Recreational Boats Market to be Worth $42.1 Billion by 2031 - Exclusive Report by Meticulous Research®

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May 28, 2024, 10:46 ET

REDDING, Calif., May 28, 2024 /PRNewswire/ -- According to a new market research report titled, 'Recreational Boats Market by Type (Motorboats, Yachts, Sailboats, Personal Watercraft), Boat Size, Engine Type (Diesel Engines, Electric Drives), Application (Sports Fishing, Transportation, Watersports), and Geography - Global Forecast to 2031,' the recreational boats market is expected to reach $42.1 billion by 2031, at a CAGR of 6.7% from 2024–2031.

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Recreational boats, also known as pleasure boats or leisure boats, are watercraft designed and used primarily for recreational purposes rather than for commercial or industrial activities. These boats are typically used for various leisure activities on water bodies such as lakes, rivers, oceans, and coastal areas. Recreational boats come in a wide range of sizes, styles, and configurations to accommodate different preferences, activities, and water conditions. Recreational boats are used for a wide range of activities, including cruising, fishing, watersports, sightseeing, socializing, and relaxation.

The growth of the recreational boats market is driven by the growing tourism sector, rising disposable income, and growing participation in water sports and boating activities. However, strict pollution norms for recreational boats and high fuel prices restrain the market's growth.

Furthermore, the innovation in boat engines and integration of IoT & sensor-based technologies are expected to offer significant growth opportunities for players operating in the recreational boats market. However, the high battery prices of e-boats and high maintenance costs may hinder the growth of this market.

The global recreational boats market is segmented by type (motorboats, yachts, sailboats, personal watercraft {jet ski, inflatables, and other personal watercraft}, fishing boats {center console boats, walk-around boats, flats-fishing boats, convertible boats, and other fishing boats}, cruising boats {runabout boats, catamaran boats, cabin cruiser boats, pontoon boats, and other cruising boats}, and other types), boat size (less than 25 feet, 20 feet to 50 feet, and more than 50 feet), engine type (diesel engines { by engine type [outboard engines, inboard engines, sterndrive engines, and jet drive engines]}, {by power output [less than 250 HP, 250 HP to 500 HP, and more than 500 HP]}, electric drives, and unpowered), and application (sports fishing, transportation, watersports, and other applications). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on type, the global recreational boats market is segmented into motorboats, yachts, sailboats, personal watercraft, fishing boats, cruising boats, and other types. The personal watercraft segment is further segmented into jet ski, inflatables, and other personal watercraft. The fishing boats segment is further segmented into center console boats, walk-around boats, flats-fishing boats, convertible boats, and other fishing boats. The cruising boats segment is further segmented into runabout boats, catamaran boats, cabin cruiser boats, pontoon boats, and other cruising boats. In 2024, the yachts segment is expected to account for the largest share of the global recreational boats market. The large market share of this segment is attributed to various factors, including economic prosperity, high levels of disposable income, and the rise of marine tourism and yacht chartering services. Additionally, the globalization of the yachting industry has opened new markets in emerging economies, where rising affluence and a growing middle class are fueling demand for luxury goods and lifestyle experiences.

However, the sailboats segment is expected to record the highest CAGR during the forecast period. This segment's growth is attributed to various factors, including increasing concerns about environmental sustainability and the offering of unique experiences for tourists seeking adventure and exploration in water-related activities. Also, government regulations aimed at promoting recreational boating safety and environmental conservation can influence the sailboat market.

Based on boat size, the global recreational boats market is segmented into less than 25 feet, 20 feet to 50 feet, and more than 50 feet. In 2024, the 20 feet to 50 feet segment is expected to account for the largest share of the global recreational boats market. The large market share of this segment is attributed to various factors such as the increasing number of affluent individuals, the increasing popularity of the boating lifestyle, characterized by leisurely activities on the water, and families with disposable income contributing to the demand for mid-sized recreational boats. Also, advancements in marine technology, including propulsion systems, navigation equipment, onboard electronics, and materials, influence the design and capabilities of 20 feet to 50 feet recreational boats.

Also, the 20 feet to 50 feet segment is expected to record the highest CAGR during the forecast period.

Based on engine type, the global recreational boats market is segmented into diesel engines, electric drives, and unpowered. The diesel engines segment is further segmented into engine type and power output. The engine type segment is further sub-segmented into outboard engines, inboard engines, sterndrive engines, and jet drive engines. The power output segment is further sub-segmented into less than 250 HP, 250 HP to 500 HP, and more than 500 HP. In 2024, the diesel engines segment is expected to account for the largest share of the global recreational boats market. The large market share of this segment is attributed to various factors, as diesel engines excel in delivering superior power and torque, which is especially crucial for larger boats (yachts, cruisers) that require the ability to handle heavy loads, navigate challenging waters, and tow watersports equipment. Diesel engines are renowned for their robust build quality and extended lifespans. They can withstand prolonged operation under demanding conditions, making them favorable for serious boaters and frequent users.

