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U.S. Recreational Boat Market - Industry Outlook and Forecast 2022-2028

TO BE PUBLISHED : Jul 2022 | Pages : 276

THE U.S. RECREATIONAL BOAT MARKET SIZE WAS VALUED AT USD 16.26 BILLION IN 2021 AND IS EXPECTED TO REACH USD 26.18 BILLION BY 2027, GROWING AT A CAGR OF 8.26%.

The U.S. Recreational Boat Market Share, Growth, Trends, Analysis Report Includes  

  • Type: Outboard Boats, Inboard/Sterndrive Boats, Personal Watercraft Boats (PWC), Superyachts, and Other Boats
  • Power: Engine-Powered Boats, Sail-Propelled Boats, And Man-Powered Boats
  • Activity: Cruise Tourism, Watersports, And Fishing
  • Boat Size: 30-50 Feet Boats, <30 Feet Boats, And >50 Feet Boats
  • Region: S. (South, Midwest, West, and Northeast)

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2027

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Most Exhaustive Report

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276 Pages

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174 Tables

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99 Charts

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4 Regions

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32 Companies

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5 Market Segment

U.S. RECREATIONAL BOAT MARKET REPORT SCOPE

Report Attribute Details
Market Size (2027) USD 26.18 Billion
Market Size (2021) USD 16.26 Billion
CAGR (2022-2027) 8.26%
Base Year 2021
Forecast Year 2022-2027
Market Segments Type, Power, Activity, Boat Size, and Region
Geographic Analysis US (South, Midwest, West, and Northeast)
KEY VENDORS Azimut-Benetti Group, Bombardier Recreational Products (BRP), Brunswick Corporation, Ferretti, and Groupe Beneteau

MARKET OVERVIEW

The U.S. recreational boat market was valued at USD 16.26 billion in 2021 and is expected to reach USD 26.18 billion by 2027, growing at a CAGR of 8.26%. A recreational boat is used for several activities, including cruising, watersports, and fishing. Among these, cruising is the country's most popular and preferable activity. The United States has emerged as one of the traditional markets for the boating industry. Strong consumer traction has propelled the growth of the recreational boat market in the U.S. Over the past five years, the boating industry in the country has witnessed strong sales and rising spending. In 2020, in the US, the annual sales of marine products, boats, and services totaled around $49 billion, an increase of 14% from 2019. In 2021 around 1.1 million pre-owned boats were sold. The established markets of the US are expected to witness high demand for recreational boats during the forecast period due to the increased adoption of recreational boats in these regions. The market caters to several opportunities for the vendors.

U.S. RECREATIONAL BOAT MARKET TRENDS

Advancements in Marine Technology

The marine industry is witnessing an increasing demand for technologically advanced features such as joystick docking control, automatic trim controls, and digital throttle and shift among end-users. Due to hectic lifestyles, end-users have lesser time to develop driving skills and compile practical experience on the water. Thus, their reliance on automatic controls is growing at an unprecedented rate.

Growth in Tourism Industry

The U.S. recreational boat market has increased considerably with the rising tourism industry. Along with the increasing tourism industry, the recreational boat market has shown its potential to grow in the past years, mainly for the sales of cruises, water sports boats, and pontoons. Over these years, the sales of the used boat and personal watercraft have also increased, providing an excellent holiday for buyers. In the United States, Florida, Maine, Nevada, Alaska, Tennessee, Minnesota, California, Washington, etc., are some of the best water tourism and water sports destinations that attract many tourists every year.

MARKET RESTRAINTS

Concept of Rental and Used Boat Services

The concept of rental and used boat services has significantly grown over the past five years. Nowadays, consumers are well informed and tend to test-try a product or service before making a decision. With the emergence of the sharing economy, consumers want to pay for products or services while using them. Sharing and rental services are hence rapidly gaining popularity around the country as renting does not involve the costs associated with maintenance and repairs.

SEGMENTATION ANALYSIS

The outboard boat market is expected to be the largest segment in the U.S. recreational boat market.

Due to the increasing technological advancements in outboard motor technology, the demand for outboard boats is rising significantly. These boats are classified based on engine placement. The push toward single-fuel policies to promote safety in the industrial, military and other markets is expected to drive strong sales of outboard high-powered diesel boats.

Engine-powered boat market is expected to be the dominating segment.

Engine-powered boats are one of the most used boats in the US recreational boat market. The rising demand for small and medium-sized vessels for fishing and recreational activities and water sports boats would support the market growth of engine-powered boats during the forecast period. ICE Electric and Hybrid are the two engine types used in recreational boats.

The cruise tourism segment is one of the fastest-growing segments.

Cruise tourism has appeared as one of the fastest-growing sectors of travel and tourism. Florida, California, Texas, New York, Alaska, Washington, and Georgia are some of the major states contributing in the growth of the tourism industry due to the increase in passenger base.

