New York, United States, March 04, 2024 (GLOBE NEWSWIRE) -- Recreational boating is the fun activity of taking a boat out on a lake, river, or coastal area for pleasure. It is accomplished using powerboats, sailboats, or human-powered boats such as rowing and paddle boats. Most people who go boating do so to enhance their vacation experience. Towboats, sailboats, fishing boats, pontoon boats, and cabin cruisers are just some of the varieties of recreational boats available. More people are interested in recreational boating due to developments in boating technology, larger boats, a growing high-net-worth population, an improving economy, a thriving tourism industry, and cutting-edge boat engines.
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Growing Interest towards Recreational Water Sports Activities Drives the Global Market
According to Straits Research, "The global recreational boating market size was valued at USD 32,169.74 million in 2021. It is projected to reach USD 51,908.38 million by 2030, growing at a CAGR of 5.46% during the forecast period (2022–2030)." Recreational boating infrastructure has expanded worldwide due to rising consumer interest in water sports and increased participation by people of all ages. In addition to the fun and adrenaline rush of physical exercise, watersports are on the rise because of their many positive effects on one's health. The recreational boating market is expanding thanks to the increasing demand for motorized watersports like jet skiing, sailing, and yachting. In addition, in recent years, various government authorities have begun actively emphasizing the promotion of water sports. Water sports and recreational boating have been the focus of initiatives in several different nations.
Technological Advancement in Boats and Boat Engines Creates Tremendous Opportunities
Engine manufacturers are developing high-powered, low-emission engines to satisfy consumer demand and reduce emissions from boating activities. Boat manufacturers are increasingly incorporating advanced technologies like the internet of things (IoT), artificial intelligence (AI), and smart sensors to provide users with conveniences like GPS tracking, automatic controls, and smart connections. In addition, the incorporation of such technologies assists boat owners in enhancing safety and security, thereby increasing their desire to surf in deep waters. Consequentially, the recreational boating market is poised for expansion thanks to the persistent development of cutting-edge boating technology.
Regional Analysis
Europe recreational boating market share is expected to grow at a CAGR of 4.18% during the forecast period. Europe's recreational boating market is booming thanks to rising demand for luxury cruisers, increased coastal and maritime tourism, and more people in their adult years taking to the water in boats. In the United Kingdom, the demand for recreational boats has been mainly fueled by the growing interest in boating and other forms of water recreation, especially among women and younger people. There are people involved in 12 different types of boating events and a variety of other watersports. The growth of recreational boating in Germany is primarily driven by the rising demand for waterborne tourism in various German destinations.
North America is expected to grow at a CAGR of 5.72%, during the forecast period. The recreational boating market in North America is expanding due to rising customer engagement in water sports and fishing. There has been an increase in boat sales in recent years due to the region's improving economy and the ease with which consumers can obtain loans. The popularity of watersports like waterskiing, surfing, and power boating is increasing, which is good news for the recreational boating industry in Canada. An example would be the annual North American canoeing championship, the Pan Am.
The recreational boating market in Asia-Pacific, including China, India, Japan, South Korea, and the rest of the region, is examined. Water resources such as the country's extensive coastline, lakes, and rivers have contributed to the country's burgeoning economy. Demand for recreational watercraft is expected to increase in China due to government efforts to popularize yachting as a pastime. The rising popularity of water sports like water skiing, power boating, fishing, and surfing in Japan is expected to fuel the expansion of the country's recreational boating market over the next few years.
Key Highlights
- Based on power, the global recreational boating market is bifurcated into engine-powered, man-powered, and sail-propelled. The engine-powered segment is the highest contributor to the market and is expected to grow at a CAGR of 5.78% during the forecast period.
- Based on product, the global recreational boating market is bifurcated into inboard boats, outboard boats, inflatables, sailboats, and personal watercraft. The inboard boat segment owns the highest market share and is expected to grow at a CAGR of 3.84% during the forecast period.
- Based on product, the global recreational boating market is bifurcated into watersports and cruising and fishing. The watersports and cruising segment is the highest contributor to the market and is expected to grow at a CAGR of 4.96% during the forecast period.
- Based on the size, the global recreational boating market is bifurcated into less than 30 ft., 30 to 59 ft., 60 to 79 ft., 80 to 99 ft., more than 100 ft., and full custom. The less than 30 ft. segment owns the highest market share and is expected to grow at a CAGR of 3.98% during the forecast period.
- Europe is the most significant global recreational boating market shareholder and is expected to grow at a CAGR of 4.18% during the forecast period.
Competitive Players
The Top 10 players in the global recreational boating market's are Azimut Benetti Group, Brunswick Corporation, Hobie Cat, Marine Products, Polaris Inc., Yamaha Motor Co., Ltd, and Mastercraft Boat Holdings, Inc.
Market News
- In August 2022, Brunswick Corporation announced the launch of Navico Group to succeed the company's existing Advanced Systems Group (ASG).
- In September 2022, The NauticStar division of MasterCraft Boat Holdings, Inc. was sold to Iconic Marine Group.
Global Recreational Boating Market: Segmentation
By Power
- Engine Powered
- Man Powered
- Sail Propelled
By Product
- Inboard Boats
- Outboard Boats
- Inflatable
- Sail Boats
- Personal Watercrafts
By Activity
- Watersports and Cruising
- Fishing
By Size
- Less than 30 ft.
- 30 to 59 ft.
- 60 to 79 ft.
- 80 to 99 ft.
- More than 100 ft.
- Full Custom
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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