Small Boats Market Size - By Type (Personal watercraft, Pontoon, Deck Boat, Inflatable Boat, Runabout, Bowrider), By Application (Utility, Sports, Recreation, Military) & Forecast, 2024 - 2032

Small Boats Market Size

Small Boats Market size was valued at USD 18.4 billion in 2023 and is estimated to register a CAGR of over 7.5% between 2024 and 2032. The proliferation of recreational boating and water sports activities globally is a key factor fueling the market. As more people seek leisure activities on water, there is a growing demand for small boats such as kayaks, paddleboards, and personal watercraft. These versatile & accessible vessels cater to enthusiasts of different ages, contributing to market growth. In addition, the expansion of tourism and waterfront developments further stimulates the small boats industry, creating opportunities for manufacturers and rental services.
 

Moreover, favorable government policies and economic incentives are encouraging the adoption of small boats. For instance, in June 2024, the U.S. Department of the Interior emphasized increasing outdoor access and highlighted investments in boating infrastructure as part of their broader outdoor recreation strategy. This includes improving access to national parks and water bodies, which boosts recreational boating activities.
 

The small boat market is sensitive to economic fluctuations. During recessions, consumer spending on recreational activities like boating often declines. In addition, sales of small boats are highly seasonal, with peaks typically occurring in spring and summer. This can lead to periods of slow sales and workforce instability for manufacturers and retailers.
 

Further, manufacturers need to comply with stringent safety and environmental regulations, which can add to production costs and potentially limit innovation. Moreover, in some segments of the small boat market, there might be saturation, making it difficult for new players to establish themselves. Furthermore, despite safety initiatives, boating accidents still occur. This can raise public concerns and potentially discourage some potential participants. All these factors are considered as the major restraining factors hindering the market growth.
 

Small Boats Market Trends

Innovations in boat manufacturing, such as the use of advanced materials and the integration of smart technologies, have made small boats more efficient and appealing to consumers. Advancements in materials such as composites, aluminum alloys, and specialty foams allow for lighter and stronger boat hulls. In addition, GPS integration, autopilot features, and digital chart plotters are becoming increasingly common in small boats. These technologies enhance navigation accuracy, safety, and overall boating experience.  Further, electric motors offer quiet operations, lower emissions, and reduced maintenance compared to traditional gas engines. Companies operating in the small boats market are launching electric variants of small boats to stay competitive in the market.
 

For instance, in February 2024, Arc Boat company unveiled the Arc Sport, an electric wake boat designed for high performance with a massive battery and advanced software. This new model aims to modernize the electric boat segment with unprecedented performance capabilities. The electric propulsion in boats makes them environmentally friendly and quiet on the water. Along with this, the boats incorporate sophisticated software for performance optimization, navigation, and safety.
 

Moreover, government programs aimed at boosting tourism and outdoor recreational activities contribute to the growth of the small boats market. For instance, The Louisiana Department of Wildlife and Fisheries promotes boating safety and conservation, which indirectly supports market growth by ensuring sustainable use of waterways?. In addition, government support for water sports competitions or infrastructure development for activities such as kayaking or paddleboarding can spark interest in these pursuits, leading to increased sales of small boats.
 

Government funding for the development and maintenance of parks, waterways, and boat launches incentivize people to spend more time outdoors. This increased participation in outdoor activities creates a larger potential customer base for small boats. In January 2023, Canada’s National Recreational Boating announced the strategy which focuses on increasing safe and sustainable boating practices across Canadian waters. It includes funding for the development of boating infrastructure, such as docks and marinas, and educational campaigns on boating safety and environmental protection.  
 

Small Boats Market Analysis

Based on type, the market is divided into personal watercraft, pontoon, deck boat, inflatable boat, bowrider, and others. The pontoon segment accounted for around 40% of the market share in 2023 and is experiencing significant growth. Pontoon boats are gaining popularity, due to their spaciousness, stability, and ability to accommodate larger groups, making them ideal for family outings and social gatherings on the water. Their customizable nature allows buyers to tailor them to specific recreational needs, boosting their appeal. In addition, innovations such as more efficient engines, better hull designs, and enhanced safety features are making pontoon boats more attractive to consumers.
 

Luxury Pontoons offers the highest level of comfort, amenities, and finishes. It includes features like plush seating, top-of-the-line sound systems, refrigerators, and even built-in grills cater to boaters seeking a luxurious experience on the water. In April 2024, Crest Marine, a subsidiary of MasterCraft Boat Holdings, launched the Balise Pontoon Boats brand. The new brand focuses on luxury and innovation, with models like the Horizon and Helix available in 24- and 26-foot lengths. These boats feature premium comforts such as plush upholstery, wireless phone chargers, and advanced audio systems, aiming to redefine luxury in the pontoon segment?.
 

