Most Exhaustive Report

Recreational Boat Market - Global Outlook and Forecast 2018-2023

SKU : ARZ180901
  • Published on : October 2018

Get free sample Customize this report

Get 10% Free Customization In This Report. Get In Touch Now

This market research report on the global recreational boat market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by power (engine-powered, man-powered, and sail-propelled), by product (outboards, inboards/sterndrives, personal watercraft, sailboats/yachts, inflatable boats, and others), and by geography (North America, Europe, APAC, Latin America, and MEA).

Global Recreational Boating Market Insights and forecast 2023

 

Recreational Boat Market - Overview

The rising number of people engaging in recreational activities and increasing use of these boats for commercial purposes such as transportation of passengers and cargo for short distances is augmenting the growth of the global recreational boat market.  The growing popularity of activities such as fishing, kayaking, and canoeing will drive the demand in the global recreational boating market. North America and Europe are the largest revenue generators and presence of big manufacturers such as Brunswick, Beneteau, Azimut-Benetti, Sunseeker International, and Ferretti will propel the growth of these regions in the market. The integration of the latest technologies such as touch screen central dashboards, which simplifies and enhances the boating experience will help vendors to attract millennial consumers in the global recreational boating market.

Furthermore, the manufacturers are leveraging social media and conduct more trade shows to educate and spur interest among the millennial generation and gain a larger market share. The development and launch of affordable and easy-to-use products result in a wide range of options available to consumers in the global recreational boating market. The rising number of middle-class families, increasing participation in outdoor leisure activities, increasing HNWI population, and the preference for premium and luxury products are some of the primary factors contributing to the evolution of the global market. Various manufacturers are investing in product innovation and development to sustain the competition in the global recreational boat market.

The exponential growth of the travel and tourism industry across the European region will positively impact the development of the global market. The rapid economic development and the increasing demand for charter services in Southeast Asia will boost the demand for new products in the market. The global recreational boat market is expected to reach revenues of more than $50 billion by 2023, growing at a CAGR of approximately 4% during 2017-2023. The research report also offers market size in terms of unit shipment values during the forecast period.

Global Recreational Boat Market at Glance

Global Recreational Boat Market size, trends, share 2023

Recreational Boat Market - Dynamics

The increasing use of absorbed glass mat (AGM) and gel batteries are augmenting the development of the global recreational boat market. The use of innovative battery technology that will improve the performance of the engine and power electronic equipment. The AGM and gel batteries are called sealed valve regulated lead-acid (SVRLA) batteries. These batteries use sulphuric acid as an electrolyte to conduct electricity and are completely sealed and can be mounted on its sides or edges without the fear of spillages or leaks. These batteries are cheaper than lithium-ion batteries, and their performance is better than lead-acid batteries. The increasing adoption of these gel and AGM batteries will improve the performance of boats and boost the growth of the boating industry. The lower price of these products makes it an affordable choice for boaters since they can be recharged quickly at higher rates. These batteries do not require regular maintenance and have less probability of leakage or fluid top-up, making them more stable and increases its longevity in the global recreational boating market. The cost-saving nature of these batteries will lead to the adoption of these products in the global recreational boat market.

Recreational Boat Market - Segmentation

This market research report includes a detailed segmentation of the market by power, product, and geography.

Segmentation of Global Recreational Boat Market

Recreational Boat Market segments and share 2023

 

Recreational Boat Market – By Product

Increase in consumer confidence to boost the demand for inboards or sterndrives in the global recreational boat market

The global recreational boat market by product is classified into outboards, inboards or sterndrives, personal watercraft, sailboats/yachts, inflatable boats, and others. The inboards or sterndrives dominated the largest market share in 2017, growing at a CAGR of around 4% during the forecast period. The regional economic performance and consumer confidence are the primary factors that are attributing to the growth of this segment in the global recreational boating market. The increasing focus on the development of new innovative products and economic development in North America will boost revenues for leading boat engine manufacturers in the global market. The superyacht and yacht market witnessed considerable growth in 2017 as the industry in the US, Italy, and the UK showed positive developments. The rising use of electric and hybrid inboard engines is expected to contribute to the increasing sales of inboard/sterndrive engines in the global recreational boat market. The growing fleet of pontoon boats, fishing and ski boats, bass boats, center console boats, and runabouts will augment the development of onboard engine segment in the global recreational boating market. Furthermore, personal watercraft or PWCs will witness the highest growth in the global market over the next few years.

