The recreational boat market is projected to grow from USD 26.7 billion in 2020 to USD 33.8 billion by 2027, at a CAGR of 3.02%. Recreational boat, also known as pleasure craft boat, is designed for fun on water surface. Many individual use this for fun and pleasure activities during outing with family and friends. Recreational boating includes many activities such as boat racing, sailing, campaigning, fishing and other water sports game. Recreational boats are made up of plastic, aluminium, coated fabrics. Various types of recreational boats include runabouts, towboats, fishing boats, sailboats, pontoon boats, sterndrive powerboats, jet boats, personal watercraft, propulsion systems, and cabin cruisers.
Rising disposable income across North America and Europe is enabling consumers to increase expenditure on marine leisure activities, thereby fuelling the market growth.
Increasing economic conditions and rising popularity of coastal and marine tourism across the globe will drive the market revenue. Increasing participation of consumers in recreational boating activities and water-based sporting events is further driving the market size.
Moreover, increasing fishing activities coupled with rising investment in the rental boat sector are supporting the market demand. Industry players are partnering with boat rental communities to tap the rental recreational boating sector. Increasing government initiatives across Asia Pacific are creating opportunities for the recreational boating market. The government authorities’ spending on development of boating infrastructure is a major factor supporting market growth in the region.
Public and private sectors in countries including Japan, Thailand, China, and Australia are focusing on creating awareness among population to support the market growth. Furthermore, government water tourism awareness programs in these regions are creating huge opportunities for the market. A major factor affecting the industry in 2020 is the concern pertaining to environmental hazards due to recreational boating activities. Increasing use of motorized boats is affecting the wildlife in water bodies and impacting the water and soil quality. Rise in leaching of disinfectants used to clean, protect, and operate watercraft is impacting the environment flora and fauna.
Leaching of these disinfectants pollute the water, making water alkaline or acidic and affecting the wildlife’s ability to survive, causing various lethal diseases such as mutations, cancer, birth defects, and death.
The recreational boats market is dominated by Brunswick (USA), Groupe Beneteau (France), Azimut Benetti (Italy), Sunseeker International Limited (UK), Ranger boats (USA), Tracker Boats (USA), Lund Boats (USA), Marine Product Corporation (USA), Bennington Marine LLC (USA), Hobie Cat Company (USA), Ferretti Group (Italy), Bavaria Yachtbau (Germany), Godfrey Pontoon Group (USA), Catalina Yachts (USA), and Mahindra Odyssea (India).
Asia Oceania is the fastest growing market in the recreational boating industry. China and Australia hold the maximum market share for recreational boats. The rise in the per capita income in the developing countries and the increase in the number of people who can invest in the recreational activities have resulted in the growing demand for the recreational boats. There has been high demand for imported boats in the region, specifically from the countries like the USA, France, the UK, Germany, etc., which will further instigate the growth of recreational boats in the region.
Report : Recreational Boat Market - By Power Source (Human Powered, Sail Powered, and Engine Powered), By Boat Type (Outboard Boats, Inboard Boats/Stern Type Boats, Personal Watercraft Boats, Sail Boats/Yachts, Inflatable Boats) and By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, Opportunity and Forecast 2020 To 2027