Recreational Boat Market worth $25.9 billion by 2028- Exclusive Report by MarketsandMarkets™

CHICAGO, June 19, 2023 /PRNewswire/ -- Recreational Boat Market by value, is estimated to be USD 18.9 billion in 2023 and is projected to reach USD 25.9 billion by 2028, at a CAGR of 6.5% from 2023 to 2028, according to a new report by MarketsandMarkets™. The market for recreational boat is expected to rise as a result of reasons including, the adoption of emissions-free transportation, and advantageous government policies including subsidies, rise in boat industry electrification.

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 Recreational Boat Market Scope:

The growth of recreational boats in the future is expected to be driven by several key factors. Firstly, the increasing popularity of outdoor recreation and water-based activities will fuel the demand for recreational boats. People are increasingly seeking opportunities to spend time in nature, engage in leisure activities, and enjoy water sports. Recreational boats provide a means to explore waterways, lakes, and coastlines, offering an immersive and enjoyable experience for individuals, families, and groups. Advancements in boat manufacturing technology will also play a significant role in driving the growth of the recreational boat market. Manufacturers are continuously improving boat design, materials, and propulsion systems to enhance performance, safety, and fuel efficiency. Technological innovations, such as electric propulsion systems, hybrid engines, and advanced navigation and entertainment systems, will attract consumers seeking eco-friendly and advanced boating options. Moreover, the expansion of tourism and travel will contribute to the increased demand for recreational boats. Coastal and waterfront destinations are popular among tourists, and boating activities offer unique experiences for travellers. Boat rental services, guided tours, and water-based excursions will drive the demand for recreational boats, particularly in tourist hotspots. Government initiatives and support for the boating industry will also fuel growth. Governments recognizing the economic benefits of boating and water tourism are investing in the development of marinas, waterfront infrastructure, and boating facilities. Supportive policies, tax incentives, and promotional campaigns will encourage participation in recreational boating and attract new entrants to the market. Lastly, the emphasis on sustainability and environmentally friendly practices will shape the future of the recreational boat market. With growing environmental concerns, consumers are increasingly opting for eco-friendly and energy-efficient boating options. Manufacturers are responding to this demand by developing electric-powered boats, utilizing sustainable materials, and implementing green practices throughout the production process.

Developed nations such as US, Germany, France, and the UK are promoting the use of electrified boats and marine systems to reduce emissions. India, China, South Korea, Japan, and Brazil have increased their investments in the development of waterways and marine tourism due to the growing urban population and economy in these countries. Due to such investment demand for recreational boat will be more during the forecast period.

By Electric segment is expected to be the fastest segment in the forecast

The Electric powered boats segment is estimated to lead the global recreational boat industry by engine type. An electric boat obtains power from a storage battery. There is an increase in the electrification of boats globally, owing to reduced emissions. Asia Oceania and Europe are increasingly investing in the electrification of their transportation systems. For instance, some nations provide incentives to businesses that finance the development of electric boats. For examples in 2022, India launched it first electric operated Ferries for its one of its's state waterways.  Since they emit no emissions when in use, electric boats are more environmentally friendly than diesel locomotives. Because of this, they are appealing to organizations and governments that want to reduce their carbon footprint. Similarly, South Korea and Japan have launched their own Hydrogen based boats and ferries for public transport thereby reducing emissions and improving public transports.

North America is expected to be the largest and fastest market during the forecast

North America is estimated to second largest market of the recreational boat in 2023 in terms of value. Germany, the region is a major hub for several renowned OEMs, including Brunswick Corporation, Malibu Boats, MasterCraft, Polaris Inc., Bombardier Recreational Products.   The North American boat industry is the largest in the world. Most American boats are equipped with high-end technologies, which include advanced navigation, digital consoles, high performance and efficiency propulsion, and other features providing comfort. This offers recreational boat OEMs opportunities to increase their presence in North America.

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Key Market Players:

The recreational boat companies is such as Brunswick Corporation (India), Yamaha Motor Corporation (Japan),  Groupe Beneteau (France), Malibu Boats (US) and Ferretti Group (Italy) offer extensive products and solutions for the recreational boat industry, have strong distribution networks at the global level, and invest heavily in R&D to develop new products.

Recent Developments:

• In January 2023, Brunswick Corporation has announced the launching of an all-electric marine outboard in 2023. The Avator 7.5e will be the first in a full line of electric outboard motors from Mercury Marine, a division of Brunswick Corporation. A Mercury 3.5 hp FourStroke outboard has roughly the same output and performance as the 7.5e, rated at 750 W of power at the prop shaft. It is designed to be used in small boats such as tenders, inflatables, and kayaks and is available with a tiller or remote steering. An exchangeable lithium-ion battery is another feature of the Avator series. The 48 V/1 kWh battery pack has an IP67 water resistance rating and was created in collaboration with Mastervolt.
• In April 2023, Ferretti Group launched Custom Line 106' hull 14. The Custom Line 106 Ft, a Ferretti Group Engineering Department design, is the entry-level model for the brand's planning line. The yacht has interior spaces with a 2-meter-high ceiling, large windows, and over 200 square meters of interconnected outdoor spaces.
• In August 2022, Yamaha unveiled a brand-new 22 Ft platform which replaces the versatile 21 Ft center console line. There are three new 22-foot FSH models in total, and they all feature the top center console technology.
• In July 2022, Azimut Benetti Group, an Italian shipyard, expanded its model lineup by introducing the 37-meter Benetti B.Yond. Siemens Energy's cutting-edge E-Mode Hybrid system, which generates optimal energy consumption in accordance with particular usage profiles, is installed on the 395GT yacht. With the help of this technology, onboard noise and vibration are significantly reduced, consumption and CO2 emissions can be cut by up to 24%, and NOx emissions can be reduced
• In September 2022, Groupe Beneteau launched 15 new models across its four brands in the day boating segment. The models include Jeanneau Cap Camarat 10.5 Cc, Jeanneau Merry Fisher 1295, Jeanneau Db/43, Four Winns Th36, Wellcraft 355, and Prestige M48.
• In July 2021, Brunswick's Heyday brand launched its new H22 boat as part of its upcoming series of next generation wake boats. The boat comes with a length of 22'4 and has a 14-person capacity.
• In July 2021, Malibu boats launched the 25 LSV with a length of 7.62 meters, as part of its LSV series. It has a max capacity of 18 people and comes with 390 liters fuel capacity and 430 hp torque.
• In June 2021, Groupe Beneteau launched its Grand Turiamo 45 luxury boat with high class interiors, and dynamic control. It has a length of 14.78 meters, 900 Liters fuel capacity, 400 Liters freshwater capacity and 2X 440 CV/HP engine power.

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