Boat Market Size, Share, Industry Trend, Forecast 2023

Global Boat Market Insights

Zion Market Research has published a report on the global Boat Market, estimating its value at USD 34.22 Billion in 2023, with projections indicating that it will reach USD 54.00 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 5.2% over the forecast period 2024-2032.

The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Boat Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Global Boat Market: Overview

Boats are watercraft that have historically been used to travel by sea, river, and lake. The boating industry has advanced significantly over the years, expanding the range of boat uses in fields such as military, tourism, fishing, and import-export. A boat is a category of watercraft that comes in a variety of shapes and sizes, but it is usually smaller than ships, which is differentiated by its greater scale, form, freight or passenger capacity, or ability to transport passengers. The boats are divided into two categories: unpowered and man-powered. Fishing boats are designed specifically for fishing and can be used in both salt and freshwater. Pleasure craft, which include ski boats, pontoon boats, and sailboats, are designed for pleasure boating. Houseboats have the comfort of being able to live on the water.

With the evolution in technology, the shipping industry has seen an increase in the demand for technologically innovative features in various boat types. Over the forecast years, the global boat industry is predicted to rise significantly. During the forecast era, the global boat market is expected to expand at a healthy pace. Various growth factors are supporting the industry, including the increased use of boating as a leisure sport, an increase in the number of high-net-worth individuals, an improved consumer satisfaction index, and government interventions in major countries to stimulate interest in boating among the masses.  

A boat is a type of watercraft used for travel or work on water. Boats come in a wide variety of sizes and shapes. There are many types of methods for boat construction depending upon where it is to be used. Traditionally boats were used for transportation since the ancient times. Aluminum, fiberglass, steel, and wood are commonly used materials for boat construction.

Depending upon the application the boat is classified into four main types such as pleasure boat, fishing boat, a commercial boat, and military boat. A pleasure boat is a boat used for recreational activities. Cuddy boat, deck boat, and pontoon boat are the common types of a pleasure boat. A fishing boat is a boat used for commercial and recreational fishing. The commercial boat is the boat used for hiring passengers and transportation of commercial goods. The military boat is the boat used for nation’s border security and protection by the navy, customs, and defense departments.

The growing trend of recreational activities coupled with innovative developments and huge investments in tourism industry increased the demand for the pleasure boats worldwide. Increasing population and household income, decreasing fuel prices, a willingness among people for leisure activities, development of the modern cruise industry, and growing import-export business across the world are important factors that are driving the global boat market. However, the increased cost of raw materials and component used in boat construction and labor-intensive manufacturing processes are the challenges of global boat market.

Boat Market: Report Scope

Boat Market: Growth Factors

Over the projected time frame, the global boat industry is predicted to rise significantly. Increasing disposable income, the rising trend of leisure activities, and creative trends in the global tourism industry are driving the sector. But apart from that, there are certain limitations on the boat industry, such as labor-intensive production practices, government environmental laws and regulations, and rising raw material costs.

The technological advancement in product manufacturing is expected to see critical growth opportunities during the forecast period.

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Boat Market: Segmentation Analysis

The global boat market has been divided into four categories based on product type: pleasure, fishing, commercial, and military. In 2023, the pleasure boat category accounted for 73.6 % of the total industry in terms of sales. Another important segment is fishing boats, which is expected to rise at a CAGR of 10.77% over the forecast period.

Based on the type of boat the market can be segmented into Pleasure boat, Fishing boat, Commercial boat, and Military boat; wherein the pleasure boat was the leading segment and it accounted for over 73% revenue share in 2016. Another segment of the fishing boat accounted for over 22% revenue share in 2016 and is expected to grow at a CAGR of around 9.45% during the forecast period.

By geography, North America accounted for the largest portion of market share in terms of revenue in 2016 and is expected to grow at a CAGR of 7.5% during the forecast period. The industry is expected to be driven by the growing disposable income, steady economic conditions, increasing number of leisure sports, and rapidly evolving coastal and maritime tourism. In terms of revenue, North America was followed by Europe and the Asia Pacific in 2016. Europe and the Asia Pacific are expected to grow at a CAGR of 9.62% and 10.3% respectively during the forecast period.

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The Boat Market: Regional Analysis

The North American boat market is the fastest growing market globally and accounted for a 29.82% share in terms of value in 2023. Europe was the second leading regional market with 28.30% of market share in terms of value in 2023 and is projected to grow at a CAGR of 9.20% during the forecast period. The Asia Pacific region accounted for 26.45% of market share in terms of value in 2023. It is expected to experience noticeable growth over the forecast period.

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Boat Market: Competitive Analysis

Top companies in the global boat market are Willard Marine, South Boats IOW, Fassmer, HiSiBi, Asis Boats, LOMOcean Design, SAFE Boats, Maritime Partner AS, Sunbird Yacht, FB Design, BCGP, Alutech, Connor Industries, MARINE, and PALFINGER. Due to Innovations in boat construction technologies and changing consumer preferences, vendors are expected to compete with each other for launching more varieties of boats during the forecast period.

Some of the major players in the global Boat market include:

• Willard Marine
• South Boats IOW
• Fassmer
• HiSiBi
• Asis Boats
• LOMOcean Design
• SAFE Boats
• Maritime Partner AS
• Sunbird Yacht
• FB Design
• BCGP
• Alutech
• Connor Industries
• MARINE
• PALFINGER

The global Boat Market is segmented as follows:

By Product Type

• Pleasure Boat
  • Cuddy
  • Deck
  • Pontoons
  • Others                    
• Fishing Boat
  • Convertible Fishing Boat
  • Bass Boat
  • Bay Boat
  • Bowrider
  • Others 
• Commercial Boat
  • Charter Boats
  • Airboats
  • Houseboats
  • Others
• Military Boat

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa