishing
Water Sports
Sailing
Tourism
Surveys
Others (Rescue, Patrol Boats, and Others)
By Geography
North America (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
Europe (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
- U.K. (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
- France (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
- Italy (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
- Germany (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
- Northern Europe (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
- Rest of Europe (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
Asia Pacific (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
Rest of the World (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
- Latin America (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
- Middle East & Africa (By Type, By Size, By End-user, By Propulsion, By Hull, and By Application)
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