The global 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. In the near future, demand for recreational boat is expected to increase due to favourable investment made for boat industry.
The future market for recreational boats is expected to experience significant growth due to various contributing factors. Firstly, as economies continue to grow, there will be an increase in disposable incomes, enabling more individuals and families to afford recreational boats. The rising affluence and improving standards of living will drive the demand for leisure activities and luxury goods, including recreational boats. Furthermore, there is a growing interest in outdoor recreation worldwide, driven by a desire to reconnect with nature, engage in physical activities, and seek experiences away from urban environments. Recreational boating offers an ideal opportunity to enjoy water-based activities, explore new destinations, and relax amidst natural surroundings. The tourism industry, particularly in coastal and waterfront destinations, is also expected to expand, which will fuel the demand for recreational boats. Boating activities such as sailing, cruising, and water sports are popular among tourists seeking unique experiences. The expansion of tourism infrastructure, including marinas, boat rental services, and waterfront amenities, will further contribute to the growth of the recreational boat market. Technological advancements in boat manufacturing will play a crucial role in attracting new customers and driving market growth. Advances in boat design, construction materials, propulsion systems, and onboard amenities have resulted in more efficient, eco-friendly, and user-friendly recreational boats. Improved fuel efficiency, enhanced safety systems, digital navigation aids, and advanced entertainment options are some of the innovative features that will appeal to consumers. Demographic factors, such as population growth, urbanization, and an aging population with more leisure time, will also contribute to the increased demand for recreational boats. Additionally, younger generations, including millennials and Generation Z, are showing a growing interest in outdoor activities and experiences, indicating a potential market expansion for recreational boating. Government initiatives and support are further driving the growth of the recreational boat market. Governments worldwide recognize the economic and social benefits of recreational boating and are implementing supportive policies, investing in marine infrastructure development, and promoting boating tourism. Such initiatives create a favorable environment for market growth and attract new participants to the recreational boating industry. Lastly, the focus on sustainability and green boating practices is shaping the future of the industry. Environmental concerns and a growing emphasis on sustainability have led to an increased demand for eco-friendly and electric-powered boats that reduce carbon emissions and minimize the ecological impact. Manufacturers and industry stakeholders are incorporating sustainable practices, which will attract environmentally conscious consumers and drive market growth. Considering these factors, along with evolving consumer preferences and the introduction of innovative boat designs and experiences, the future of the recreational boat market looks promisings. However, it's important to note that market dynamics may vary across regions, influenced by local economic conditions, regulatory frameworks, and cultural factors.
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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 adopted new product launches, supply contract, and other strategies to gain traction in the recreational boat market.
Brunswick Corporation is a global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond. The company's unique, technology-driven solutions are informed and inspired by deep consumer insights. Brunswick is dedicated to industry leadership, to being the best and most trusted partner to its many customers, and to building synergies and ecosystems that enable it to challenge convention and define the future.
Brunswick is home to more than 60 industry-leading brands, including:
Brunswick's products are sold in more than 100 countries and its employees operate in 29 countries. The company's headquarters are in Mettawa, Illinois. In 2022, Brunswick reported sales of $6.8 billion and net income of $610 million. The company's growth was driven by strong demand for its products, particularly in the marine propulsion and boat segments. Brunswick also benefited from its investments in technology and innovation, which helped it to improve its products and services. Brunswick is well-positioned for continued growth in the future.
Yamaha Motor Corporation is a Japanese multinational corporation that designs, manufactures, distributes, and markets motorcycles, marine products, outboard motors, ATVs, side-by-sides, snowmobiles, golf carts, and other recreational products. The company was founded in 1955 and is headquartered in Iwata, Shizuoka, Japan. Yamaha Motor Corporation's boat business is a global leader in the design, manufacture, and distribution of boats for recreational and commercial use. The company's boat lineup includes fishing boats, pontoons, cruisers, and sport boats. Yamaha Motor Corporation's boats are known for their high quality, performance, and reliability. The company's boat business generated a revenue of USD 2.8 Billion in 2021. Yamaha Motor Corporation is well-positioned to capture this growth due to its strong brand, global reach, and focus on innovation. The company has a long history of innovation in the boat industry, and it continues to invest in new technologies to improve its boats.
Groupe Beneteau is a French multinational corporation that designs, manufactures, and distributes boats, sailing rigs, and engines. The company was founded in 1884 and is headquartered in France. Groupe Beneteau is a global leader in the design, manufacture, and distribution of boats for recreational and commercial use. The company's boat lineup includes sailing boats, motorboats, catamarans, and pontoons. Groupe Beneteau's boats are known for their high quality, performance, and reliability. In 2022, Groupe Beneteau's boat business generated sales of USD 1.6 billion .Groupe Beneteau is well-positioned to capture this growth due to its strong brand, global reach, and focus on innovation. The company has a long history of innovation in the boat industry, and it continues to invest in new technologies to improve its boats.
Malibu Boats, Inc. is a designer, manufacturer, and marketer of sport boats. The company offers a variety of boats for water sports, including water skiing, wakeboarding, and wake surfing. Malibu Boats also offers a line of sterndrive and outboard boats. Malibu Boats was founded in 1982 and is headquartered in Loudon, Tennessee. The company has a network of independent dealers in North America, Europe, Asia, the Middle East, South America, South Africa, and Australia andNew Zealand. In 2022, Malibu Boats reported revenue of USD 1.2 billion. The company's growth has been driven by its focus on innovation and new product launches. Malibu Boats is a leader in the sport boat market. The company's boats are known for their performance, luxury, and style. Malibu Boats is also known for its commitment to customer service.
Ferretti Group is aglobal manufacturer of luxury motor yachts. The company was founded in 1968 and is headquartered in Italy. Ferretti Group has a wide range of brands, including Ferretti Yachts, Pershing, Riva, Itama, Custom Line, Wally, and CRN.Ferretti Group's boats are known for their high quality, performance, and style. The company's boats are sold in over 100 countries and are popular with celebrities, sports stars, and other affluent individuals.In 2022, Ferretti Group generated sales of USD 1.1 billion .Ferretti Group is well-positioned to capture this growth due to its strong brand, global reach, and focus on innovation. The company has a long history of innovation in the yacht industry, and it continues to invest in new technologies to improve its boats.
Some of the company's most popular boat brands:
Recreational Boat Market by Boat Type (Yachts,Sailboats, Personal Watercrafts, Inflatables), Size (<30 Feet, 30-50 Feet, >50 Feet), Engine Placement, Engine (ICE, Electric), Material, Activity Type, Power Source,Region - Global Forecast to 2028
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