DUBLIN, Sept. 11, 2023 /PRNewswire/ — The “Recreational Boating Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts- 2023 to 2031” report has been added to ResearchAndMarkets.com’s offering.
The recreational boating market” is expected to grow at a CAR of 6% during the forecast period of 2023 to 2031, driven by factors such as increasing disposable incomes, rising tourism and travel activities, and a growing interest in outdoor recreational pursuits.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The market revenue of the recreational boating industry has witnessed a steady increase, with global revenue reaching billions of dollars annually. The market is expected to continue its positive growth trajectory in the coming years. One of the key drivers behind the growth of the recreational boating market is the rising disposable incomes of individuals worldwide.
As economies develop and personal incomes increase, more people are able to afford recreational activities, including boating. The desire for leisure and recreational experiences, particularly among affluent individuals, has contributed to the growth in boat sales and related services. Additionally, the availability of financing options has made boating more accessible to a wider consumer base.
Moreover, the growing interest in tourism and travel activities has also fueled the demand for recreational boating. Boating offers a unique experience for travelers, allowing them to explore coastlines, lakes, and rivers in an immersive and enjoyable way. Many popular tourist destinations offer boating experiences and water-based activities, attracting both domestic and international tourists. This has driven the demand for rental boats, boat charters, and other boating services, further contributing to the market revenue.
Rising Disposable Incomes and Affordability
The recreational boating market is driven by the increasing disposable incomes of individuals worldwide, which contribute to the affordability of recreational boating activities. As economies grow and personal incomes rise, more people have the financial means to engage in leisure and recreational pursuits such as boating.
According to the World Bank, global per capita income has been steadily increasing over the years, indicating a growing pool of potential customers for the recreational boating industry. This can be evidenced by the rising boat sales and the availability of financing options, making boating more accessible to a wider consumer base.
Growing Interest in Outdoor Recreation and Water-Based Activities
The growing interest in outdoor recreational activities, particularly water-based activities, is a significant driver of the recreational boating market. Boating offers a unique experience for individuals seeking leisure and adventure. It provides opportunities for fishing, watersports, sailing, cruising, and exploring scenic coastlines, lakes, and rivers. The desire for outdoor adventure, relaxation, and quality time with family and friends has led to an increase in the number of boating enthusiasts. This can be observed through the growing participation in boating events, marina occupancy rates, and the popularity of water sports equipment and accessories.
Tourism and Travel Activities
The recreational boating market is positively influenced by the tourism and travel industry. Many popular tourist destinations worldwide offer boating experiences and water-based activities, attracting both domestic and international tourists. Boating provides a unique perspective and access to scenic coastal areas, islands, and inland waterways, enhancing the overall tourism experience.
This can be supported by the presence of boating tour operators, boat rental services, and marinas in popular tourist regions. For example, coastal regions such as the Caribbean, the Mediterranean, and Southeast Asia are known for their thriving recreational boating industries, driven by the influx of tourists seeking boating experiences.
Environmental and Sustainability Concerns
The recreational boating market faces a significant restraint in the form of environmental and sustainability concerns. As the popularity of boating increases, there is a growing recognition of the potential environmental impacts associated with recreational boating activities. Boating can contribute to water pollution through fuel emissions, oil spills, and the release of untreated sewage. These activities can harm marine ecosystems, affect water quality, and disrupt the natural balance of aquatic habitats.
Additionally, the use of non-biodegradable materials in boat construction and the disposal of waste materials pose challenges to environmental sustainability. This restraint is evidenced by various regulatory measures implemented to mitigate the environmental impact of boating, such as the enforcement of stricter emission standards, the promotion of eco-friendly practices, and the establishment of protected marine areas.
For instance, many countries have imposed regulations on boating activities, including restrictions on speed, the use of environmentally friendly fuels, and the implementation of mandatory waste management practices. Moreover, consumer awareness and demand for sustainable boating practices have led to the development of eco-friendly technologies, such as electric propulsion systems and biodegradable materials for boat manufacturing. These efforts aim to address the environmental concerns associated with recreational boating and promote a more sustainable future for the industry.
North America Leads Revenue, while APAC Leads the Growth
North America, remained the largest revenue-generating region in boat sales, boat rentals, and boating-related services in 2022. Europe, with its picturesque coastlines and numerous waterways, is also a significant market for recreational boating. Countries like Italy, France, and the United Kingdom have a rich boating culture and attract both domestic and international boating enthusiasts.
Additionally, the Asia Pacific region is emerging as a lucrative market, driven by factors such as rising disposable incomes, increasing tourism, and growing interest in leisure activities. Countries like China, Japan, and Australia are witnessing a surge in boat sales and investments in marina infrastructure to cater to the growing demand for recreational boating.
In terms of the highest CAGR during the forecast period of 2023 to 2031, the Asia Pacific region is experiencing robust growth, driven by the expanding middle class, improving living standards, and a growing interest in boating as a leisure activity. However, in terms of revenue percentage, North America continues to lead the market, primarily due to its well-established boating industry, high consumer spending power, and the presence of luxury boat manufacturers.
The region boasts a strong market for yacht sales and luxury boat charters, contributing to its significant revenue share in the recreational boating market. Overall, while North America holds the highest revenue percentage, the Asia Pacific region is witnessing the highest CAGR, showcasing the shifting dynamics and growth potential in different geographic segments of the recreational boating market.
Market Competition to Intensify during the Forecast Period
The recreational boating market is characterized by intense competition among key players who strive to capture a significant share of the market. Some of the top players in the industry include Brunswick Corporation, Groupe Beneteau, Malibu Boats, Yamaha Motor Corporation, and MasterCraft Boat Holdings.
These companies have established their presence in the market through a combination of factors such as product innovation, brand reputation, extensive distribution networks, and strategic partnerships. One of the key competitive trends in the recreational boating market is a focus on product innovation and technology.
Companies are continuously investing in research and development to introduce new and advanced boat models that offer enhanced features, improved fuel efficiency, and greater comfort. Integration of cutting-edge technologies such as smart navigation systems, advanced safety features, and eco-friendly propulsion systems has become a key differentiating factor for market players.
This focus on innovation helps companies attract and retain customers by providing them with superior boating experiences. Another competitive trend is the emphasis on customer-centric strategies. Top players in the recreational boating market understand the importance of customer satisfaction and loyalty.
They strive to build strong relationships with customers by offering personalized services, customization options, and comprehensive after-sales support. This includes providing maintenance services, training programs, and facilitating easy access to spare parts. By focusing on customer needs and preferences, companies can strengthen their market position and gain a competitive edge.
- Brunswick Corporation
- Groupe Beneteau
- Malibu Boats
- Yamaha Motor Corporation
- MasterCraft Boat Holdings
- Personal Watercrafts
- < 30 Feet
- 30-50 Feet
- >50 Feet
- Up to 100 kW
- 100-200 kW
- Above 200 kW
- Engine Powered
- Sail Powered
- Human Powered
- Dealer Network
- Boat Shows
- Online Sales
For more information about this report visit https://www.researchandmarkets.com/r/i59tdm
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