“According to the research report published by Polaris Market Research, the Global Recreational Boat Market Size Is Expected to Reach USD 27.48 Billion By 2030., at a CAGR of 6.5% during the forecast period.”
The latest market study on Recreational Boat Market Share, Size, Trends, Industry Analysis Report, By Type (Yachts, Sailboats, Personal Watercrafts, Inflatables, Others), By Size (<30 Feet, 30-50 Feet, >50 Feet), By Engine type (ICE, Electric), By Power Source (Engine Powered, Sail Powered, Human Powered), By Region; Segment Forecast, 2022 – 2030. Factors such as growing tourism industry and increasing disposable income levels of people will boost the market. Developments in autonomous marine technology will further increase the demand for Recreational Boat Market, increasing demand for less skilled recreational boaters. The presence of a multiple number of manufacturers in this well integrated and fragmented industry ensures a constant supply for the demand of recreational boats around the world.
Recreational activities for water sports include jet skiing, rowing, rafting, kayaking, canoeing, sailing, motor boats, yachting, boat racing and more. The growing interest of consumers in water sports activities, combined with the increased participation of all ages, is influencing the development of recreational facilities on boats around the world. In addition, water sports have become popular not only for excitement or adrenaline in fitness, but also for many health benefits. As a result, the health benefits associated with water sports support the need for recreational boating.
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Major Key Players of This Reoprt:
- Azimut Benetti Group
- Bass Pro Group
- Bombardier Recreational Products
- Brunswick Corporation
- Bryton Marine Group
- Groupe Beneteau
- Hobie Cat Company
- Marine Products Corporation
- Polaris Inc
- Sunseeker International
- White River Marine Group
- Yamaha Motor Co. Ltd.
Recreational boat is a fun water travel activity on board a boat. Many individuals use it for fun and recreational activities during trips with family and friends. Recreational boating includes many activities such as boating, sailing, campaigning, fishing and other water sports such as speed boating, sport fishing, kayaking and more. Various types of recreational boats are used for recreational boating, including runabouts, tugs, fishing boats, sailboats, pontoon boats, corded motor boats, jets, jet skis, propulsion systems and cabin cruisers. These boats are made mostly of plastic, aluminum and lined with fabrics. Recreational boating events are open to all kinds of boats such as engine powered, sail powered, or man powered.
Market Trends & Growth:
The recreational boat market is booming, especially with the growing trend in the tourism sector. In recent decades, this market has shown potential for growth along with the tourism sector, especially in the sale of pontoons, cruises and water sports boats. Sales of jet skis and used boats have also flourished over the years to provide their buyers and rental companies with a great seasonal holiday.
The new growing online market for boats offers a new channel for the sale of these boats. In the past, most shipping companies sold their boats through boat dealers and exhibitions. As a result, ships are sold in only a few key regions around the world. The growth of online shipping is expanding the market for boat builders. Many manufacturers are able to sell their ships in newer markets without building large sales networks through these online markets. Selling boats online also saves dealing costs and increases the affordability of most of these boats. All these factors have led to an increase in demand for pleasure boats through online marketing media.
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COVID-19 Impact Analysis:
During COVID-19 the recreational boat market suffered a small loss due to foreclosures and supply disruptions from China. At the end of May 2020, when the locks were released and the logistics were already in line, the market reopened with normal sales as last year. However, in June, when the US repealed emissions regulations for recreational craft, demand for jet skis rose rapidly. This is mainly because people cannot go anywhere else due to partial locks and personal cruises, which provided a safe tourist opportunity during the pandemic.
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