THE U.S. RECREATIONAL BOAT MARKET SIZE WAS VALUED AT USD 17.31 BILLION IN 2022 AND IS EXPECTED TO REACH USD 28.54 BILLION BY 2028, GROWING AT A CAGR OF 8.69%.

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

  • Boat Type: Outboard boats, Inboard/Sterndrive boats, Personal Watercrafts, Superyachts, and Other Boats
  • Power: Engine-powered boats, Manual-powered boats, and Sail-propelled boats
  • Activity: Cruise Tourism, Watersports, and Fishing
  • Boat Size: 30-50 Feet Boats, <30 Feet Boats, and >50 Feet Boats
  • Region: South, Midwest, West, and Northeast

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023–2028

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123 Pages

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10 Tables

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78 Charts

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4 Regions

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1 Countries

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20 Companies

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5 Market Segment

U.S. RECREATIONAL BOAT MARKET REPORT SCOPE

Report Attribute Details
Market Size (2028) USD 28.54 Billion
Market Size (2022) USD 17.31 Billion
CAGR (2022-2028) 8.69%
MARKET SIZE: SHIPMENTS (2028) 510,347 units
BASE YEAR 2022
FORECAST YEAR 2023-2028
SEGMENTS BY Boat Type, Power, Activity, Boat Size, and Region
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 17.31 billion in 2022 and is projected to reach USD 28.54 billion by 2028, growing at a CAGR of 8.69% during the forecast period. A rising number of middle-class families, increasing participation in outdoor recreational activities, increasing the high-net-worth individual (HNWI) population, and the preference for premium and luxury products drive the market growth.

The U.S. recreational boat market shipments are expected to reach 510,347 units by 2028. Further, constant product development and bringing in new features are key to achieving high sales growth. New companies are catching up with established vendors and are expected to erode the market share of established vendors during the forecast period. The established markets of the U.S. are expected to witness high demand for recreational boats during the projected period since the commercial adoption of boats has increased in these regions. In addition, the demand for marine infrastructure arises due to the changing market dynamics, such as a higher number of recreational boat users.

MARKET TRENDS & DRIVERS

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 used boats 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 sports destinations that attract tourists yearly.

INDUSTRY RESTRAINTS

Concept of Rental and Used Boat Services

The rental and used boat services concept has significantly grown over the past years. Nowadays, consumers are well-informed and tend to test-try a product or service before deciding. 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 INSIGHTS

INSIGHTS BY BOAT TYPE
The U.S. recreational boat market by boat type segments by outboard boats, inboard/sterndrive boats, personal watercraft, superyachts, and other boats. The outboard boat type dominated the market in 2022. Outboard boats are classified based on engine placement. In addition, with technological improvement, the demand for outboard boats has been mostly driven based on the performance of boats. Further, regulations have also played a significant role in the rising demand for outboard boats. The push toward single-fuel policies to promote safety in industrial, military, and other markets is expected to drive strong outboard high-powered diesel boat sales.

INSIGHTS BY POWER
Engine-powered boats held the largest U.S. recreational boat market by power segment. Due to growing coastal tourism worldwide, commercial applications of engine-powered boats will likely witness significant growth in the demand for outboard engines. Developing high-powered motors will further promote the use of these engines in tourist vessels. Furthermore, increasing family tour boat rental practices would boost the demand for these products during the forecast period.

INSIGHTS BY ACTIVITY
The U.S. recreational boat market by activity segment includes cruise tourism, watersports, and fishing. The cruise tourism market by value is projected to grow at the fastest CAGR of 9.04% during the forecast period. Cruise tourism was formerly a glamorous way for the wealthy to fly. Cruise tourism has many forms. World and sea cruises normally use large ships, which might not be affordable for small and medium-sized enterprises. Factors driving the cruise industry's growth across the country include strong economic recovery and growth of cruise ship capacity. The market across the country has significantly rebounded from the effects of the economic slowdown. This, in turn, has provided a big push to the luxury cruise industry.

