The global recreational boat market is all set to witness highest of 6.2% and is estimated to grow from $16.4 billion to $23.6 billion by 2027. The advancements in the autonomous marine technology will rise the demand for recreational boating, increasing demand for less skilled recreational boaters. The availability of the larger number of manufacturers in this well fragment industry ensures a stable supply for the demand of recreational boats around the world.
Depending on region, North America accounts the largest and vigorously growing share of the recreational boat market. The high demand for leisure boating and water-sports in this region will propel the market growth in this region. US is predicted to be a fastest- growing market in this region with government helping grow the recreational boat market over the years. Moreover, Canada will also boost the market growth due to high demand of recreational boating being a traditional pastime in this area. Along with Canada and US, Mexico is also fastest-growing region for recreational boat market. However, the Emissions regulations could limit the growth rate of the market in these countries.
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The outboard segment of the recreational boat market has high demand in US and Europe and thus the outboard segment will continue to be the largest segment during the estimated period. The outboard segment have good speeds and are easier to dock and cost much less to maintain compared to other variants. Moreover, these boats also have low risk of catching fire as the engine is located outside the boat.
Personal boats are manufactured by aluminium as aluminium is low in cos, maintenance requirements, less servicing and ease of use for general boating operations. Aluminium boats are easier to manufacture and are available recreational boats in market. Therefore, the aluminium boats segment is the largest boat segment of the recreational boat market across the globe. As there is high demand for aluminium boats in the North America and European region. Thus, North America will be the largest market for aluminium boats followed by Asia Oceania, Europe, and rest of world.
The key vendors operating in the Recreational boat market are Brunswick Corporation (US), Groupe Beneteau (France), Malibu Boats (US), Polaris Inc. (US) and MasterCraft Boat Company (US). These companies have been developing new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the recreational boat market.
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