New York, US, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR),” Recreational Boats Market Research Report Information by Boat Type, Boat Size, Power Source, Activity Type, Material Type, Engine Placement, Region, Power Range, and Engine Type - Forecast Till 2032”, the Recreational Boats market is forecast to cultivate considerably over the valuation period from 2022 to 2032 at a considerable CAGR of nearly 6.80%. The study documents offer projections related to the global market's expanding revenue records, which will likely reach a market of USD 32.7 Billion by the end of 2032. As per the reports, the market was valued at nearly USD 19.2 Billion in 2022.
Recreational Boats Market Overview:
The global Recreational Boats industry has advanced extremely recently. Increasing disposable income is the primary feature causing a surge in market performance.
Competitive Analysis
The list of the top leaders across the global Market for Recreational Boats includes players such as:
- White River Marine Group
- Azimut Benetti Group
- Groupe Beneteau
- Bass Pro Group
- Hobie Cat Company
- Bombardier Recreational Products
- Marine Products Corporation
- Brunswick Corporation
- Polaris Inc
- Bryton Marine Group
- Sunseeker International
- Yamaha Motor Co. Ltd.
- Among others.
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Recreational Boats Market USP Covered
Market Drivers
The global Recreational Boats industry has advanced extremely in recent years. The primary features causing a surge in market performance are the increasing disposable income, leisure pursuits, improved performance, availability of such luxurious yachts, and investments in second homes or holiday homes.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global market for Recreational Boats. One of the primary constraints restricting the advancement of the market's performance of the global market is the high prices associated with raw materials.
Recreational Boats Market COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries worldwide. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across most parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global market for Recreational Boats.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: USD 32.7 Billion |
| CAGR during 2023-2032 | 6.80% CAGR |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Boat Size, Engine Placement, Engine Type, Power Range, Material Type, Activity Type, Power Source, and Region |
| Key Market Opportunities | Government initiatives and favorable regulations |
| Key Market Dynamics | Rising interest in outdoor recreational activities |
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However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global market for Recreational Boats over the coming years.
Recreational Boats Market Segment Analysis
Among all the types, the yachts segment ensured the leading spot across the global market for recreational boats in 2022. Compared to others, yachts are often larger, providing plenty of room for entertaining, hosting guests, and relaxing. They offer opulent extras like helipads, eating facilities, spas, swimming pools, and lounges.
Among all the sizes, the <30 feet segment ensured the leading spot across the global market for recreational boats in 2022, offering the right for various activities like fishing, day cruising, and watersports.
Among all the engine placements, the outboards segment ensured the leading spot across the global market for recreational boats in 2022, given to the simple transfer and store facility.
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Among all the engine types, the electric segment ensured the leading spot across the global recreational boats market in 2022, given to a silent spinning motor and lack of a combustion system.
Among all the power ranges, the 100 kW segment ensured the leading spot across the global recreational boats market in 2022, given the affordability and a larger client base.
Among all the material types, the steel segment ensured the leading spot across the global recreational boats market in 2022, given to larger commercial vessels and strength.
Among all the activity types, the cruising & watersports segment ensured the leading spot across the global market for recreational boats in 2022, given the wide range of tastes of boaters by combining both leisurely sailing and vigorous watersports.
Among all the power sources, the engine-powered segment ensured the leading spot across the global market for recreational boats in 2022, given an established infrastructure.
Recreational Boats Market Regional Analysis
The research documents by MRFR indicate that the North American Region secured a leading position across the global Recreational Boats industry in 2022 with the largest contribution of nearly 45.80%. The region is known for vital expansion contributors such as Mexico, the U.S., and Canada. Furthermore, the infrastructure for boating and rental services is also considered to be one of the crucial aspects causing a surge in the regional market performance.
The European Region projects to ensure the second spot across the global Recreational Boats industry over the coming years. The region is known for the presence of vital expansion contributors such as France, Germany, and the U.K. The region's main parameter supporting regional market expansion is that many people travel by boat to Europe in search of chartering services and boating adventures. Nations with beautiful coasts, such as Turkey, Greece, and Croatia, draw tourists interested in ocean exploration.
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The Asia-pacific Region is anticipated to secure the maximum growth across the global Recreational Boats industry over the coming years. The main parameter supporting regional market expansion is the growing middle class in nations like India, China, and Southeast Asian countries since more people can now engage in recreational activities.
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