Also, modern diesel engines boast improved fuel efficiency compared to their gasoline counterparts, particularly for larger vessels undertaking extended trips. This translates to greater range and potentially lower operational costs on longer voyages.

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However, the electric drives segment is expected to register the highest CAGR during the forecast period. This segment's growth is attributed to various factors, such as stringent government regulations on emissions, particularly in environmentally sensitive areas, which are pushing the adoption of electric alternatives. Electric boats generally require less maintenance compared to gasoline-powered ones, which translates to lower operational costs over time for boat owners.

Also, rising fuel prices increase the operational cost of traditional boats, making electric alternatives seem more attractive.

Based on application, the global recreational boats market is segmented into sports fishing, transportation, watersports, and other applications. In 2024, the sports fishing segment is expected to account for the largest share of the global recreational boats market. The large market share of this segment is attributed to various factors, such as the continuous development of new technologies such as lighter and stronger materials, fuel-efficient engines, and innovative navigation systems to improve the boats' performance, efficiency, and overall fishing experience. The rise of competitive fishing tournaments creates a demand for high-performance boats equipped with the latest technology to give participants an edge.

Also, the expansion of marinas and boat clubs provides the necessary infrastructure for boat ownership. These facilities offer storage, maintenance services, and a sense of community for boat owners, making boat ownership more accessible and fostering the sport fishing culture.

Additionally, the same segment is expected to record the highest CAGR during the forecast period.

Based on geography, the recreational boats market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Europe is expected to account for the largest share of the global recreational boats market. The growth of this market is driven by government regulations aimed at promoting recreational boating safety and environmental conservation. Incentives such as tax breaks, subsidies for eco-friendly sailboats, and funding for marine infrastructure development may encourage boat ownership and participation in sailing activities, also driving market demand.

Europe also demonstrates a strong demand for recreational boats, as boating has long been a cherished pastime in the region. Various countries' rich natural landscapes, including numerous lakes and waterways, contribute to the popularity of recreational boating, leading to the growth of the recreational boats market.

However, Asia-Pacific is expected to register the highest CAGR of the global recreational boats market. The high growth of the market in the Asia-Pacific region is attributed to various factors, such as economic growth in many parts of Asia-Pacific has led to an increase in disposable incomes, allowing consumers to spend more on leisure activities and the popularity of water sports like surfing, wakeboarding, and fishing is increasing in the region, driving demand for boats that cater to these activities. Also, various local and state government initiatives aimed at promoting tourism, maritime recreation, and water-based sports; policies related to infrastructure development; boating regulations; tax incentives; and marine conservation efforts influence the accessibility and popularity of recreational boating activities can have a significant impact on the recreational boats market during the forecast period.

The key players operating in the global recreational boats market include Brunswick Corporation (U.S.), Groupe Beneteau (France), Mastercraft Boat Holdings, Inc. (U.S.), Marine Products Corporation (U.S.), Malibu Boats, Inc. (U.S.), Azimut-Benetti Group (U.S.), Ferretti S.p.A. (Italy), Porter, Inc. (U.S.), Grady-White Boats, Inc. (U.S.), Maverick Boat Group, Inc. (U.S.), Correct Craft (U.S.), Yamaha Motor Co., Ltd. (Japan), Polaris Inc. (U.S.), White River Marine Group (U.S.), and Monterey Boats (U.S.).

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Scope of the Report:

Recreational Boats Market Assessment—by Type

Motorboats
Yachts
Sailboats
Personal Watercraft
- Jet Ski
- Inflatables
- Other Personal Watercraft
Fishing Boats
- Center Console Boats
- Walk-around Boats
- Flats-fishing Boats
- Convertible Boats
- Other Fishing Boats
Cruising Boats
- Runabout Boats
- Catamaran Boats
- Cabin Cruiser Boats
- Pontoon Boats
- Other Cruising Boats
Other Types

Recreational Boats Market Assessment—by Boat Size

Less Than 25 Feet
20 Feet to 50 Feet
More Than 50 Feet

Recreational Boats Market Assessment—by Engine Type

Diesel Engines
- By Engine Type
  - Outboard Engines
  - Inboard Engines
  - Sterndrive Engines
  - Jet Drive Engines
- By Power Output
  - Up to 250 HP
  - 250 HP to 500 HP
  - Above 500 HP
Electric Drives
Unpowered

Recreational Boats Market Assessment—by Application

Sports Fishing
Transportation
Watersports
Other Applications

Recreational Boats Market Assessment—by Geography

North America
- U.S.
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
Europe
- U.K.
- Germany
- Italy
- France
- Spain
- Rest of Europe
Latin America
Middle East & Africa

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