Recreational Boat Market Size, Share, Growth Analysis, By Type analysis(diesel and electric), By Boat size(fishing, transportation, sports, travel & tourism), By Region - Industry Forecast 2024-2031

North America held the largest share of the global recreational boat market in 2021 and it is expected to dominate the global market during the forecast period. The domestic boating industry has already seen a rise in people choosing to participate in water sports in their own country rather than abroad. The domestic water sports industry is flourishing as a result of this ongoing trend. Retail unit sales of new powerboats in the United States exceeded 300,000 units for two consecutive years in 2020 and 2021, according to the National Marine Manufacturers Association (NMMA).In addition, NMMA has stated that the year 2022 will continue to be profitable and that the volume of new boat sales may rise by 3% in comparison to 2021. Additionally, restrictions are likely to continue into 2021, resulting in a demand for boating and other safe outdoor recreation activities. Boating is enjoyed by approximately 100 million Americans annually, according to the US Bureau of Economic Analysis (BEA).Outdoor recreation accounts for 2.1% of the country's GDP and generates real gross output of USD 788 billion.With close to USD 23.6 billion in annual spending, the country's most popular outdoor recreation activities are fishing and boating.

Canada is yet another nation where the recreational boating industry is a significant contributor to the economy.Every year, this Canadian pastime brings together more than 12 million people on the water. It generates more than USD 10 billion in revenue and has an impact of USD 5.6 billion on the GDP.