PUBLISHER: IMARC | PRODUCT CODE: 1561416
PUBLISHER: IMARC | PRODUCT CODE: 1561416
The global recreational boating market size reached US$ 23.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 36.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.9% during 2024-2032.
Recreational boating is a leisure activity wherein boat is used to travel on water. It includes boat racing, campaigning, sailing, fishing, and other sports games, such as kayaking and sports fishing. It is caried out using recreational boats that are man, sail, or engine powered. Some of the commonly used boats for recreational boating include towboats, runabouts, fishing boats, sailboats, sterndrive powerboats, pontoon boats, jet boats, propulsion systems, personal watercraft, and cabin cruisers.
Significant expansion of the watersports tourism industry around the world represents one of the key factors propelling the growth of the market. Apart from this, rising attraction towards outdoor recreational activities and watersports, especially among millennial and post-millennial populations, is positively influencing the market. This can also be accredited to a wide range of diversified advantages associated with recreational activities, which include reducing stress, developing personal growth, enhancing life satisfaction, and improving physical health, self-esteem, and self-reliance. In addition, leading market players are introducing electric personnel boats for clean and silent recreational activities. They are also investing in land-based private islands that enable cruise lines to provide customers with exclusive beach time as an extension of the onboard experience. This, along with several technological advancements in boats and engines to provide a safe and pleasant experience to individuals worldwide, is creating a favorable market. Besides this, there is a rise in the popularity of sport fishing and motorized watersports, such as sailing, jet-skiing, and yachting activities, across the globe. This, in confluence with the increasing initiatives undertaken by governing agencies of various countries to promote water sports, is projected to drive the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global recreational boating market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product type, activity type, material type, size and power source.
The competitive landscape of the industry has also been examined along with the profiles of the key players being Baja Bound Insurance Services Inc., Brunswick Corporation, Catalina Yachts, Chaparral Boats Inc. (Marine Products Corporation), Edenton Boatworks LLC, Grady-White Boats Inc., Hobie CAT Company, MasterCraft Boat Holdings Inc., Maverick Boat Group Inc. (Malibu Boats), Polaris Inc., White River Marine Group (Bass Pro Shops) and Yamaha Motor Company Limited.