Global Recreational Boat Market Report 2022: Growing Tourism Sector Bodes Well for Growth – ResearchAndMarkets.com
The global recreational boat market is expected to grow from $38.04 billion in 2021 to $40.61 billion in 2022 at a compound annual growth rate (CAGR) of 6.8%. The recreational boat market is expected to reach $49.22 billion in 2026 with a CAGR of 4.9%.
The main types of recreational boats are yachts, sailboats, personal watercraft, inflatables and other types. Yacht refers to a vessel having sails and sometimes a motor, used for recreational or competitive sailing. The size of the yacht varies from small to large, and it is widely used for recreational activities. Pleasure boats use various sources of energy such as engines, sails and humans. Types of materials used in the manufacture of recreational boats include aluminum, fiberglass, steel, and other materials. They are used for fishing, transportation, sports, travel and tourism, and other applications.
North America was the largest region in the recreational boat market in 2021. Western Europe is expected to be the fastest growing region during the forecast period. Regions covered in the Recreational Boats market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle -East and Africa.
Growth in the tourism sector is expected to propel the growth of the recreational boat market. Tourism is a social, cultural and economic phenomenon that involves individuals traveling to countries or places beyond their typical environment for personal or business/professional reasons. The rapid growth of tourism in the last decade is due to the increase in disposable income, access to various places, the desire to explore, etc.
The pleasure boat helps the tourism industry by transporting passengers to the desired travel destination and providing a luxurious experience for tourists. For example, according to a report published by the United Nations World Trade Organization (UNWTO) in 2022, global tourism increased from 400 million in 2020 to 415 million in 2021, an increase of 4% in 2021 compared to the previous year. Hence, the increase in tourism is expected to drive the demand for recreational boats over the forecast period.
Technological advancement is a key trend gaining popularity in the recreational boat market. In the recreational boat sector, artificial intelligence is widely used to optimize routes, reduce emissions and reduce instances of human error through the use of highly developed AI systems.
For example, in December 2020, Buffalo Automation, an American start-up specializing in artificial intelligence and creating autonomous navigation technology for water taxis, pleasure boats and commercial vessels, launched Greycraft Water Taxi. It is the first fully autonomous, AI-driven robotaxi capable of carrying passengers. The system uses artificial intelligence, neural networks and thermal imaging technologies to detect even the most minor obstacles and safety issues, issuing important alerts and helping to navigate safely around them. It is a stable, safe and secure mode of transportation.
1) By type of boat: Yachts; Boat; personal watercraft; Inflatables; Other types
3) By power source: powered by the engine; Propelled by sail; powered by man
4) By type of material: aluminum; Fiberglass; Steel; Other materials
5) By application: fishing; Transportation; Sports; travel and tourism; Other Apps
Main topics covered:
2. Characteristics of the pleasure craft market
3. Recreational Boat Market Trends and Strategies
4. Impact of COVID-19 on pleasure craft
5. Recreational Boat Market Size and Growth
6. Recreational Boat Market Segmentation
7. Regional and country-level analysis of the pleasure craft market
8. Asia Pacific Recreational Boat Market
9. China Recreational Boat Market
10. India Recreational Boat Market
11. Japan Recreational Boat Market
12. Australia Recreational Boat Market
13. Indonesia Recreational Boat Market
14. South Korea Recreational Boat Market
15. Western Europe Recreational Boat Market
16. UK pleasure boat market
17. Recreational boat market in Germany
18. Pleasure boat market in France
19. Eastern Europe Recreational Boat Market
20. Russia pleasure craft market
21. North America Recreational Boat Market
22. Recreational Boat Market in the United States
23. South America Recreational Boat Market
24. Brazil Recreational Boat Market
25. Middle East Recreational Boat Market
26. Africa Recreational Boat Market
27. Recreational Boats Market Competitive Landscape and Company Profiles
28. Key Mergers and Acquisitions in the Recreational Boat Market
29. Recreational Boat Market Future Prospects and Potential Analysis
Azimut Benetti Group
Bavaria Yachtbau GmbH
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