The Recreational Boat Market Industry is set to reach a valuation of $25.9 billion by 2028, driven by growing consumer interest in boating activities and outdoor leisure. This industry encompasses a wide variety of vessels, including personal watercraft, sailboats, motorboats, and yachts, appealing to a broad demographic. With rising disposable incomes and a renewed focus on recreational activities, the demand for recreational boats has surged, particularly in regions with prominent coastlines and popular boating destinations. Additionally, the industry is benefiting from boat-sharing platforms and fractional ownership models, making it easier for consumers to access boating without committing to full ownership.
Technological advancements are also playing a significant role in the expansion of the Recreational Boat Market Industry. Innovations in safety features, fuel efficiency, and onboard amenities have enhanced the overall boating experience, making it more appealing to new customers. Moreover, the industry is seeing a push toward eco-friendly alternatives, such as electric and hybrid-powered boats, aligning with the global emphasis on sustainability. Together, these trends are propelling the market forward, with strong growth projected over the coming years.
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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 market by engine type. An electric boats obtains power from an 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 larget market of the recreational boatin 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 efficiencent porpulsion, and other features providing comfort. This offers recreational boat OEMs opportunities to increase their presence in North America.
Key Players
The recreational boat market is dominated by global players such as Brunswick Corporation (India), Yamaha Motor Corporation (Japan), Groupe Beneteau (France), Malibu Boats (US) and Ferretti Group (Italy). These companies 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.
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