Recreational Boat Market – By Power

Technological advancement and unique craftsmanship to propel the adoption of engine-powered fleets in the global recreational boat market

The power segment in the global recreational boat market is categorized into engine-powered, man-powered, and sail-propelled. Engine-powered segment occupied 3/4th of the market share in 2017, growing at a CAGR of around 4% during the forecast period. The increasing number of boat shows, competitions, and stable economic growth are some of the main factors contributing to the development of this segment in the global recreational boating market. The North American manufacturers are manufacturing and supplying technologically advanced, quality products thereby, boosting the demand in the global market. European region houses premium brands such as Bénéteau, Azimut, and Princess Yachts that are well known for their unique craftsmanship worldwide. The rising demand for pontoon boats is boosting the adoption of onboard engines in the global recreational boating market. The increasing availability of multi-engine boats and the consumer shifting to mid-size ships will augment the development of the global recreational boating market. The exponential demand for rowboats, paddle boats, pedal boats, canoes, kayaks, surf skis, and rowing shells will boost the revenues in the man-powered segment. The sudden spurt in global tourism and increasing participation in sports and leisure activities will drive the growth of this segment in the global recreational boat market.

Recreational Boat Market – By Geography

The US and Canada in North America are the largest revenues generators in the global recreational boat market

The global recreational boat market by geography is segmented into North America, Europe, APAC, Latin America, and MEA. North America dominated approximately half of the market share in 2017, growing at a CAGR of around 5% during the forecast period. The rising consumer confidence and the introduction of new products and experiences to attract young boaters is augmenting the growth of the North American region in the global recreational boating market. The rising sales of new and used boats; marine products such as engines, trailers, equipment, and accessories; and related expenditure such as fuel, insurance, docking, storage, and repairs will have a positive impact on the growth of the North American market. The leading vendors are manufacturing and offering versatile products with the aim to attract younger consumers in the North American region. With the increase in fishing as the recreational activity will augment the growth of North America in the global recreational boat market. The presence of various premium brands that offer a wide range of products in Europe will transform the global recreational boating market. APAC is emerging as one of the world-class manufacturing hubs and drawing high investments in the region.

The key countries profiled in the report are:

  • US
  • Canada
  • Italy
  • Germany
  • France
  • Australia
  • China
  • Japan
  • Brazil
  • South Africa
  • UAE

Key Vendor Analysis

The global recreational boat market has a diverse structure and level of competition across different geographies. The US is the most lucrative region, and domestic manufacturers are exporting their products to other countries across the global market. Various players are competing on the basis of prices and product differentiation in the global recreational boating market. The presence of global and domestic players in the European market will boost revenues in the region. The increasing number of imports, exports, domestic consumption, and growing disposable income will create lucrative opportunities for leading vendors in the APAC market. The expansion of businesses and distribution network in emerging nations will propel the growth of the global recreational boat market.

The major vendors in the global recreational boat market are:

  • Brunswick Corporation
  • Groupe Beneteau
  • Azimut-Benetti Group
  • Sunseeker International
  • Ferretti

Other prominent vendors in the global recreational boat market include Princess Yachts, Marine Products Corporation, MCBC Holdings Inc, Malibu Boats Inc., HanseYachts, BAVARIA Yachtbau, Bertram Yachts, Boston Whaler Boats, Chaparral Boats, Grady-White Boats, Lund Boat Company, Sea Ray, White River Marine Group, Yamaha Motor Corporation, Viking Yacht, Grand Banks Yachts, Porter, Maverick Boat Group Inc., Correct Craft, Baja Marine, Pacific Asian Enterprises, Albemarle Boats, Marlow Hunter, Catalina Yachts, Hobie Cat Corporation, Zodiac Marine & Pool SAS, Bombardier Recreational Products Incorporated, Fountain Powerboat Industries Incorporated, Godfrey Marine, Thunder Jet, Explorer Industries, Custom Weld, Duckworth Boats, and High Caliber.

Key market insights include

  1. The analysis of the global recreational boat market provides market size and growth rate for the forecast period 2018-2023.
  2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the global recreational boat market.
  3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
  4. It offers a complete overview of market segments and the regional outlook of the global recreational boat market.
  5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

Our reports have been trusted by the best


SELECT LICENCE TYPE

Single License
5 User License
Corporate License
Datasheet

SPEAK WITH OUR ANALYST

Get in touch if you have any queries regarding this report or get insights.

Support

+1-312-235-2040

Copyright 2019 - Arizton