INSIGHTS BY BOAT SIZE
30-50 Feet Boats, <30 Feet Boats, and >50 Feet Boats are the key boat size segments in the U.S. recreational boat market. The 30-50 feet boats market held the largest segmental share in 2022. Boats of 30-50 feet in size have good sea-keeping ability, storage capabilities, self-steering arrangements, steer well, and an acceptable sailing speed. Several boats come under this category, including cabin cruisers, express cruisers, and performance boats. Boats within this range provide cabins or have a dinette that converts into a sleeping space and allows privacy. 30-50 feet size boats have more storage space, which leads to more amenities and larger tank sizes. The tanks in these boats are sufficient for long-term cruising and allow adding extra tanks if required. For ocean crossing, 30-50 size boats are ideal options.

REGIONAL ANALYSIS

The Southern U.S. holds a significant share of the U.S. recreational boat market due to the largest population base, which has resulted in growth in the tourism and hospitality sectors. Also, the considerable surge in disposable income in the region has created a high demand for recreational boats in the Southern region. The surge in demand for recreational boats is attributable to the increase in boating sales. Recreational boat sales are increasing rapidly in major states such as Texas, Florida, Georgia, Carolina, Arizona, and Oklahoma. Therefore, it drives the demand for various recreational boats in the region. The growing annual household income is another factor driving the market growth in the region. Furthermore, Texas is the country's second-largest state in population and area. The total population is estimated at 29 million household units, which is expected to support the demand for recreational boating in the country.

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. Regarding market share, a few major players are currently dominating the market. Some companies currently dominating the market are Brunswick Corporation, Bombardier Recreational Products (BRP), Groupe Beneteau, Ferretti, etc. The competition among these key players has intensified in recent years. The competition among vendors is based on product offerings and pricing. U.S. recreational boat market vendors are using new business models and focusing on developing the portfolio of their established products to drive growth. The focus on yachts is shifting towards luxury products, likely providing vendors with vast opportunities during the forecast period.

Frequently Asked Questions

How big was the U.S. recreational boat market in 2022?

The U.S. recreational boat market was valued at USD 17.31 billion in 2022.

What is the Compound Annual Growth Rate (CAGR) of the U.S. recreational boat market growth?

The U.S. recreational boat market is growing at a CAGR of 8.69% during the forecast period.

Who are the key players in the U.S. recreational boat market?

The key players in the U.S. recreational boat market are Azimut-Benetti Group, Bombardier Recreational Products (BRP), Brunswick Corporation, Ferretti, and Groupe Beneteau.

What is the projected market value for the U.S. recreational boat market by 2028?

The U.S. recreational boat market is projected to reach USD 28.54 billion by 2028.

What are the growing trends in the U.S. recreational boat market?

The trends in the U.S. recreational boat market are the growing opportunities in the electric boat industry, advancements in marine technology, and expected growth in consumer confidence.

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The U.S. recreational boat market is expected to grow at a CAGR of approximately 8.69% from 2022 to 2028.

The following factors are likely to contribute to the growth of the U.S. recreational boat market during the forecast period:

  • Rising Demand for Outboard Power Boats
  • Growth in Tourism Industry
  • Growing Boat Market

Base Year: 2022

Forecast Year: 2023–2028

The study considers the U.S. recreational boat market's present scenario and its market dynamics for 2023−2028. 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 and prominent companies 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
  • Bertram Yachts
  • Catalina Yachts
  • Correct Craft
  • Renaissance Marine Group
  • Iconic Marine Group
  • Grady-White Boats
  • Grand Banks Yachts
  • Malibu Boats
  • Marlow Hunter
  • MasterCraft Boat Holdings
  • Sunseeker
  • White River Marine Group
  • Yamaha
  • Viking Yacht

Segmentation by Boat Type

  • Outboard boats
  • Inboard/Sterndrive boats
  • Personal Watercrafts
  • Superyachts
  • Other Boats

Segmentation by Power

  • Engine-powered boats
  • Manual-powered boats
  • Sail-propelled boats

Segmentation by Activity

  • Cruise Tourism
  • Watersports
  • Fishing

Segmentation by Boat Size

  • 30-50 Feet Boats
  • <30 Feet Boats
  • >50 Feet Boats

Segmentation by  Region

  • South
  • Midwest
  • West
  • Northeast

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