PUBLISHER: The Business Research Company | PRODUCT CODE: 1409667
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409667
“Outboard Boats Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on outboard boats market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for outboard boats? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The outboard boats market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
An outboard boat is a type of boat powered by outboard motors, with the engine mounted on the transom (back) of the boat. These boats come in various sizes, ranging from small fishing boats to large yachts.
The primary segments in the outboard boat market include recreational boats, rigid inflatable boats (RIBs), and small utility boats. RIBs, characterized by a rigid hull and inflatable tubes around the sides, find applications in tourism, water sports, commercial activities, and leisure pursuits. They are utilized in various industries, including fishing, water taxi services, transportation, and hospitality businesses.
The outboard boat market research report is one of a series of new reports from The Business Research Company that provides outboard boat optical components market statistics, including outboard boat optical components industry global market size, regional shares, competitors with an outboard boat optical components market share, detailed outboard boat optical components market segments, market trends, and opportunities, and any further data you may need to thrive in the outboard boat optical components industry. This outboard boat optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The outboard boats market size has grown strongly in recent years. It will grow from $5.74 billion in 2023 to $6.29 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth observed in the historic period can be attributed to factors such as consumer preferences, boating regulations, environmental concerns, boating infrastructure, and cultural shifts.
The outboard boats market size is expected to see strong growth in the next few years. It will grow to $8.92 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The anticipated growth in the forecast period can be attributed to factors such as the integration of safety features, rising disposable income, the prevalence of online sales channels, adoption of electric propulsion, and the growth of boating tourism. Major trends expected in this period include the adoption of hybrid and electric propulsion systems, modular and customizable design options, advancements in autonomous and assisted navigation, a focus on luxury and high-performance segments, and the enhancement of connectivity features.
The expected surge in the demand for recreational activities is set to drive the growth of the outboard boat market. Recreational activities encompass both indoor and outdoor leisure pursuits undertaken for exercise, relaxation, and pleasure. Outboard boats are gaining popularity among enthusiasts of aquatic sports and recreation due to their versatility, ease of use, and affordability. Notably, the Outdoor Foundation reported in 2023 that the number of participants in outdoor recreation reached a record high of 168.1 million individuals in 2022, marking a 2.3% increase. This participation accounted for 55% of the U.S. population aged six and above. Consequently, the rising demand for recreational activities is fueling the expansion of the outboard boat market.
The growth of international tourism is anticipated to propel the outboard boat market forward. International tourism involves traveling to a country other than one's residence for various purposes, including leisure and business. Outboard boats serve as recreational and transportation options for international travelers exploring coastal destinations. According to the United Nations World Tourism Organization in May 2023, international tourism receipts rebounded, reaching the significant milestone of USD 1 trillion in 2022. This marked a substantial 50% growth in real terms compared to the figures recorded in 2021. Thus, the expansion of international tourism acts as a driving force for the outboard boat market.
The adoption of advanced technologies emerges as a prominent trend gaining popularity in the outboard boat market. Key players in the market are actively developing innovative solutions to enhance their market positions. Yamaha Motor Co., Ltd., for example, introduced HARMO in September 2021, a vessel featuring a novel boat maneuvering method, an electronic propulsion system, and a steering control system. HARMO represents a next-generation boat-maneuvering system platform, incorporating an electric motor-powered propulsion device, a remote control box, and a joystick for improved operation, providing passengers with a more luxurious experience due to the distinctive quietness of electric motors.
Major companies in the outboard boat market are also focusing on delivering innovative series equipped with hybrid propulsion systems to offer eco-friendly boating solutions. Hybrid propulsion systems combine two or more distinct power sources to propel a vehicle or vessel. Ribcraft Middle East, a UAE-based manufacturer of professional rigid inflatable boats, launched a series of rigid inflatable boats (RIB) with hybrid propulsion in October 2021. Each boat in the series, powered by two Volvo Penta D4-270A diesel inboards and a Transfluid HM650 hybrid module, achieves a top speed of 42 knots and operates in fully electric mode at six knots, reducing noise and emissions.
In January 2021, Malibu Boats, a U.S.-based manufacturer of recreational boats, acquired Maverick Boat Group for $150 million. This strategic acquisition expands Malibu's saltwater outboard offerings and leverages the growth momentum of Maverick Boat Group by increasing production capacity, allowing the continued delivery of innovative boats to customers. Maverick Boat Group is a U.S.-based company manufacturing various boats, including outboard boats.
Major companies operating in the outboard boats market report are Bombardier Products Inc., Brunswick Corporation, Campion marine Inc., Cantieri Capilli SRL, Groupe Beneteau, Polaris Inc., Poseidon Boats, White River Marine Group, Nimbus Group, Sightseer Marine Inc., Marine Products Corporation, Waterline Systems Inc., Mahindra & Mahindra, Ribcraft Ltd., Scout Boats, Seaark LLC, Stingray Boats, Zodiac Milpro Inc., Ferretti Group, Tracker Boats, Bravia Yachtbau, Yamaha Motor Co. Ltd., Malibu Boats Inc., MasterCraft Boat Holdings Inc., Bass Cat Boats, Chaparral Boats Inc., Cobalt Boats, Crownline Boats, Grady-White Boats Inc., Hewescraft, Cruisers Yachts, Lowe Boats, Lund Boat Company Inc., Tracker Marine Group, NauticStar Boats, Regal Boats, Robalo Boats, Skeeter Products Inc., Sportsman Boats Manufacturing Inc., Starcraft Marine LLC, Stratos Boats, Sylvan Marine, Fisherman's Boat Group Inc
North America was the largest region in the outboard boat market in 2023. Asia-Pacific is expected to be the fastest-growing region in the outboard boat market report during the forecast period. The regions covered in the outboard boats market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the outboard boats market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The outboard boat market consists of sales of fishing boats, dinghy boats, and deck boats. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.