Recreational Boating Market Size Overview By Share, Industry Players, Revenue and Product Demand Forecast 2022-2031

The recreational boating market was valued at USD 26 billion in 2020, and it is anticipated to reach USD 35 billion by 2026, at a CAGR of around 5% during the forecast period.

Due to the COVID-19 pandemic and with the travel restrictions and social distancing norms imposed, all recreational activities were avoided. Consequently, the recreational boating market saw a dip in its revenues. With no public movement and the low phase of the global economy, neither new purchases were made, nor any transactions occurred. This forced the market toward economic downfall.

The recreational boating industry continues to attract large volumes of participants competing strongly with rival luxury leisure pursuits. It is estimated that there are at least 140 million active boaters and watersports participants worldwide, including almost 100 million across the United States and Canada, a further 36 million across Europe, and more than 5 million in Australia.

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The growth in the watersports tourism industry is majorly driving the recreational boating market. Rising attraction toward recreation activities and watersports from millennial and post-millennial generations is further boosting the demand in the market studied. However, dynamics in the cost range of diversified boats might serve as a challenge.

At present, the recreational boating industry represents a small percentage of the overall global leisure industry; however, the share of recreational boats is anticipated to grow over the forecast period.

Key Market Trends

Increasing Watersports and Recreational Activities

The growing interest of people in outdoor recreational activities and increased participation rates across all age groups for the same are some of the major factors driving the recreational boating industry.

Watersports are becoming popular not only for the excitement or adrenaline rush of getting fit but also because of several health benefits. As a result, increasing health benefits associated with water sports are supporting market growth worldwide.

A study from North Carolina State University found that outdoor play and nature-based activities helped buffer some of the negative mental health impacts of the COVID-19 pandemic for adolescents. In 2020, the coronavirus pandemic fueled the surge in recreational boat sales. New age groups and female boat buyers played a huge role in the growth.

Various players active in the market are updating their product offerings as the demand for recreational activities has increased after the pandemic. For instance, in July 2020, Kawasaki added eight models in the line for 2021; each model in the 2021 range comes with a normally aspirated or supercharged four-cylinder, four-stroke Kawasaki marine engine.

Recreational Boating Market Size Overview By Share, Industry Players, Revenue and Product Demand Forecast 2022-2031
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