Dublin, July 24, 2023 (GLOBE NEWSWIRE) -- The "Recreational Boat Market - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global recreational boat market is projected to witness significant growth from USD 18.9 Billion in 2023 to USD 25.9 Billion by 2028, at a CAGR of 6.5%. This growth is primarily driven by various factors such as the expanding tourism industry, rising disposable incomes, and advancements in autonomous marine technology.
The recreational boat market is expected to flourish due to the presence of numerous manufacturers in a well-integrated and fragmented industry, ensuring a steady supply of recreational boats to meet global demand. The industry's structure allows for a diverse range of boat options and competitive pricing, catering to the varying preferences and budgets of boating enthusiasts worldwide.
Outboard engine boats are anticipated to dominate the market during the forecast period. Their popularity stems from their advantages, such as higher speed, easier docking, and lower maintenance costs compared to other types of boats. Additionally, the engine's external placement reduces the risk of fire incidents, making them a preferred choice among boating enthusiasts, particularly in the US and Europe.
North America is expected to be the fastest-growing market for recreational boats, driven by high demand for leisure boating and water sports activities. The United States, in particular, is projected to experience significant growth, supported by government initiatives aimed at fostering the recreational boat market. However, emission regulations in both the US and Canada could dampen market growth in the region.
The electric boat segment is expected to witness robust growth compared to internal combustion engine boats due to the increasing global emphasis on environmental concerns and sustainability. Electric boats produce zero direct emissions, addressing the need to reduce carbon emissions and combat air and water pollution. Additionally, government incentives and support further boost the growth of electric boats.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market. The study also includes an in-depth competitive analysis of key players, such as Brunswick Corporation (US), Yamaha Motor Corporation (Japan), Groupe Beneteau (France), Ferretti Group, and Malibu Boats (US), who have been developing new products, adopting expansion strategies, and undertaking collaborations, partnerships, and mergers & acquisitions to gain traction in the recreational boat market.
The report covers the recreational boat market by boat type, size, engine placement, engine type, material type, power range, activity type, power source, distribution channel, and region. It provides valuable insights into the competitive landscape and company profiles of major players in the recreational boat ecosystem.
Key Highlights:
- Global recreational boat market projected to reach USD 25.9 Billion by 2028, growing at a CAGR of 6.5%.
- Outboard engine boats to maintain their dominant position in the market during the forecast period.
- North America poised to be the largest and fastest-growing market for recreational boats.
- Electric boats to witness faster growth due to increasing environmental concerns and government incentives.
- Key players in the recreational boat market include Brunswick Corporation, Yamaha Motor Corporation, Groupe Beneteau, Ferretti Group, and Malibu Boats.
The report offers market leaders and new entrants essential information on revenue numbers, competitive landscape, key market drivers, restraints, challenges, and opportunities. Stakeholders can leverage this information to better position their businesses and plan suitable go-to-market strategies.
Market Drivers
Drivers
- Rising Disposable Incomes
- Growing Tourism Industry
- Increasing Number of Boat Shows
- Integration of Latest Technologies in Boats
Restraints
- Strict Pollution Norms for Recreational Boats
- Setting Up of Zero-Emission Zones
Opportunities
- Online Market to Boost Sales
- Global Expansion of Recreational Boat Manufacturers
- Localized Servicing of Recreational Boats
Challenges
- Fluctuating Demand
- Presence of Trade Barriers in Boating Industry
Companies Mentioned
- Azimut Benetti Group
- Bass Pro Group
- Bombardier Recreational Products
- Brunswick Corporation
- Bryton Marine Group
- Catalina Yachts
- Ferretti Group
- Groupe Beneteau
- Hallberg-Rassy
- Island Packet Yachts
- Mahindra & Mahindra
- Malibu Boats
- Marine Products Corporation
- Mastercraft Boat Company
- Monterey Boats
- Ocean Alexander
- Oyster Yachts
- Polaris Inc.
- S2 Yachts
- Smoker Craft
- Sunseeker International
- Winnebago Industries
- Yamaha Motor Company
- Zodiac Marine (Zodiac Nautic)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 313 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $18.9 Billion |
| Forecasted Market Value (USD) by 2028 | $25.9 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/33z3wl
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
