Market Overview:

Executive Summary

The Global Motor boat market size was projected to be US$ 51 billion in 2023. By the end of 2024, the industry is likely to reach a valuation of US$ 54.7 billion. During the forecast period, the global market for Motor boat is expected to garner a 7% CAGR and reach a size US$ 107.7 billion by 2034.

Motorboats are defined as recreational vessels that are propelled by a motor engine and are utilized for both conveyance and leisure. A speedboat, also referred to as a motorboat, is a vessel propelled by an internal combustion engine. Numerous characteristics distinguish it from a ship, including dimensions, design and construction, functional spaces, cargo carrying capacities, navigation technology, and more. Furthermore, while certain motorboats are equipped with inboard engines, others feature an outboard motor mounted on the stern, which serves as a portable unit housing the internal combustion engine, gearbox, and propeller. Motorboats are usable in limited or restricted water areas, encompassing a variety of vessels such as sailboats, paddle vessels, ferrying and towing vessels, and others. In general, vessels are employed for recreational, sporting, military, and rescue purposes. Motorboats are offered in an extensive variety of shapes and sizes. Proportions and manufacturing processes of motorboats may differ in accordance with their function, the availability of basic materials, or regional customs. Motorboats are broadly categorized as either man-powered or unpowered vessels, and are offered in an extensive variety of designs and dimensions.

The market expands due to a number of factors, including a rise in marine tourism and increased awareness of the advantages of implementing cutting-edge technologies. It is anticipated that the growth of the market will be impeded, however, by the need to entice new families and youth to purchase a boat and by stringent pollution regulations for recreational vessels. In addition, market opportunities anticipated to arise include a surge in demand for outboard vessels, as well as retrofitting and maintenance of boats.

The primary participants in the motorboat market are enumerated in the competitive landscape and company profiles sections of the market report. On the basis of their product and/or service offerings, financial statements, significant developments, market strategy, market position, and geographic penetration, among other crucial characteristics, the market's main players are assessed.

In order to compile the qualitative and quantitative data of the motorboat market, a number of research factors are taken into account, including the input of subject matter experts and primary and secondary research. Primary research encompasses a variety of sources of information, including surveys, questionnaires, industry expert opinions, KOLs, consumers, and face-to-face and telephone interviews, which yield valuable data. On a routine basis, primary interviews are carried out with professionals in the field to obtain comprehensive insights into the market and to validate the current data analysis.

Alterations in consumer preferences and technological advancements influence the leisure yacht industry. Present-day trends include the incorporation of state-of-the-art navigation and entertainment systems, progressive boat designs that enhance comfort and convenience, and eco-friendly propulsion alternatives. Coastal regions with access to lakes, rivers, and oceans, as well as North America, Europe, and Asia-Pacific, are popular locations for recreational watercraft. The leisure boat market also encompasses associated sectors such as marinas, boat rentals, boat insurance, maintenance and repair services, and accessory manufacturers. These sectors enable boat proprietors to receive vital assistance while preserving the environment.

With the increase in disposable incomes, shifts in lifestyles, and growing interest in outdoor activities, the leisure yacht industry has experienced a consistent surge in global popularity. The industry has witnessed notable advancements in boat technology, encompassing the integration of state-of-the-art navigation systems, enhanced fuel efficiency, environmentally sustainable propulsion systems, and improved safety protocols. The growing awareness and concern for sustainability and environmental issues has contributed to the increased popularity of electric and hybrid vessels.

Boats that produce fewer emissions and rely less on fossil fuels are gaining in popularity. The proliferation of boat rental and sharing services has been a direct consequence of the sharing economy paradigm shift. These platforms facilitate affordable watercraft for a greater number of individuals by eliminating the need for boat ownership. Numerous variables, including the condition of the economy and government regulations, among others, influence the growth and trends of the leisure boat market. The leisure yacht market comprises an extensive range of vessels designed specifically for recreational purposes. It is a multibillion-dollar industry comprised of producers, dealers, service providers, and ancillary companies that cater to the diverse requirements of consumers.

Definition

A motorboat is a watercraft that is propelled by an internal combustion engine, typically gasoline or diesel, rather than by sails or oars. It is designed for recreational or transportation purposes on water and is equipped with an engine that drives a propeller, providing the necessary thrust for movement. Motorboats come in various sizes and styles, ranging from small personal watercraft to larger vessels used for cruising, fishing, or other water-related activities. They are commonly used for leisure boating, watersports, and short-distance travel on rivers, lakes, and coastal waters.

