Outboard Boats Market By Type (Recreational Boat [Pontoon, Bowrider, Express Cruiser, Center Console], Rigid Inflatable Boat, Utility Boat, Water Taxi), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 202

Outboard Boats Market By Type (Recreational Boat [Pontoon, Bowrider, Express Cruiser, Center Console], Rigid Inflatable Boat, Utility Boat, Water Taxi), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028

The outboard boats market is expected to grow considerably by 2028 on account of surging demand for water sports and other recreational activities in key regions. In addition, notable growth of the boating and marine tourism industries is slated to propel industry adoption over the forecast period.

Outboard boats offer many benefits over inboard boats, such as easy maintenance, lightweight, better fuel economy, better speed, and high power. Owing to these benefits, these boats have gained massive popularity among consumers recently. Additionally, widespread integration of advanced technologies in the production of innovative outboard boats has scaled market uptake. Moreover, increasing popularity of marine leisure activities has propelled outboard boats market development over the past few years.

Notably, industry players have been employing profitable strategies to gain a competitive edge in the evolving marketplace, which has positively impacted overall business outlook. For instance, in September 2021, SeaArk Boats, a major boat building company, launched its novel boat, dubbed the SeaArk Slayer. The SeaArk Slayer has been engineered to offer superior strength and cut through timber and water more efficiently.

Similarly, in August 2021, Bombardier Recreational Products (BRP) Inc., a Canada-based manufacturer of personal watercraft, launched its novel pontoon boat, dubbed the 2022 Sea-Doo Switch, which has been designed to offer flexibility for all types of water sports, better affordability, modular design, and easy riding.

To cite another instance, in October 2021, Brunswick Corporation, a leading manufacturer of recreational marine products, announced the acquisition of Navico, a prominent marine electronics company. The deal enabled Brunswick to strengthen its Advanced System Group (ASG), which offers digital controlling and monitoring, power management, and networked devices.

The outboard boats market has been segmented on the basis of type and region. In terms of type, the market has further been bifurcated into utility boat, recreational boat, water taxi, and rigid inflatable boats. The water taxi sub-segment is projected to reach a substantial valuation by 2028, developing at a CAGR of approximately 2.5% over the analysis period. Increasing consumer preference for sea rides is set to fuel product demand. Moreover, notable innovations in passenger boats are likely to drive segmental growth in the coming time period.

From the regional point of view, the Latin America outboard boats market is speculated to exhibit a solid growth trajectory over the assessment period owing to favorable government initiatives that are supporting the domestic marine tourism industry. In addition, the proliferation of boat rental companies in the region is also estimated to foster regional market expansion.