The 30-50 size segment is expected to be the largest segment

Boats of 30-50 feet in size have a good sea-keeping ability, have good storage capabilities, self-steering arrangements, steer well, and an acceptable sailing speed. Several boats come under this category some of them are cabin cruisers, express cruisers, and performance boats. For ocean crossing 30-50 size boats are ideal options where this boat size can better handle the unpredictable and choppy water and currents, also longer trips offshore.

REGIONAL ANALYSIS

The US market is mainly driven by the high utility of recreational boats for various activities such as watersports, cruising, and fishing. Close to 141 million people in the US are involved in boating events. Further, the US accounts for the largest share of 42% in revenue of the global recreational boat market. Meanwhile, regarding the entry of the new vendors, the US market offers tough competition. In established markets such as Southern US, there has been a noticeable new sales demand. However, there is still significant rental demand for boating services.

On the other hand, emerging markets such as Western and Northeastern US are still developing. Over the last two years, these markets have gained a significant share in the nation’s call. Southern US was the largest market for recreational boats in 2021, with a revenue share of 39.56%. Moreover, the US market has been witnessing intense competition in recent years regarding new product launches and pricing.

COMPETITIVE LANDSCAPE

The U.S. recreational boat market is fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. There is a significant number of vendors across the country. The competition among these key players has intensified in recent years. The market concentration in developed regions such as the Southern US is high. The competition among vendors is based on product offerings and pricing. Vendors are using new business models and focusing on developing the portfolio of their established products to drive growth. The focus on yachts is heavily shifting towards luxury products, likely providing vendors with vast opportunities during the forecast period.

Frequently Asked Questions

HOW BIG IS THE U.S. RECREATIONAL BOAT MARKET?

The U.S. recreational boat market is expected to reach USD 26.18 billion by 2027.

WHAT IS THE GROWTH RATE OF THE U.S. RECREATIONAL BOAT MARKET?

The U.S. recreational boat market is expected to grow at a CAGR of 8.26% during 2022-2027.

WHO ARE THE KEY PLAYERS IN THE U.S. RECREATIONAL BOAT MARKET?

Azimut-Benetti Group, Bombardier Recreational Products (BRP), Brunswick Corporation, Ferretti, and Groupe Beneteau.

WHAT ARE THE GROWTH FACTORS IN THE U.S. RECREATIONAL BOAT MARKET?

Growth in the tourism industry, boat market, and rising demand for outboard power boats are the major growth drivers.

WHAT ARE THE LATEST TRENDS IN THE U.S. RECREATIONAL BOAT MARKET?

The latest trends include advancements in marine technology, expected growth in consumer confidence, and growth opportunities in the electric boat industry.

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The U.S. recreational boat market was valued at USD 16.26 billion in 2021 and is expected to reach USD 26.18 billion by 2027, growing at a CAGR of 8.26%.

The following factors are likely to contribute to the growth of the market during the forecast period:

  • Advancements in Marine Technology
  • Expected Growth in Consumer Confidence
  • Growing Opportunities in Electric Boat Industry
  • Rising Demand for Outboard Power Boats

Base Year: 2021

Forecast Year: 2022–2027

The study considers the U.S. recreational boat market's present scenario and its market dynamics for 2022−2027. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.

Key Vendors

  • Azimut-Benetti Group
    • Business Overview
    • Product Offerings
    • Key Strategies
    • Key Strengths
    • Key Opportunities
  • Bombardier Recreational Products (BRP)
  • Brunswick Corporation
  • Ferretti
  • Groupe Beneteau

Other Prominent Vendors

  • Albemarle Boats
    • Business Overview
    • Product Offerings
  • Baja Marine
  • Bertram Yachts
  • Boston Whaler Boats
  • Catalina Yachts
  • Correct Craft
  • Custom Weld Boats
  • Duckworth Boats
  • Fountain Powerboats
  • Godfrey
  • Grady-White Boats
  • Grand Banks Yachts
  • HanseYachts
  • Hobie
  • Lund
  • Malibu
  • Marine Products Corporation
  • Marlow Hunter
  • MCBC Holdings
  • Pacific Asian Enterprises
  • Porter
  • Princess Yachts
  • Sunseeker
  • Thunder Jet
  • Viking Yacht
  • White River Marine Group
  • Yamaha

Segmentation by Type

  • Outboard Boats
  • Inboard/Sterndrive Boats
  • Personal Watercraft Boats (PWC)
  • Superyachts
  • Other Boats

Segmentation by Power

  • Engine-Powered Boats
  • Sail-Propelled Boats
  • Man-Powered Boats

Segmentation by Activity

  • Cruise Tourism
  • Watersports
  • Fishing

Segmentation by Boat Size

  • 30-50 Feet Boats
  • >50 Feet Boats

Segmentation by Region

  • U.S.
    • South
    • Midwest
    • West
    • Northeast

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