Latest News- Recreational Boats Market: Sailboats is expected to lead the Type segment during 2025-2029

The Recreational Boats Market is being driven by Increasing customer engagement in recreational boating activities

The Recreational Boats Market is expected to grow at a CAGR of 6.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7112.5 million. The recreational boats market experiences significant growth due to the increasing population of High Net Worth Individuals (HNWIs), who represent a minimal percentage of the global population yet control a substantial portion of the world's wealth. With leisure boating emerging as a favored recreational activity among this affluent demographic, the market's expansion is heavily influenced by the global HNWI population's size and distribution. The World Bank reports that HNWIs account for less than 1% of the world's population but manage over 40% of the world's total wealth. Originally concentrated in the Western world, HNWIs have expanded their presence across various regions worldwide, driving spending on luxury items, including recreational boats. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type

  • Sailboats
  • Personal watercrafts (PWC)
  • Inflatables

• Product Type

  • Outboards
  • Inboard

• Application

  • Cruising
  • Fishing
  • Watersports

• Geography

  • North America

    • Canada
    • Mexico
    • US

  • Europe

    • Germany
    • UK
    • France

  • APAC

    • China
    • India
    • Japan

  • South America

    • Brazil

  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing customer engagement in recreational boating activities
• Government initiatives for developing boating and yachting ecosystem
• Increasing demand for outboard engine-operated powerboats

However, the market also witnesses some limitations, which are as follows:

• High total cost of ownership for recreational boats
• Stringent regulations for pollution control
• Declining boat registrations due to increasing accidents

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Market Scope in Recreational Boats Market Research Report

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Research Analysis Overview

The Recreational Boats Market is experiencing a surge in demand due to pent-up travel desires and rising confidence levels, despite travel restrictions. Boat options cater to various preferences, budgets, and water bodies, including pontoons, sailboats, and motorboats. Tourist hotspots and overall tourism recovery hinge on sustainable development, economic conditions, and production schedules in the recreational industry. Leisure activities like water sports and international tourism contribute to industry dynamics. Battery prices and environmental impact are key considerations, while tourism operators and organizations focus on navigable waters and minimizing environmental impact. Water sports demand and international tourists' preferences influence boat sales. Sailboats and motorboats continue to be popular choices.

Market Research Overview

The Recreational Boats Market, a segment of the larger Leisure Products industry, is experiencing significant growth due to several key factors. Pent-up demand from travel restrictions and increased confidence levels have led to a surge in boat sales. Consumers exhibit varying preferences, from pontoons and cruises to water sports boats and personal watercraft, catering to diverse budgets. Used boat sales also contribute significantly to market growth. Technavio projects that this trend will continue, driven by increasing memberships in water sports and recreational clubs, expanding boat options, and continuous innovation in boat technology.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/