Based on the application, the small boats market is categorized into utility, sports, recreation, and military. The recreation segment accounted for around 43% of the market share in 2023 and is witnessing significant growth. This surge is attributed to the increasing demand for leisure and recreational activities on the water. Small boats are favored for outdoor activities including fishing, water skiing, wakeboarding, and cruising, providing enthusiasts with affordable & accessible recreational options. Manufacturers are responding by introducing innovative designs, enhanced performance features, and customizable options to cater to the diverse preferences of recreational boaters, further propelling segment growth in the market.
 

North America led the global small boats market with a share of over 55% in 2023, driven by increasing consumer interest in recreational boating, advancements in boat manufacturing technology, and favorable economic conditions. The market encompasses a variety of small boats, including pontoons, fishing boats, sailboats, and personal watercraft. Further, recreational boating is a major driver in North America, particularly in the U.S. and Canada, where there is a strong culture of leisure and water-based activities.
 

Moreover, economic stability and increased disposable income have boosted consumer spending on recreational activities, including boating. In June 2024, the National Marine Manufacturers Association (NMMA) reported a 12% increase in new powerboat sales in the U.S., indicating strong consumer demand and a growing market?.  Higher boat sales led to increased business for dealers and marinas involved in selling, servicing, and storing boats. As a result, companies that manufacture boating accessories, equipment, and supplies can also benefit from a growing market.
 

Small Boats Market Share

BRP Inc, and Yamaha Motor Co. Ltd. are major market players in the small boats industry, holding over 75% of the market share. BRP is known for its Skidoo and Lynx snowmobiles, Can-Am on-road and off-road vehicles (including motorcycles), Sea-Doo personal watercraft, and Rotax engines. BRP leverages its rich heritage to deliver a strong brand identity across its product lines. They emphasize innovation and a focus on creating "Adventure by Design" experiences for their customers. BRP has a global presence with manufacturing facilities in several countries and their products are sold in over 100 countries.
 

Yamaha Motor Corporation is a diversified powerhouse in the mobility industry. The company is a household name for motorcycles, but its reach extends to marine products such as boats and outboard motors, power products such as generators and water pumps, and industrial robots. They are also known for their commitment to quality, performance, and technological innovation. The company heavily invests in research and development, pushing the boundaries in areas like engine efficiency and performance.
 

Small Boats Market Companies

Major players operating in the small boats industry are:

• American Sail Inc.
• Bombardier Recreational Products
• Brunswick Corporation
• Chaparral Boats
• Honda Motor Co., Ltd.
• Kawasaki Motors Corp., USA
• Malibu Boats
• MasterCraft Boat Holdings, Inc.
• Polaris Inc.
• Regal Boats
• Scout Boats
• Taiga Motors
• Tracker Marine Group
• Winnebago Industries, Inc.
• Yamaha Motor Corporation
   

Small Boats Industry News

• In March 2024, Yamaha Motor Corporation unveiled its latest deck boats, which feature innovative hull designs for smoother rides and increased fuel efficiency. These boats are designed to attract families looking for versatile and environmentally friendly options?.
   
• In April 2024, Zodiac Nautic released its new range of inflatable boats, focusing on lightweight and durable materials that enhance portability and ease of use. These boats are targeted at adventure seekers and are equipped with the latest safety features?.
   
• In December 2023, Formula Boats introduced the 2024 Formula 290 Bowrider, combining sporty performance with luxurious features. This model is designed for a wide range of activities, including water sports and leisure cruising.
   
• In February 2024, Crownline Boats announced the release of the Crownline 265 SS, which offers spacious seating and advanced digital controls. This boat is designed for families and individuals who enjoy both performance and comfort on the water.
   

The small boats market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipments (Units) from 2021 to 2032, for the following segments:

Click here to Buy Section of this Report

Market, By Type

• Personal watercraft
  • Utility
  • Sports
  • Recreation
  • Military 
• Pontoon
  • Utility
  • Sports
  • Recreation
  • Military
• Deck boat
  • Utility
  • Sports
  • Recreation
  • Military
• Inflatable boat
  • Utility
  • Sports
  • Recreation
  • Military
• Runabout
  • Utility
  • Sports
  • Recreation
  • Military
• Bowrider
  • Utility
  • Sports
  • Recreation
  • Military
• Others
  • Utility
  • Sports
  • Recreation
  • Military

Market, By Application

• Utility
• Sports
• Recreation
• Military

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • South Africa
  • Rest of MEA