Market Dynamics:

Trend

The expansion of marine tourism

As the maritime and littoral tourism industry continues its global ascent, the surge in demand for opulent chairs in motorboats signifies a growing emphasis on elevated passenger comfort and experience. Manufacturers are facing new challenges to meet the heightened expectations of luxury products, necessitating adaptability and innovation in design and materials. This trend not only propels the motorboat industry but also stimulates market expansion, fostering opportunities for manufacturers to capitalize on the evolving preferences of discerning consumers seeking unparalleled comfort and sophistication during their maritime journeys.

Drivers

The expansion of the tourism sector will increase demand for recreational boats.

The recreational yacht market has witnessed substantial expansion, primarily attributable to the thriving tourism sector. In the previous decade, the market exhibited tremendous potential, as evidenced by the substantial sales growth observed in specific segments including pontoons, cruises, and water sports vessels. Additionally, sales of personal watercraft and used boats have increased, creating opportunities for seasonal leasing companies and purchasers to provide enjoyable vacations. Small sea and river cruises have grown in popularity among small and medium-sized operators, according to a report by the European Ministry of Foreign Affairs. On the other hand, larger cruises primarily serve the needs of larger travel operators and encounter sporadic demand for events and gatherings. Conversely, the increasing popularity of pontoons and water sports vessels can be attributed to local tourism. Numerous well-known tourist destinations across the globe, which are endowed with lakes, rivers, and beaches in close proximity, have generated a market for pontoons and water sports.

On the basis of demand, tourism organizations and local governments acquire these vessels, which are then made available for rental to visitors, thereby enhancing the region's appeal. The government of Kerala, India, for instance, has procured pontoons for installation around its lakes in anticipation of increased demand as a result of the region's burgeoning tourism industry. Spain has experienced a notable upswing in the demand for water activities, specifically from tourists from around the world, with growth rates that have reached as high as 20% in specific years. The summer season can witness a surge in the demand for aquatic sports vessels, increasing by as much as 60%. In a similar vein, Australia serves as a prominent market for watercraft associated with water sports, affording its states access to over fourteen distinct water sports. A considerable proportion of the nation's tourism sector is built upon water activities, experiencing an approximate 5-7% annual expansion rate. In Europe, a notable proportion of tourism operators, specifically 22%, include water activities in their packages, whereas recreational fishing is offered as an additional amenity by 14%. This exemplifies how water activities and recreational fishing can be seamlessly incorporated into tourism experiences to enhance their appeal.

Restraints

The definition of restraint is Demand-reducing emission standards for recreational vessels

Regulatory pressure on the recreational watercraft industry to reduce emissions and mitigate environmental impact is intensifying. For a variety of recreational vessels, the European Commission has proposed stricter emission limits for nitrogen oxide (NOx), hydrocarbons (HC), and particulate matter. The proposed regulations for propulsion engines are designed to attain a 20% reduction in HC+NOx emissions and a 34% reduction in particulate matter emissions.

Akin to this, regulations have been enacted in the United States to restrict the discharge of recreational vessels, in light of the possible detrimental effects on marine life and the environment. To protect water bodies, state-specific regulations and designated no-discharge zones have been implemented. In contrast to the preceding EPA 3 standards, the EPA 4 regulations for engines exceeding 600 kW in the United States have effectively mitigated emissions by 63%.

Boat engine manufactures face a formidable obstacle in adhering to these stringent pollution regulations; they will be obligated to develop more advanced technologies and implement cleaner engine solutions. An illustration of the effect of these regulations on the recreational boat market is the US government's temporary suspension of pollution standards in 2022, which caused a significant surge in demand for recreational boating. Pollution regulations and standards significantly reduce the global demand for recreational vessels. Manufacturers and industry stakeholders are obligated to develop environmentally sustainable solutions and invest in cutting-edge technologies in order to comply with these stringent requirements. With the increasing emphasis on sustainability and environmental preservation, it becomes imperative for the market to conform to these regulations in order to secure sustained expansion and reduce its ecological impact.

Opportunities

The industry's online market can increase sales in underserved markets.

The advent of the online boat market has significantly transformed the process of selling recreational vessels. In the past, boat manufacturers had a restricted market presence, which was primarily due to their dependence on dealerships and boat events for product distribution. However, the increasing prevalence of online boat sales has provided manufacturers with access to new global markets. Manufacturers can now access previously unexplored markets for their vessels through the utilization of online platforms, obviating the necessity for expansive dealership networks. The aforementioned growth has not only expanded the market but also enabled manufacturers to achieve cost reductions due to the elimination of conventional brick-and-mortar dealerships (via online sales). Consequently, recreational vessels have become more economically accessible to a broader demographic. It is anticipated that the burgeoning demand for recreational boats via online sales channels will sustain its exponential expansion in the years to come, especially in emergent and new global markets. Prominent e-commerce platforms, including Amazon, Walmart, and Alibaba, have ventured into the boat industry by carrying vessels by a variety of renowned manufacturers, such as Intex, Bris, Classic, Solstice, Sea Eagle, and FRP. Water sports vessels, pontoons, and inflatables are among the most popular categories of watercraft sold online.

Challenges

The overall development of the industry will be subsequently slowed by the existence of trade barriers.

The importation of recreational vessels into the European market has been affected by the European Commission's 2019 imposition of an additional 25% duty on specific imports from the United States. The trade dispute between the two regions has resulted in the termination of a significant number of orders at shipyards in the United States, thereby affecting the sales of marine engines and other associated components. In addition, numerous developing nations levie substantial import tariffs on recreational vessels, classifying them as luxury commodities.

The implementation of trade barriers has presented substantial obstacles for the recreational craft sector, specifically during a period of expansion. Ongoing dialogues between the involved nations are attempting to resolve these concerns with the objectives of reducing import duties and promoting boat sales between the regions. Already, the European Union has implemented measures to eliminate retaliatory tariffs, and over the next few years, the United States intends to implement a similar strategy regarding tariff elimination. In order to expedite the growth of the recreational boat industry beyond the regions of North America (NA) and the European Union (EU), it will be imperative that both nations engage in discussions regarding the reduction of import tariffs between themselves and invite nations from other regions to participate. The elimination of trade barriers between the majority of nations will be essential for the market's rapid expansion and development on a global scale.

Impact of COVID-19

The supply-demand dynamics were significantly impacted across various industries as a result of the COVID-19 pandemic. Despite this, the market maintained its resilience and experienced robust expansion in 2020. Amidst the pandemic, boat sales in the United States experienced a meteoric rise, and this expansion persisted into 2021 with no indications of decelerating. As individuals adopted flexible work schedules, they began to engage in more outdoor pursuits.

The year 2020 witnessed a substantial surge in the proportion of first-time purchasers due to demographic changes. As a result of being compelled to spend more time with family and friends, the COVID-19 pandemic significantly altered market trends for vessels and stimulated an increase in recreational activities. A great number of individuals turned to boating as it provided the ideal means to escape the house and crowded areas in order to unwind in a secure and socially isolated environment.

The Bureau of Economic Analysis (BEA) of the United States Department of Commerce found that recreational watercraft dominated outdoor recreation, surpassing hiking, RVing, and numerous other activities. In 2020, outdoor recreation contributed 1.8% to the gross domestic product. The sustained growth in boating activity in 2021 can be attributed to the increasing consumer demand for recreational pursuits.

Segmentation Analysis:

Segmentations:

By Type

The market is subdivided into Outboard, Inboard, PWC, and Other segments according to type. In 2019, the greatest market share was held by Outboard, followed by Inboard. Designed to be located on the transom, an outboard motor is a self-contained unit consisting of a transmission, engine, and propeller. In addition to facilitating propulsion, these particular motor types also impart steering control. Small vessels are frequently propelled by outboard motorboats; consequently, these categories of vessels are predominantly employed for recreational objectives.

• Outboard Motorboat
• Sterndrive Motorboat
• Inboard Motorboat

By Application

The motorboat market exhibits a diverse range of applications, catering to various sectors and consumer needs. In the realm of civil entertainment, motorboats play a pivotal role, offering individuals recreational opportunities and leisure activities on the water. Municipal applications leverage motorboats for tasks related to public services and administration, highlighting their versatility in serving community needs. The commercial application of motorboats spans industries such as transportation, logistics, and tourism, where these vessels contribute to efficient operations and customer experiences. Additionally, motorboats find applications in various other sectors, showcasing their adaptability and multifunctional utility in addressing a spectrum of requirements beyond the specified categories. This comprehensive array of applications underscores the significance of motorboats across diverse domains.

• Civil Entertainment
• Municipal Application
• Commercial Application
• Others

Regional Insights:

Geography Chapter

Navigating Success in the Dynamic North American Motorboat Market

In North America, the motorboat market stands as a dynamic and thriving industry, driven by a robust demand for recreational water activities and maritime experiences. The civil entertainment sector plays a significant role, with motorboats serving as popular choices for leisure and outdoor enthusiasts. Municipal applications, such as water-based public services, further contribute to the market's vibrancy. Commercial applications, ranging from tourism to transportation, underscore the versatility and widespread adoption of motorboats across various sectors in North America. As the region continues to embrace water-based activities, the motorboat market in North America presents a landscape ripe with opportunities for manufacturers and enthusiasts alike.

Horizons flourishing The European Dynamic Motorboat Market

The motorboat market in Europe reflects a similar vibrancy, with a rich tapestry of applications and a strong emphasis on leisure and recreation. Civil entertainment thrives, with motorboats being integral to the continent's affinity for maritime hobbies and water sports. Municipal applications, including diverse public services, contribute to the multifaceted utility of motorboats across European communities. The commercial sector, encompassing tourism and transportation, witnesses a steady demand for these vessels, reflecting the importance of motorboats in supporting European industries. Against the backdrop of Europe's picturesque waterways and maritime culture, the motorboat market in the region continues to evolve, presenting promising prospects for growth and innovation.

