Outboard Boats Market Analysis

Outboard Boats Market Analysis

Recreational boats market is anticipated to register growth rate of about 6.5% through 2028. Recreational boats are further classified as pontoon, bowrider, express cruiser, and center console. Market participant are taking initiatives to introduce new outboard boats to create a favorable outlook for the segment. Moreover, the wider availability through extensive distribution channels in coastal areas is also propelling the outboard boats market demand.

The high maneuverability and user-friendly controls of pontoon boats are increasing their demand in the global powerboats market. Pontoon boat sales are expected to reach around USD 2 billion by 2028. Companies are emphasizing on expanding their pontoon boat business to enhance their share. For instance, in March 2021, Polaris’ brand, Bennington expanded its pontoon boat business operations in Elkhart City, Indiana. The company purchased a 43,485 square feet property with one building to establish the manufacturing facility in the region.

The adoption of bowrider boats is rising driven by their reasonable cost compared to other luxury boats. Industry leaders, such as Cantieri Capelli SRL and Gaga Marine Corporation, are participating in various boat shows to present their bowriders to potential consumers.

The enhanced appearances of express cruisers and their ability to offer diverse onboard activities are creating a favorable environment for the segment. Key players, such as Campion Marine Inc., Quality Boats, and Nimbus Group, are launching new express cruiser series to boost their boat sales.

Center console boats have good water accessibility and wide storage spaces, driving the segment growth across the globe. Manufacturers including Stingray Boats and Smartliner Boats are adopting different market strategies to increase their center console sales.

The North America outboard boats market size crossed USD 3 billion in 2021. Rising consumer disposable incomes and supportive government regulations on nautical tourism are improving the market statistics. Boat manufacturing companies including Polaris, Inc., Smart Own ZE, and Bombardier Recreational Products, Inc. are expanding their business operations to achieve higher profitability. For instance, in May 2020, Bombardier Recreational Products, Inc. outlined a new strategy for its marine business and the growth of its boat brands. The company invested in R&D for the development of its next-generation marine engines with enhanced operational efficiency.