Recreational Boating Market Growth Potential & Forecast, 2032

As per a recent research report, Recreational Boating Market to surpass USD 60 bn by 2032.

As per the report, growing government support for the boating industry in Australia and Canada is a key driver for industry demand. Governments in these regions are making substantial investments in the tourism sector, which will increase the demand for recreational boating. In February 2021, the British Columbia government announced an investment of over USD 20 million for 54 projects to revive the tourism sector affected by the COVID-19 pandemic. In 2022, the government invested another USD 21.3 million, providing a total investment of USD 41.3 million for the tourism infrastructure. Such developments will create stronger demand for recreational activities such as boating over the foreseeable future.

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Based on engine, recreational boating industry size from the gas segment will be worth USD 15 billion by 2032. Easier accessibility of gas engines, given their easier maintenance and lower cost over their diesel counterparts is contributing to segment expansion. These engines are preferred by boaters for superior acceleration and speed. Moreover, maintenance and repair of gas engines are also easier owing to high availability of a large network of service providers, which may boost product use.

Inboard boat market share is poised to grow at an 8% CAGR from 2023 to 2032. Owing to their superior acceleration, maneuverability, and speed, inboard boats have become increasingly popular in recent years. These boats also have a quieter operation and demonstrate fuel efficiency and are suitable for water sports such as waterskiing, wake surfing, and wakeboarding, among others. Growing inclination of boaters towards water sports is likely to further encourage the adoption of inboard boats.

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North America recreational boating market size will be over USD 40 billion by 2032. Growing government initiatives for the development of recreational boating infrastructure in the U.S. is accelerating regional industry growth. As per the U.S. Fish & Wildlife Service, in March 2023, the U.S. government announced an investment of more than USD 20 million in the development of boating facilities for outdoor recreation. Moreover, growing participation in water sports and recreational boating is further contributing to recreational boating industry expansion across North America.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Recreational boating market 360ยบ synopsis, 2018 - 2032

2.2    Business trends

2.2.1    Total Addressable Market (TAM), 2023-2032

2.3    Regional trends

2.4    Product trends

2.5    Engine trends

Chapter 3   Recreational Boating Industry Insights

3.1    COVID-19 impact

3.2    Russia- Ukraine war impact

3.3    Industry ecosystem analysis

3.3.1    Raw material suppliers

3.3.2    Manufacturers

3.3.3    Distribution channel analysis

3.3.4    End-use landscape

3.3.5    Profit margin analysis

3.3.6    Vendor matrix

3.4    Technology & innovation landscape

3.4.1    Assisted digital docking

3.4.2    Autonomous navigation system

3.4.3    Smart infotainment system

3.4.4    Electric recreational boats

3.5    Patent analysis

3.6    Key news and initiatives

3.7    Pricing analysis

3.8    Regulatory landscape

3.8.1    North America

3.8.2    Europe

3.8.3    Asia Pacific

3.8.4    Latin America

3.8.5    MEA

3.9    Impact forces

3.9.1    Growth drivers

3.9.1.1   Proliferation of recreational boating and water sports activities globally

3.9.1.2   Increasing government support for boating industry in Canada & Australia

3.9.1.3   Growing demand for advanced technologies in recreational boats

3.9.1.4   Rise in popularity of watersports and marine leisure in Asia Pacific

3.9.1.5   Positive outlook of tourism industry in Middle East & European countries

3.9.2    Industry pitfalls & challenges

3.9.2.1   High initial cost of recreational boats

3.9.2.2   Increasing fatalities and injuries

3.10    Growth potential analysis

3.11    Porter’s analysis

3.12    PESTEL analysis

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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