Key players contributing to the rise of the global recreational boating market include Bavaria Yachtbau, Bombardier Recreational Products, Fountain Powerboats, Inc., Brunswick Corporation, Marine Product Corporation, Azimut Benetti Group, Sunseeker International Limited, Bennington Marine LLC, and White River Marine Group, among others.
The global recreational boating market stood at a value of about USD 27 billion in 2020, growing at a CAGR of 3.5% in the forecast period of 2022-2027.
Recreational boats are boats manufactured primarily for non-commercial purposes. Such boats are leased, rented, or chartered majorly for leisurely activities.
The rapid growth of the market has been expected due to several factors, including multiple investments, and efforts on research and development by the leading competitors in the market that have had a substantial impact on the market's growth. The global recreational boating business is fuelled by manufacturers' rising innovations and attractive features. The presence of the Global Navigation Satellite System (GNSS), a popular technology for traffic control and surveillance, is further helping the business to grow.
A significant rise in popularity among tourists owing to an increased number of boating events hosted worldwide is driving the market growth. The growth of marine and coastal tourism has attracted numerous tourists from North America and Europe. Also, the market is spectating growth of opportunities in Asia Pacific countries, that is, China and Australia, because of the increased per capita income of people in these countries.
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Bavaria Yachtabau, one of the market's most powerful players, is the world's largest serial boat manufacturer. It is the most modern manufacturer of sailing yachts, motorboats, and catamarans. A BAVARIA yacht is the product of the perfect interplay between its individual components. At its forefront is the immense knowhow on boat construction, the engineering ingenuity and design.
Bombardier Recreational Products is one of the market's most formidable competitors. Snowmobiles, all-terrain vehicles, and recreational watercraft are all manufactured by this Canadian firm. The company has its manufacturing facilities in Canada, the United States, Mexico, Finland, Austria, and Australia with a total workforce of more than 14,500 driven, resourceful people. The portfolio of industry-leading and distinctive products comprises Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft, Can-Am on- and off-road vehicles, Alumacraft, Manitou, Quintrex boats and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft.
|Headquarters:||North Carolina, United States|
Fountain Powerboats has been one of the premiere designers and manufacturers of ultra-high-performance speed boats, sport cruisers and offshore fishing boats for decades. The company builds a range of sport boats, sport fishing boats, and express cruisers for aquatic speed racers with deep pockets.
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