Bharat Book Bureau provides Market Research Market Report on “Recreational Boat Market by Boat Type, Size, Engine Placement, Engine, Material, Activity Type, Power Source, Region – Global Forecast to 2028”UNDER Automotive Industry Market Research Report Category. The report offers a collection of superior market research, market analysis, competitive intelligence and market reports. global The recreational boat market the size is projected to grow from USD 18.9 billion in 2023 to USD 25.9 billion by 2028, at a CAGR of 6.5%. The recreational boat market is expected to experience growth driven by various factors. The expansion of the tourism industry and the increase in disposable income contribute to the increase in demand for recreational boating experiences.
Additionally, advancements in autonomous marine technology are anticipated to drive the market by attracting a wider customer base, including less skilled recreational boaters who can enjoy boating with ease. The market benefits from the presence of multiple manufacturers operating in a well-integrated and fragmented industry. This ensures a steady supply of recreational vessels to meet global demand. The structure of the industry allows for a diverse range of boat options and competitive prices, adapting to the different preferences and budgets of boating enthusiasts around the world. “Outboard Motor Boat Segments Expected to Have the Largest Market Size During the Forecast Period” The outboard motor boat segment currently holds the largest share in the global recreational boat market and is expected to maintain its dominance in the future. High demand for offshore vessels, especially in the US and Europe, contributes to their leading position. This is mainly attributed to the advantages they offer, such as higher speed, easier mooring and lower maintenance costs compared to other types of boats. Additionally, the fact that the engine is located outside the boat reduces the risk of fire incidents, making outboard boats a popular choice among boating enthusiasts. “North America is expected to be the fastest growing market during the forecast period.” The North American region is poised to be the largest and fastest growing market for recreational boats worldwide. This is mainly driven by the high demand for boating and water sports activities in the region. The United States, in particular, is expected to experience significant growth, supported by government initiatives aimed at boosting the recreational boating market. However, market growth in both the US and Canada may be hampered by emissions regulations, which may reduce the demand for recreational boating in the coming years. Canada also exhibits a high demand for pleasure craft, as it has been one of the most popular leisure activities in the region. The country’s rich waterways and picturesque landscapes contribute to the popularity of boating activities. In Mexico, the recreational boat market is gradually gaining traction and is considered a fast-growing market in the region. As recreational boating finds its place in the country, the demand for boats and water-based activities is expected to grow steadily. “Electric Boats Expected to Be Fastest Growing Segment During Forecast Period” The future growth of electric boats is projected to surpass that of internal combustion (IC) boats due to several key factors. A key driver is the growing global emphasis on environmental concerns and sustainability. Electric ships produce zero direct emissions, addressing the urgent need to reduce carbon emissions and combat air and water pollution. Energy efficiency is another important advantage of electric ships. Electric propulsion systems convert a higher percentage of electrical energy into propulsion, resulting in improved overall efficiency and reduced energy loss. This translates into lower operational costs, extended range capabilities and a more sustainable use of resources. Government incentives and support further accelerate the growth of electric ships. Many governments around the world offer subsidies, tax credits and financing programs to promote the adoption of electric vehicles, including electric boats. These initiatives stimulate market demand and encourage boat manufacturers and consumers to embrace cleaner and more sustainable options. The growth of the electric boat market follows a specific regional sequence, with North America leading, followed by Europe and then Asia Oceania. This pattern can be attributed to several factors unique to each region. North America, particularly the United States, has established itself as a pioneer in the adoption of electric vehicle technologies, including electric boats. The region has cultivated a strong awareness of the benefits of electric vehicles and boasts a well-developed infrastructure, including charging networks and government incentives, which have accelerated the adoption of electric vessels. Europe, on the other hand, has taken proactive steps in implementing strict emissions regulations and environmental policies. The European Union has set ambitious targets for reducing carbon emissions, creating a regulatory environment that encourages the adoption of electric vehicles, including electric boats. The supportive regulatory framework in Europe has played a major role in driving the growth of the electric boat market in the region. Although currently behind it, Asia Oceania is gradually catching up in the growth of the electric ship market. The region is experiencing increased awareness, improved infrastructure and a growing interest in recreational boating. With a large population, increasing disposable income and a growing middle class, Asia Oceania presents significant market potential for electric ships in the future. “North America is expected to be the fastest growing market during the forecast period.” The North American region is poised to be the largest and fastest growing market for recreational boats worldwide. This is mainly driven by the high demand for boating and water sports activities in the region. The United States, in particular, is expected to experience significant growth, supported by government initiatives aimed at boosting the recreational boating market. However, market growth in both the US and Canada may be hampered by emissions regulations, which may reduce the demand for recreational boating in the coming years. Canada also shows a strong demand for pleasure craft, as it has been a traditional pastime in the region. The country’s rich waterways and picturesque landscapes contribute to the popularity of boating activities. In Mexico, the recreational boat market is gradually gaining traction and is considered a fast-growing market in the region. As recreational boating finds its place in the country, the demand for boats and water-based activities is expected to grow steadily. In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors and executives from various key organizations operating in this market. • By Company Type: Tier I – 33%, Tier II – 17%, and OEM – 50% • By Designation: CXO – 45%, Directors – 35% and Others – 20% • By Region: North America – 37% , Europe – 26%, Asia Oceania- 22% and RoW- 15% The recreational boat market is dominated by well-known players such as Brunswick Corporation (USA), Yamaha Motor Corporation (Japan), Groupe Beneteau (France), Ferretti Group and Malibu Boats (USA).. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships and mergers and acquisitions to gain traction in the recreational boating market.
Research coverage:
The report covers the recreational boat market by boat type (yachts, sailboats, personal watercraft, inflatables, other), boat size (50 feet), engine placement (outboard, inboard, other), type of engine (ICE, electric), type of material (Aluminum, steel, fiberglass, other), Power range (up to 100 kW, 100-200 kW, over 200 kW), type of activity (sailing + water sports, fishing), power source (motorized, sailing, human powered), Distribution Channel and Region (Asia Oceania, North America, Europe and RoW). It covers the competitive landscape and company profiles of key players in the recreational boating ecosystem. The study also includes an in-depth competitive analysis of the leading players in the market, along with their company profiles, key observations regarding product and business offerings, recent developments, and key market strategies.
Key benefits of purchasing the report:
•The report will assist the market leaders/new entrants in this market with information on the closest approximation of the revenue numbers for the overall recreational boat market and its sub-segments. •This report will help stakeholders understand the competitive landscape and gain more insight to better position their businesses and plan appropriate market entry strategies. •The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges and opportunities
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