Boat Market Forecasts to 2030 - Global Analysis By Type, Size, Propulsion, Hull, Power, Application, End-user and By Geography

According to Stratistics MRC, the Global Boat Market is accounted for $38.41 billion in 2023 and is expected to reach $67.56 billion by 2030 growing at a CAGR of 8.4% during the forecast period. Boats are defined as watercraft employed for both leisure and transportation reasons. They are typically employed in personal, recreational, sporting, military, and rescue operations. With respect to their intended use, the available raw materials, or regional customs, they can differ in both proportion and manufacturing techniques. The differences between boats and ships include size, construction and design, operational areas, cargo capacities, navigational technology, and a host of other aspects.

According to the National Marine Manufacturers Association (NMMA), it was reported that retail unit sales of new powerboats were up by an estimated 4 % in 2018, therefore helping to boost the global boat market.

Market Dynamics:

Driver:

Increasing trend of outboard boats

An outboard motor is an independent device with an engine, gearbox, and propeller that is intended to be mounted outside the transom. These boats are frequently used for small craft propulsion. Due to their plenty of operating possibilities, these boats are in increasing demand among customers who adore recreational activities. They are economical and easy to maintain, and they provide quick acceleration and a high cruising speed. They additionally offer precise turn ratios and rapid handling. These trends are accelerating the market growth.

Restraint:

Maintenance and environmental issues

Boats need regular servicing and frequent repairs to maintain their performance, lifespan, and safety. Maintaining a boat may be expensive and time-consuming, especially for larger or more complicated systems. Boats may damage the environment, particularly those propelled by fossil fuels. They can damage marine ecosystems and contribute to air and water pollution. Due to increased laws and limits on boating activities in some places as a result of environmental concerns, there may be restrictions concerning the usage of boats.

Opportunity:

Technological advancements and increasing customization

Advancements in technology offer opportunities for innovation and improved boating experiences. This covers developments in transportation technologies, including electric and hybrid engines, which offer improved fuel efficiency and less environmental impact. Additionally, advancements in navigational aids, security measures, and onboard comforts might draw in prospective customers and boost sales. The boat market offers products in response to consumers' growing desire for customised and distinctive items. Customers who desire an individual and personalised sailing experience may be attracted to boats that offer customization options for interior layouts, colour schemes, and amenities. These factors are boosting the market growth.

Threat:

Fluctuating fuel costs

Fuel is a major component of boating; consequently changes in fuel prices can affect both the cost and appeal of boating. High fuel costs may deter prospective buyers or force boat owners to reduce usage, which could have an impact on the boat industry. Fluctuations in the cost of raw materials, such as fibreglass, aluminium, and marine engines, can impact boat production costs.

COVID-19 Impact:

The production had been halted due to the limitations imposed by several countries to control COVID, which disrupted the entire supply chain and negatively impacted the tourism, fishing, and transportation sectors. But as the world markets gradually open up to their maximum potential and the tourism sector starts to recover, the market will continue to be bullish for the upcoming year. The COVID-19 outbreak and its detrimental effects on economies and industries around the world are used as the basis for the estimation of the considerable decline in the worldwide boat market size in 2020.

The water sports segment is expected to be the largest during the forecast period

The water sports segment is expected to be the largest during the forecast period. Water sports include wakeboarding, paragliding, rafting, cables skiing, skateboarding, knee boarding, water skiing, and others. These pursuits provide an abundance of pleasure and delight, and many individuals choose them in search of adventure. As consumer interests rise, so does the demand for water sports activities, and more people are anticipated to participate in adventure water sports, fuelling the market expansion.

The recreational segment is expected to have the highest CAGR during the forecast period

The recreational segment is expected to have the highest CAGR during the forecast period. Recreational boats provide a platform for a wide range of water-based activities, such as cruising, fishing, and sailing. They are also used for wakeboarding, diving, snorkelling, parasailing, surfing, rafting, and other water activities. They provide an opportunity for quality time spent with family and friends. These are frequently used by people to hold gatherings and events and for casual vacations. These aspects are propelling the segment growth.

Region with largest share:

The Asia-pacific region held the largest market share during the forecast period, due to its positive developments in fishing and leisure activities. The expanding middle class in developing nations and the rising wealth of emerging economies will foster a favourable environment for market expansion. A number of Asian nations, including China, Japan, South Korea, and Thailand, have a significant domestic boat market. Large coasts and a long history of boating in these nations have increased demand for a variety of boats, including yachts, sailboats, fishing boats, and personal watercraft.

Region with highest CAGR:

The Asia-pacific region held the highest CAGR during the forecast period. Asia is home to popular tourist destinations known for their coastal areas. These locations draw both domestic and foreign tourists, increasing the demand for different water-based activities like boating. To meet the rising demand for recreational boating, many Asian nations are investing in the construction of marinas and waterfront infrastructure. This involves building marinas, yacht clubs, and waterfront resorts that offer boat owners and charter operators docking space and amenities. The expanding middle class in developing nations and the rising prosperity of emerging economies will encourage positive market growth.

Key players in the market:

Some of the key players in Boat market include: Willard Marine, Fassmer, Asis Boats, SAFE Boats, Sunbird Yacht, BCGP, Connor Industries, South Boats IOW, HiSiBi, LOMOcean Design, Maritime Partner AS, FB Design and Alutech.

Key Developments:

In November 2022, Safe Boats International has formed a production partnership with West Palm Beach, Fla.-based autonomous maritime technology provider, Mythos AI.

In April 2022, Sportsman Boat and Yamaha Motor Finance Corporation, U.S. announced a new multi-year exclusive financing agreement. From July 2022, Yamaha Financial Services will become the exclusive inventory and retail financing provider for Sportsman Boat.

Types Covered:

• Outboard
• Inboard
• Pleasure Boat
• Fishing Boat
• Commercial Boat
• Military Boat
• Personal Watercraft
• Other Types

Sizes Covered:

• Below 20 ft
• 20 - 50 ft
• More than 50 ft

Propulsions Covered:

• Conventional
• Electric
• Solar
• Sailboat
• Other Propulsions

Hulls Covered:

• Wood
• Steel
• Glass Reinforced Plastic
• Other Hulls

Powers Covered:

• Sail-Propelled Boats
• Engine-Powered Boat

Applications Covered:

• Fishing
• Sailing
• Surveys
• Water Sports
• Tourism
• Patrol Boats
• Rescue
• Other Applications

End Users Covered:

• Recreational
• Commercial
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances