Market Insights
The recreational boat parts and accessories market is expected to experience sequential growth by 2028, with a CAGR of 7.5% over the forecast period.
The recreational boating industry is a dynamic and growing market, with millions of people taking to the water each year. The industry continues to grow in strength, with combined sales of boats, engines, and accessories reaching levels not seen for over a decade, while combined boat and engine imports reached record highs, which is a testament to the strength of the recreational boating industry.
In recent years, the boating industry has experienced a surge in popularity. This increase in popularity has significantly impacted the industry as a whole, driving growth and innovation in areas such as boat design, technology, and accessories. The demand for boating products and services is expected to continue to rise in the coming years.
The boat parts market plays a crucial role in ensuring the performance, safety, and enjoyment of watercraft enthusiasts worldwide. As technology continues to evolve and environmental concerns persist, the market will likely see further innovations in sustainable and efficient watercraft parts and accessories whereas boat accessories, are essential products used or intended for use in conjunction with watercraft. These products include life vests, anchors, tow ropes, boat covers, and other safety and convenience items. The rising sales of watercraft globally and the growing adoption of products like life vests during watercraft activities will continue to boost the growth of the watercraft accessories market during the forecast period.
The global spread of COVID-19 in 2020 and 2021 had a significant impact on the demand for recreational boats in the international market. The industry was challenged by several factors, including the limited availability of skilled workers, the closure of manufacturing facilities, and disruptions to the global supply chain. In 2020 and 2021, manufacturers were forced to close their boat production facilities several times due to the increasing number of COVID-19 cases.
The growing popularity of water sports and the development of new materials and manufacturing techniques are making boats more durable and fuel-efficient, which is driving demand for new parts and accessories.
Segments' Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Boat-Type Analysis
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Outboard Boats, Inboard/Sterndrive Boats, Personal Watercrafts, and Others
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Outboard Boats are likely to account for the majority market share as well as remain the fastest-growing segment in the coming years.
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Part-Type Analysis
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Engine Parts & Consumables, Control Systems, Electrical Systems, Boat Components and Systems, Electronic Systems, Boating Accessories, and Others
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Engine Parts & Consumables are expected to remain the dominant product type during the forecast period. Control Systems are likely to grow at the fastest pace.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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North America is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.
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Boat Type
The recreational boat parts and accessories market is segmented into outboard boats, inboard/sterndrive boats, personal watercraft, and others. Outboard boats are experiencing a surge in global demand due to the increasing popularity of outdoor recreational activities and significant participation in boating events. Boat manufacturers are focusing on improving the efficiency of their outboard boats to increase their market share. Additionally, the rising spending of boat clubs on promoting boating events is boosting market revenue for outboard boats.
Part Type
The market is segmented into engine parts & consumables, control systems, electrical systems, boat components and systems, electronic systems, boating accessories, and others. Engine parts and consumables are expected to hold the largest share of the market because engines are the most important components of a boat and require regular maintenance and repair. Engine parts and consumables include items such as engines, propellers, fuel systems, and exhaust systems.
The control systems segment is also expected to grow at the fastest rate due to the increasing demand for advanced control systems that can improve the performance and safety of boats. Control systems include items such as steering systems, navigation systems, and communication systems.
Regional Analysis
North America is expected to remain the largest market for recreational boat parts and accessories during the forecast period owing to high economic growth and rising disposable income. The region has a higher inclination towards recreational and leisure activities than other parts of the world, which is reflected in the higher demand for outboard motors.
Europe and Asia-Pacific are also likely to create sizeable opportunities in the coming five years, driven by rising demand and increasing investments in the regional boat market.
The recreational boat parts and accessories market is segmented into the following categories:
By Boat Type
- Outboard Boats (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Inboard/Sterndrive Boats (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Personal Watercraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Part Type
- Engine Parts & Consumables (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Control Systems (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Electrical Systems (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Boat Components and Systems (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Electronic Systems (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Boating Accessories (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and The Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Key Players
The following are the key players in the recreational boat parts and accessories market:
- AXIOM CORDAGES LIMITED
- Bombardier Recreational Products Inc.
- Brunswick Corporation
- Evoy AS
- Kobelt Manufacturing Co., Ltd.
- Suzuki Marine
- Taylor Made
- Yamaha Motor Corporation
- YANMAR HOLDINGS CO., LTD.
- ZF Marine Propulsion Systems Miramar, LLC
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s recreational boat parts and accessories market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for existing and new players
- Key success factors
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
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