According to the latest report by IMARC Group, titled “Recreational Boating Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.' the study provides a detailed analysis of the industry, including the global recreational boating market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the recreational boating market?
The global recreational boating market size reached US$ 22.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.01% during 2023-2028.
What is recreational boating?
Recreational boating represents leisure activities wherein sailboats, powerboats, man-powered vessels, pontoon boats, etc., are used to travel on water or perform sports activities. They include sailing, cruising, fishing, boat racing, campaigning, kayaking, waterskiing, etc. Recreational boating activities offer fun and pleasure and aid in stress reduction, exercising, improving life satisfaction, and enhancing physical health, self-reliance, self-esteem, etc. Consequently, they are extensively preferred by consumers across countries.
What are the growth prospects and trends in the recreational boating industry?
The growing watersports tourism industry across the globe and the increasing attraction towards outdoor recreational activities, especially among millennial and post-millennial populations, are among the key factors driving the recreational boating market. In addition to this, the development of electric personnel boats by leading market players for clean and silent recreational activities is acting as another significant growth-inducing factor. Besides this, the escalating awareness about the multiple health benefits associated with water sports and the introduction of land-based private islands that allow cruise lines to offer customers exclusive beach time are also positively influencing the global market.
Moreover, the elevating integration of four-stroke engines designed with direct injection technology in boats that facilitate improved fuel efficiency, lower emission levels, higher torque power, and a safe and pleasant experience for individuals is further catalyzing the market growth. Apart from this, the emerging trend of sport fishing and motorized watersports, such as jet-skiing, sailing, and yachting activities, and the launch of numerous favorable policies and initiatives by governing bodies aimed at promoting water sports are anticipated to propel the recreational boating market over the forecasted period.
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What is included in market segmentation?
The report has segmented the market into the following categories:
Based On Product Type:
- Inboard Boats
- Outboard Boats
- Inflatable
- Sail Boats
- Personal Watercrafts
Based On Activity Type:
- Watersports and Cruising
- Fishing
Based On Material Type:
- Aluminum
- Fiberglass
- Wood
- Others
Based On Size:
- Less Than 30 Ft
- 30 to 59 Ft
- 60 to 79 Ft
- 80 to 99 Ft
- More Than 100 Ft
- Full Custom
Based On Power Source:
- Engine Powered
- Human Powered
- Sail Propelled
Based On Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Baja Bound Insurance Services Inc.
- Brunswick Corporation
- Catalina Yachts
- Chaparral Boats Inc
- Marine Products Corporation
- Edenton Boatworks LLC
- Grady-White Boats Inc.
- Hobie CAT Company
- MasterCraft Boat Holdings Inc.
- Maverick Boat Group Inc.
- Malibu Boats
- Polaris Inc.
- White River Marine Group (Bass Pro Shops)
- Yamaha Motor Company Limited.
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