As per the current market research conducted by the CMI Team, the global Cross Deck Boat Market size is expected to record a CAGR of 8.2% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 3.7 Billion. By 2032, the valuation is anticipated to reach USD 7.5 Billion.
Cross Deck Boat Market: Growth Factors and Dynamics
- Recreational Boating Popularity: The cross deck boat market continues to flourish due to the ever-increasing popularity of recreational boating and water-based activities. Boating enthusiasts, both seasoned and new, are actively seeking versatile cross deck boats for leisurely cruises, fishing expeditions, water sports, and social outings, significantly driving the market’s growth.
- Innovations in Boat Design: The market benefits from a constant stream of innovative boat designs and advancements in construction materials. These innovations have led to cross deck boats that not only perform better but also offer increased comfort, advanced technology integration, and enhanced safety features. Buyers are increasingly drawn to these modern, cutting-edge designs, which, in turn, propel market expansion.
- Shift Toward Eco-Friendly Options: In response to the escalating environmental concerns, there’s a notable shift in the market toward eco-friendly cross deck boats. Manufacturers are focusing on developing boats with electric or hybrid propulsion systems, reducing their carbon footprint and adopting sustainable manufacturing practices. This trend caters to environmentally conscious consumers and contributes to market growth.
- Rising Disposable Income: A pivotal growth factor is the rise in disposable incomes. With greater financial resources at their disposal, more individuals and families are investing in leisure and recreational activities, which includes the acquisition of cross deck boats. This trend is amplifying market expansion as boating becomes more accessible to a broader range of consumers.
- Customization and Personalization: Today’s consumers are increasingly seeking cross deck boats that can be tailored to their specific needs and preferences. The market is accommodating this demand by offering a wider array of customizable features and configurations. As buyers look for more personalized options, manufacturers are adapting to cater to individual tastes, thus fueling market growth.
- Boating as a Lifestyle Choice: Many individuals are embracing boating as a lifestyle choice, reflecting a cultural shift towards waterfront living and a closer connection to nature. This lifestyle trend has led to sustained demand for cross deck boats, as they provide a means to enjoy a waterfront lifestyle, contributing significantly to market growth.
- Technological Advancements: The incorporation of advanced technology in cross deck boats, such as navigation systems, entertainment options, and connectivity features, is attracting tech-savvy consumers. Buyers are increasingly seeking boats with these modern amenities, and manufacturers are responding by enhancing the technological capabilities of their products, further boosting market expansion.
Cross Deck Boat Market: Partnership and Acquisitions
- In 2023, Suzuki Marine elevated its partnership with the Tampa Bay Buccaneers to the “Pewter Partner” level. Additionally, the gate entrance to Raymond James Stadium has been named the “Suzuki Marine Gate,” solidifying the brand’s prominent presence in support of the Buccaneers.
- In 2021, Honda Marine’s partnership with Spear Life, the spearfishing adventure series, involves Honda Marine outboards powering the action in Season 3. Spear Life is an unscripted documentary series following host Jon Brunson and his friends as they embark on spearfishing adventures.
|Feature of the Report
|Market Size in 2023
|USD 3.7 Billion
|Projected Market Size in 2032
|USD 7.5 Billion
|Market Size in 2022
|USD 3.4 Billion
|CAGR Growth Rate
|By Boat Type, Application, Power Source, Engine Horsepower and Region
|Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
|North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
|Request tailored purchasing options to fulfil your requirements for research.
Cross Deck Boat Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Cross Deck Boat Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption in Manufacturing: The COVID-19 pandemic significantly disrupted manufacturing processes within the cross deck boat industry. Lockdowns and restrictions led to workforce shortages, affecting production timelines and causing delays in boat deliveries. Supply chain interruptions resulted in challenges in sourcing materials and components, further impacting production capacity and sales.
- Reduced Tourism and Boat Rentals: As international and domestic travel restrictions were enforced to curb the spread of the virus, the cross deck boat market witnessed a substantial decline in tourism-related activities. This included a reduced demand for boat rentals and charters, as travelers chose to postpone or cancel vacation plans. The decline in tourism, a primary driver of boat rentals, particularly affected the market, leading to a dip in sales and rentals.
- Strong Focus on Domestic Tourism: With international travel still restricted in many regions, the cross deck boat market has pivoted towards promoting domestic tourism. Consumers are increasingly exploring local waterways and coastlines, leading to a resurgence in the demand for cross deck boats as individuals seek accessible and safe outdoor activities.
- Boating as a Safer Activity: Boating has been recognized as a safer, socially distanced outdoor activity, appealing to those seeking to avoid crowded public spaces. This perception has driven renewed interest in personal boat ownership as people look for alternatives for leisure and recreation.
- Enhanced Online Sales and Marketing: Companies in the cross deck boat market have bolstered their online presence in response to changing consumer behaviors during the pandemic. They have introduced virtual tours, interactive boat customization tools, and online sales platforms to facilitate remote browsing and purchasing. This online accessibility has made it more convenient for customers to explore and invest in cross deck boats.
- Increased Rentals and Charters: As restrictions began to ease, boat rental and charter services experienced a rebound. With travelers seeking controlled and private boating experiences, rentals and charters contributed significantly to market recovery, especially in tourist hotspots and coastal regions.
- Eco-Friendly and Sustainable Boating: An emerging trend in the market involves a growing focus on eco-friendly and sustainable boating practices. Consumers are increasingly interested in boats with electric and hybrid propulsion systems, as well as sustainable materials, aligning with their environmentally conscious preferences. This trend reflects a broader societal shift towards eco-friendly choices and has led manufacturers to introduce more sustainable boat options.
In conclusion, the COVID-19 pandemic has had a mixed impact on the Cross Deck Boat Market, with some challenges and opportunities arising from the pandemic.
List of the prominent players in the Cross Deck Boat Market:
- Brunswick Corporation
- Beneteau Group
- Malibu Boats Inc.
- MasterCraft Boat Holdings Inc.
- HanseYachts AG
- Ferretti Group
- Yamaha Motor Co. Ltd.
- Groupe Beneteau
- Marine Products Corporation
- Correct Craft Inc.
- Azimut Benetti Group
- Sea Ray Boats
- Sunseeker International
- Bavaria Yachtbau
- Groupe Dufour
The Cross Deck Boat Market is segmented as follows:
By Boat Type
- Single Decked Boat
- Double Decked Boat
By Power Source
- Internal Combustion Engine
By Engine Horsepower
- <100 HP
- 100 HP to 200 HP
- 200 HP to 300 HP
- 300 HP to 400 HP
- >400 HP
- Rest of North America
- Rest of Europe
- New Zealand
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America