Company Landscape

The primary participants in the motorboat market are enumerated in the competitive landscape and company profiles sections of the market report. On the basis of their product and/or service offerings, financial statements, significant developments, market strategy, market position, and geographic penetration, among other crucial characteristics, the market's main players are assessed. In addition, the chapter provides an analysis of the competition's threats, weaknesses, opportunities, and strengths (SWOT analysis), winning imperatives, current focus and strategies, and competition for the top three to five market participants.

Additionally, the list of businesses included in the market study can be modified to meet the specifications of the client. The competitive landscape segment of the report provides comprehensive information regarding the ranking of the top five companies, significant advancements including partnerships, mergers and acquisitions, new product launches, and recent developments, the company's regional presence, and its industry footprint as determined by the market and Ace matrices.

Some of the prominent developments by the important companies in this domain are

• Highfield vessels dominated the global market for aluminum rigid inflatable hull vessels as of January 2022, having shipped over 37,700 RIBS since 2011. Providing an extensive selection of RIBS, ranging from 2.4-meter tenders to those exceeding 5 meters, in which it is a global leader. Highfield boats, which are exclusively equipped with powder-coated aluminum vessels, are manufactured at the organization's cutting-edge facility in Weihai, China, under the supervision of European executives.
• Propeller technology, developed in January 2023 by Oscar Propulsion and the University of Strathclyde, effectively mitigates underwater pollution for yachts and other vessel categories.
• Rolls-Royce acquired a specialist in Italian yacht bridges in July 2023. Power Systems contributes to the expansion of MTU's yacht market product line.

Company Profile

Pursuit Boats stands as a notable player in the motorboat industry, recognized for its commitment to crafting high-quality vessels that seamlessly blend performance, luxury, and innovation. With a legacy spanning decades, Pursuit Boats has consistently pushed the boundaries of design and engineering, creating boats that cater to the diverse needs of boating enthusiasts. Known for their precision in manufacturing and attention to detail, Pursuit Boats offers a range of models suitable for various activities, from offshore fishing to leisure cruising.

The brand's dedication to providing a superior on-water experience has solidified its reputation in the motorboat market. Pursuit Boats remains synonymous with quality craftsmanship, making it a preferred choice for those seeking an unparalleled blend of style and functionality in their maritime pursuits.

Conclusion:

The expansion of the market can be ascribed to the rising global demand for motorboats for use in civil entertainment, municipal utility, commercial utility, and other applications. The report offers valuable insights into the potentially profitable prospects within the motorboat industry on a national scale. The report additionally encompasses an accurate assessment of the commercial development, segments, trends, and regions of the principal global actors throughout the forecast period.

The Motorboat Market report is a compilation of data pertaining to a market that operates within an industry or multiple industries. The report on the motorboat market comprises an examination of qualitative and quantitative data, and its forecast period spans from 2023 to 2030. Product pricing, product or service penetration at the national and regional levels, country gross domestic product (GDP), market dynamics of parent and child markets, end application industries, major players, consumer purchasing behavior, economic, political, and social situations of countries, among other factors, are incorporated into the report. The report is structured into multiple sections in order to provide a comprehensive analysis of the market encompassing all conceivable facets.

The comprehensive report is organized around key components, including company profiles, market segments, market outlook, and competitive landscape. The segments furnish comprehensive information from diverse vantage points, including end-use industry, product or service type, and any other pertinent segmentation in accordance with the current state of the market, encompassing a multitude of facets necessary for conducting subsequent marketing endeavors. The market outlook section provides an in-depth examination of the market's development, factors influencing its growth, limitations, prospects, and obstacles, as well as macroeconomic, value chain, and pricing analyses, all of which have a direct impact on the market both presently and throughout the period of forecast. Opportunities and obstacles are the external factors that have an impact on the market, while drivers and restraints pertain to the internal factors. Furthermore, the market prognosis section provides insights into the prevailing trends that are shaping investment prospects and the establishment of new enterprises.

Scope of the report:

By Type

• Outboard Motorboat
• Sterndrive Motorboat
• Inboard Motorboat

By Application

• Civil Entertainment
• Municipal Application
• Commercial Application
• Others

By Key Player

• Pursuit Boats
• Marlow Hunter
• Carver Yachts
• Back Cove
• Azimut
• Pershing
• Princess Yachts
• Hatteras
• Monte Carlo Yachts
• Boarnstream
• Marex
• Axopar Boats
• Yamaha
• Bayliner
• Glastron
• Crestliner
• Other Key Players