Chicago, Aug. 08, 2022 (GLOBE NEWSWIRE) — According to Arizton’s latest research report, the recreational boat market is expected to grow at a CAGR of over 7.4% during the period 2022-2027. Maritime and ocean tourism is one of the fastest growing sectors of the global tourism industry. In the global economy, tourism is the main contributor, with an increase in the contribution to global GDP of 6% in 2021 compared to 2020. Over the past few years, tourism has increased gradually and is expected to continue to increase to reach 1.8 billion tourist arrivals by 2030. In recent years, the growth of the maritime tourism industry has supported the growth of the pleasure craft market. In the United States, states like California, Florida, and New York are major tourist attractions in the country. These states attract millions of domestic and international tourists every year.
Scope of the Recreational Boats Market Report
|MARKET SIZE (2027)||$60 billion|
|MARKET SIZE (2021)||$38.3 billion|
|MARKET SIZE-VOLUME (2027)||1.08 million units|
|CAGR (2022-2027)||More than 7.4%|
|YEAR OF REFERENCE||2021|
|MARKET SEGMENTS||Type, power, activity, boat size, engine type and region|
|GEOGRAPHICAL ANALYSIS||North America, Europe, APAC, Middle East and Africa and Latin America|
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Increasing participation in boating activities in Europe
The yachting industry in Europe has experienced impressive growth over the past five years. Countries like Belgium, Croatia and many more have witnessed significant growth in the recreational boat market. For example, Belgium has several water sports centers that support almost all types of water-related recreation. It is home to more than 20 marinas. The inland lakes and waterways are used extensively for a variety of water sports, such as cable water skiing, wakeboarding, dinghy sailing, windsurfing, jet skiing, rowing and kayaking, among others. The Belgian authorities are actively involved in the growth and modernization of various clubs and marinas.
- The inland recreational boat segment accounted for the majority share of the global market in 2021 and is expected to grow with a CAGR of 8.88% during the forecast period.
- The motorboat segment is dominating the global recreational boat market in 2021 and is expected to generate approximately $20 billion in revenue during the forecast period.
- The cruise segment led the market with a share of 85.05% in 2021. The United States is expected to generate additional revenue of over $10 billion by 2027 owing to the presence of several large brands and start-ups in the pleasure boat market.
- Europe is the second largest market for recreational boats, in which Italy accounts for the largest share.
- Market Size and Forecast by Revenue | 2022−2027
- Market Dynamics – Key Trends, Growth Drivers, Restraints and Investment Opportunities
- Segmentation – A detailed analysis by type, power, activity, boat size, engine type and region
- Competitive landscape – 5 key company profiles and 32 other important vendors
The world market for pleasure boats is experiencing several transformations concerning the search for innovative products. The demand and adoption of several water activities is high due to many reasons such as increased urbanization and rising standard of living. Suppliers can face fierce competition in the market based on the prices and quality of their products. An increase in the number of suppliers due to low barriers to entry has provided customers with a wide range of suppliers, which has intensified competition. Therefore, players focus not only on acquiring customers, but even on retaining them. Emerging economies, such as Brazil, Russia, India, and China, are seeing an increase in the number of products on the market, and it’s understandable that customers in these economies remain price-centric in low-cost segments. price. Boaters are also constantly confronted with the impact of various macroeconomic developments around the world.
- Azimut-Benetti Group
- Bombardier Recreational Products (BRP)
- Brunswick Society
- Beneteau Group
Other Important Suppliers
- Albemarle Boats
- Marine Bass
- Bavaria Yachts
- Bertram Yachts
- Princess Yachts
- Boston Whaling Boats
- Catalina Yachts
- Proper craftsmanship
- Custom Welding Boats
- Duckworth Boats
- Explorer Industries
- Fountain motor boats
- Grady-White Boats
- Grand Banks Yachts
- Large caliber
- Marine Products Company
- Marlow Hunter
- Maverick boat group
- MCBC Holdings
- Asia Pacific Companies
- sun seeker
- thunder jet
- viking yacht
- White River Marine Group
- Zodiac Marine & Pool
- Outboard boats
- Inboard/sterndrive boats
- Personal Watercraft Boats (PWC)
- Other boats
- Motor boats
- Sailing boat
- Human-powered boats
- Cruise tourism
- Nautical sports
- Boats from 30 to 50 feet
- > 50 foot boats
Type of engine
- North America
- The Netherlands
- New Zealand
- South Korea
- Middle East and Africa
- Latin America
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