Small Boats Global Market Report 2024

The small boats market size has grown rapidly in recent years. It will grow from $35.16 billion in 2023 to $39.55 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The expansion during the historical period can be attributed to economic stability and disposable income, trends in tourism and leisure, the regulatory environment, boating infrastructure, and overall economic stability.

The small boats market size is expected to see rapid growth in the next few years. It will grow to $63.36 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth in the forecast period can be attributed to rising urbanization and population growth, increasing environmental awareness, the growth of recreational boating culture, adherence to safety regulations, and the adoption of sustainable practices. Key trends expected in the forecast period involve digital transformation and connectivity, technological advancements in the boating industry, adherence to government regulations and safety standards, the rise of online sales and direct-to-consumer models, and the increasing adoption of electric propulsion systems.

The small boat market is expected to experience growth due to the rapid expansion of fishing activities. Fishing activities involve catching fish or aquatic animals for various purposes, and small boats are ideal for such operations in shallow waters. The Marine Management Organization reported a 5% increase in the quantity and an 11% increase in the value of sea fish landed in the UK in 2021 compared to 2020. The significant growth in fishing activities contributes to the expansion of the small boat market.

The small boat market is anticipated to experience growth driven by the increasing outdoor recreational activities. Outdoor recreational activities, taking place in natural environments, utilize small boats to enhance individuals' overall well-being. According to the Bureau of Economic Analysis in November 2023, boating or fishing, with a value of $32.4 billion, was the second-largest conventional outdoor recreational activity nationwide. The increasing popularity of outdoor recreational activities, particularly boating and fishing, contributes to the growth of the small boat market.

Technological advancements are gaining prominence in the small boat market, with companies adopting new technologies such as the Internet of Things (IoT). Radian IoT Inc., a US-based big data company, launched the Radian M2 device and SaaS platform with IoT technology for remote boat monitoring in August 2022. This technology allows boat owners to remotely monitor vessels and make informed decisions about navigation, maintenance, and overall boat operation.

Major companies in the small boat market are developing innovative products with advanced technologies, such as electric propulsion systems, to provide reliable services to customers. In April 2023, Munich-based startup Kaebon launched the EB Eins, an electric boat designed to be the world's lightest, weighing only 89 kilograms. Constructed from ultra-light carbon composite materials, the boat offers portability and efficiency, catering to boating enthusiasts.

In January 2021, Malibu Boats, a US-based boat company, acquired Maverick for $150 million. This acquisition expands Malibu's product offerings and provides a significant opportunity to increase its presence in the fishing and outboard boat markets. Maverick Boat Group, a US-based manufacturer of center console fishing boats, is now part of Malibu Boats.

Major companies operating in the small boats market report are AB Volvo Penta, Polaris Industries Inc., Bombardier Recreational Products Inc., Brunswick Corporation, Beneteau Group SA, Malibu Boats Inc., Ferretti Group S.p.A., Sea Ray Boats Inc., MasterCraft Boat Company LLC, Azimut Benetti S.p.A., Marine Products Corporation, Boston Whaler Inc., Sunseeker International Holdings Limited, S2 Yachts Inc., Porter Inc., Formula Boats Inc., Pursuit Boats LLC, Grady-White Boats Inc., Cobalt Boats LLC, Everglades Boats LLC, Seabring Marine Industries Inc., Sea Fox Boat Company, Four Winns Boats LLC, Stingray Boats Inc., Bavaria Yachtbau GmbH, Correct Craft Inc., Crestliner Marine Holdings Inc., Wellcraft Marine Inc., Carver Yachts LLC.

Asia-Pacific was the largest region in the small boats market in 2023. The regions covered in the small boats market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the small boats market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of small boats include powered boats, sailboats, personal watercraft, and others. A powered boat, also known as a motorboat or powerboat, is propelled by an engine or motor, typically gasoline or diesel, used for recreational activities such as fishing, water sports, and cruising. Materials used in these boats include fiberglass, metal, wood, inflatable, among others, catering to various applications such as pleasure, fishing, defense, and more.

The small boats market research report is one of a series of new reports that provides small boats market statistics, including small boats industry global market size, regional shares, competitors with a small boats market share, detailed small boats market segments, market trends and opportunities, and any further data you may need to thrive in the small boats industry. The small boats market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The small boat market consists of sales of jon boats, skiffs, dinghies, inflatable boats, aluminum fishing boats, pontoon boats, car-toppers, canoes, kayaks, and jet boats. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.