Motor Boat Market

The global motor boat market is projected to experience growth in both consumption and value over the period from 2022 to 2030. Key findings include a forecasted increase in market volume to 871K units and market value to $91.8B by 2030. The top countries driving market trends include Marshall Islands, China, and the United States, with significant growth rates seen in production, imports, and exports.

Market Forecast

Driven by rising demand for motor boat worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 871K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.5% for the period from 2022 to 2030, which is projected to bring the market value to $91.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Motor Boats And Motor Yachts, For Pleasure Or Sports

In 2022, global consumption of motor boats and motor yachts, for pleasure or sports shrank to 729K units, declining by -4.7% against the year before. In general, consumption showed a mild reduction. The most prominent rate of growth was recorded in 2017 with an increase of 8.8%. Global consumption peaked at 870K units in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

The global motor boat market size dropped significantly to $55.4B in 2022, declining by -37.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed a noticeable reduction. As a result, consumption reached the peak level of $90.4B. From 2018 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Marshall Islands (103K units), China (103K units) and the United States (56K units), together comprising 36% of global consumption. Mexico, India, Italy, Canada, British Virgin Islands, Japan, the United Arab Emirates, Pakistan, Hong Kong SAR and Brazil lagged somewhat behind, together accounting for a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Canada (with a CAGR of +53.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($23.9B) led the market, alone. The second position in the ranking was held by the United States ($5B). It was followed by Brazil.

From 2012 to 2022, the average annual growth rate of value in China stood at -3.8%. The remaining consuming countries recorded the following average annual rates of market growth: the United States (+6.6% per year) and Brazil (-7.3% per year).

In 2022, the highest levels of motor boat per capita consumption was registered in Marshall Islands (1,718 units per 1000 persons), followed by British Virgin Islands (693 units per 1000 persons), Hong Kong SAR (2 units per 1000 persons) and the United Arab Emirates (1.7 units per 1000 persons), while the world average per capita consumption of motor boat was estimated at 0.1 units per 1000 persons.

In Marshall Islands, motor boat per capita consumption expanded at an average annual rate of +41.6% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: British Virgin Islands (+3.5% per year) and Hong Kong SAR (+4.1% per year).

Production

World Production of Motor Boats And Motor Yachts, For Pleasure Or Sports

Global motor boat production dropped sharply to 549K units in 2022, which is down by -16.1% against the previous year. Over the period under review, production continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2019 when the production volume increased by 18%. Global production peaked at 813K units in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, motor boat production rose slightly to $52.7B in 2022 estimated in export price. Overall, production saw a perceptible reduction. The growth pace was the most rapid in 2013 when the production volume increased by 74% against the previous year. As a result, production attained the peak level of $147.8B. From 2014 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (103K units), the United States (56K units) and Mexico (52K units), together accounting for 38% of global production.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +10.8%), while production for the other global leaders experienced mixed trends in the production figures.

Imports

World Imports of Motor Boats And Motor Yachts, For Pleasure Or Sports

In 2022, the amount of motor boats and motor yachts, for pleasure or sports imported worldwide declined sharply to 199K units, with a decrease of -34.8% on the previous year. Over the period under review, imports, however, showed a measured increase. The pace of growth was the most pronounced in 2017 when imports increased by 46%. Global imports peaked at 382K units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, motor boat imports shrank markedly to $4B in 2022. Overall, imports recorded a abrupt decrease. The growth pace was the most rapid in 2016 when imports increased by 38% against the previous year. Global imports peaked at $12.9B in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports By Country

Marshall Islands represented the largest importer of motor boats and motor yachts, for pleasure or sports in the world, with the volume of imports accounting for 106K units, which was approx. 54% of total imports in 2022. British Virgin Islands (33K units) took the second position in the ranking, distantly followed by the United Arab Emirates (18K units) and Hong Kong SAR (15K units). All these countries together held approx. 33% share of total imports. Cayman Islands (7.8K units), Gibraltar (6K units) and Seychelles (4K units) held a relatively small share of total imports.

Marshall Islands was also the fastest-growing in terms of the motor boats and motor yachts, for pleasure or sports imports, with a CAGR of +41.9% from 2012 to 2022. At the same time, the United Arab Emirates (+33.6%), British Virgin Islands (+7.7%), Seychelles (+4.6%) and Hong Kong SAR (+4.6%) displayed positive paces of growth. By contrast, Gibraltar (-5.6%) and Cayman Islands (-9.0%) illustrated a downward trend over the same period. Marshall Islands (+51 p.p.), the United Arab Emirates (+8.2 p.p.) and British Virgin Islands (+4.9 p.p.) significantly strengthened its position in terms of the global imports, while Gibraltar and Cayman Islands saw its share reduced by -5% and -11% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, British Virgin Islands ($1.4B), Cayman Islands ($764M) and Marshall Islands ($583M) were the countries with the highest levels of imports in 2022, together comprising 70% of global imports.

In terms of the main importing countries, Marshall Islands, with a CAGR of +45.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average motor boat import price amounted to $19,935 per unit, waning by -51.1% against the previous year. In general, the import price showed a abrupt downturn. The pace of growth was the most pronounced in 2019 an increase of 48% against the previous year. Global import price peaked at $51,316 per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cayman Islands ($98,151 per unit), while the United Arab Emirates ($3,587 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cayman Islands (+14.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Motor Boats And Motor Yachts, For Pleasure Or Sports

In 2022, approx. 19K units of motor boats and motor yachts, for pleasure or sports were exported worldwide; which is down by -90.2% on the previous year. Over the period under review, exports showed a abrupt decrease. The most prominent rate of growth was recorded in 2016 with an increase of 52%. The global exports peaked at 268K units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, motor boat exports declined notably to $545M in 2022. Overall, exports showed a sharp downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 21% against the previous year. Over the period under review, the global exports attained the peak figure at $13.5B in 2021, and then fell rapidly in the following year.

Exports By Country

In 2022, British Virgin Islands (12K units) was the key exporter of motor boats and motor yachts, for pleasure or sports, constituting 62% of total exports. Marshall Islands (3.3K units) ranks second in terms of the total exports with a 17% share, followed by Costa Rica (5.1%). Singapore (822 units), Seychelles (686 units) and Norway (575 units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to motor boat exports from British Virgin Islands stood at -5.9%. At the same time, Seychelles (+47.6%), Costa Rica (+41.1%), Marshall Islands (+31.3%), Norway (+12.6%) and Singapore (+11.9%) displayed positive paces of growth. Moreover, Seychelles emerged as the fastest-growing exporter exported in the world, with a CAGR of +47.6% from 2012-2022. From 2012 to 2022, the share of British Virgin Islands, Marshall Islands, Costa Rica, Singapore, Seychelles and Norway increased by +44, +17, +5.1, +4.1, +3.6 and +2.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, British Virgin Islands ($292M) emerged as the largest motor boat supplier worldwide, comprising 54% of global exports. The second position in the ranking was taken by Marshall Islands ($123M), with a 23% share of global exports. It was followed by Seychelles, with a 4.1% share.

In British Virgin Islands, motor boat exports contracted by an average annual rate of -10.8% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Marshall Islands (+30.4% per year) and Seychelles (+18.9% per year).

Export Prices By Country

The average motor boat export price stood at $28,724 per unit in 2022, with a decrease of -58.7% against the previous year. Over the period under review, the export price continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 37%. The global export price peaked at $69,625 per unit in 2021, and then declined dramatically in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Marshall Islands ($37,653 per unit), while Costa Rica ($3,204 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Marshall Islands (-0.7%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform