Boats Market Size to Hit USD 47.80 Billion, Globally, by 2029 at 6.4% CAGR

The boats market size is expected to reach USD 47.80 billion by 2029 from USD 30.93 billion in 2022, at CAGR of 6.4%. The market was valued USD 32.69 billion in 2021. Rise in High-Net-Worth-Individuals (HNWI) to Augment Growth: Fortune Business Insights

Pune, May 29, 2023 (GLOBE NEWSWIRE) — The global boats market size was valued at USD 32.69 billion in 2021. The market is projected to grow from USD 30.93 billion in 2022 to USD 47.80 billion by 2029, exhibiting a CAGR of 6.4% during the forecast period. A boat is a vessel that is propelled over water by sails, oars, or engines. It is made from a variety of materials, including wood, aluminum, glass-reinforced plastic, and others. The need to reduce pollution caused by boats will force manufacturers to make technological adjustments during production. The market will expand as recreational boating gains popularity. This information is provided by Fortune Business Insights™ in its research report, titled “Boats Unit Market, 2022-2029”.

Key Industry Development:

August 2022: Godfrey Pontoons announced the Mighty G, a new model for 2023.

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Report Highlights:

Drivers & Restraints:

Rise in High-Net-Worth-Individuals (HNWI) to Augment Growth

Famous millionaires can be found in North America and Europe, which together account for more than 70% of all millionaires. With more than 35% of all billionaires worldwide, Asia has the highest proportion of billionaires. By the end of 2021, there were 62.5 million millionaires worldwide, up by 5.2 million from the previous year. Nearly 40% of millionaires worldwide are from the U.S. There were 2.5 million more millionaires in the U.S. in 2021. China and the U.S. gained the highest UNHWI in 2021. These factors will positively drive the market. However, the environmental impact of boating could limit the market progress slightly.

COVID-19 Impact:

Market Recorded Resilient Sales in 2020 Despite Disruptions

Numerous industries were affected negatively by the COVID-19 pandemic, which had an impact on supply-demand relations. However, the market showed great growth in 2020 while continuing to be resilient. Boat sales in the U.S. increased dramatically during the pandemic, and this growth persisted in 2021 with no indications of slowing down. People started turning to outdoor activities as their work schedules became more flexible.

Due to demographic changes, the penetration of first-time purchasers increased dramatically in 2020. The COVID-19 pandemic forced people to spend more time with their family and friends, which increased leisure activities and significantly altered the market trends. A lot of people started going boating since it was the ideal pastime for relaxing away from the house and crowded regions while staying safe and socially isolated.

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Report Coverage:

The report provides insights into the regional analysis covering different regions contributing to the market’s growth. The report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact the market. Adopting strategies by major players to introduce partnerships, collaboration, and new products will contribute to the market’s growth.

Segments:

By Type, Outboard Segment to Capture Maximum Share Through 2029

On the basis of type, the market is bifurcated into outboard and inboard. The outboard segment is projected to dominate the market during 2022-2029 led by high speed and lightweight of outboard boat engines.

By Size, below 20 ft Segment to Experience Notable Demand During 2022-2029

Based on size, the market is divided into below 20 ft, 20 – 50 ft, and over 50 ft. The below 20 ft segment, which includes dinghy, fishing boats, inflatable boats, and personal watercraft, is slated to experience robust demand backed by rising fishing industry.

By End-user, Recreational Sector to Undergo Rapid Growth in Coming Years

By end-user, the market is bifurcated into recreational and commercial. The recreational segment is likely to generate maximum demand owing to growing consumer interest in outdoor activities and recreational boating.

By Propulsion, Electric Boats to Gain Traction During 2022-2029

In terms of propulsion, the market is segmented into conventional, electric, and others. The electric segment is expected to garner momentum during the forecast period owing to strict environmental regulations.

By Hull, GRP Segment to Witness Robust Demand through 2029

By hull, the market is divided into GRP, wood, steel, aluminum, and others. Among these, the GRP segment is slated to witness monumental demand as it can be sustained up to five decades.

By Application, Water Sports Segment to Experience Maximum Demand through 2029

In terms of application, the market is segmented into water sports, fishing, sailing, surveys, tourism, and others. The water sports segment is expected to grow at a notable CAGR during 2022-2029 owing to growing consumer interest in water sports.

Regional Insights:

North America Boats Market Share was Valued at USD 18.37 Billion in 2021

The market in North America was valued at USD 18.37 billion in 2021 and the region is likely to dominate over the forthcoming years. The percentage of Americans partaking in recreational boating surpassed 54% in 2021. A budding interest in recreational boating and water sports will foster regional growth.

Europe captured the second-largest market share in 2021 and will experience rapid growth during 2022-2029. Meanwhile, in Asia Pacific, the boats market growth is driven by rising disposable incomes and the prosperity of developing countries.

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Competitive Landscape:

Leading Players Adopt Acquisition Strategies to Stay Competitive

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Key Players Covered in the Boats Market Report:

Malibu Inc. (U.S.)

• Brunswick Corporation (U.S.)

• Polaris Inc. (U.S.)

• Groupe Beneteau (France)

• Yamaha Motor Corporation (Japan)

• Marine Product Corporation (U.S.)

• Sun Tracker Boats (U.S.)

• Carolina Skiff, LLC (U.S.)

• Berkshire Pontoons (U.S.)

• Premier Marine Inc. (U.S.)

Boats Market Segmentation:

By Type

• Inboard
• Outboard

• By Size
  • Below 20 ft
  • 20 – 50 ft
  • More than 50 ft
• By End-user
  • Commercial
  • Recreational
• By Propulsion
  • Electric
  • Conventional
  • Others (Sailboat, Solar, and Others)
• By Hull
  • Wood
  • GRP
  • Aluminum
  • Steel
  • Others (ABS, PE, and Others)
• By Application
  • Fishing
  • Water Sports
  • Sailing
  • Tourism
  • Surveys
  • Others (Rescue, Patrol Boats, and Others)

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Table of Content:-

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Latest trends
• Key Insights
  • Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • Supply Chain Analysis
  • Impact of COVID-19 on Boats Market
  • Boat Engine Cost Analysis
• Global Boats Market Analysis, Insights and Forecast, 2018-2029
  • Key Findings / Definition
  • Market Analysis, Insights, and Forecast – By Type
    • Inboard
    • Outboard
  • Market Analysis, Insights, and Forecast – By Size
    • Below 20 ft
    • 20-50 ft
    • More Than 50 ft
  • Market Analysis, Insights, and Forecast – By End-User
    • Commercial
    • Recreational
  • Market Analysis, Insights, and Forecast – By Propulsion
    • Electric
    • Conventional (Diesel and Gasoline)
    • Others (Sailboat,solar, etc.)
  • Market Analysis, Insights, and Forecast – By Hull
    • Wood
    • GRP
    • Aluminum
    • Others (ABS, PE, etc.)
  • Market Analysis, Insights, and Forecast – By Application
    • Fishing
    • Watersports
    • Sailing
    • Tourism
    • Surveys
    • Others (Rescue, patrol Boats, etc.)
  • Market Analysis, Insights, and Forecast – By Region
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World

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