Global Recreational Boats Market Report 2021-2027: Opportunities in Innovation in Boat Engines and Integration of IoT & Sensor-Based Technologies

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Apr 30, 2021, 07:15 ET

DUBLIN, April 30, 2021 /PRNewswire/ -- The "Recreational Boats Market by Propulsion (Outboard, Inboard and Sterndrive), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower (Below 250 HP, 250 to 500 HP) and Application (Fishing, Sports)- Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The recreational boats market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $54.9 billion by 2027

The growth of this market is mainly attributed to the booming tourism industry, growing economic development, growing participation in boating activities, innovation in boat engines, and increasing disposable income.

These trends and the rising adoption of boating in Asian countries, including China, Japan, and Australia, offer manufacturers with new markets to capture over the forecast timespan. However, cyber-attacks & the intangible threat to the cruise industry, and high capital investment are expected to hinder the growth of this market to some extent.

The emergence of the COVID-19 pandemic across the globe and the imposition of lockdowns in European and Asian countries has impacted the recreational boats market. With the continuous increase in cases and suspension of boating activities, the industry is witnessing a disruption of production & value chain flows worldwide.

The reduced demand for outboard boats is attributed to stringent lockdowns in Italy, Germany, and the U.K., which are the major boating markets in Europe. As a result, citizens are spending on health-related products and essential commodities, limiting leisure activities.

Outboard boats are gaining popularity in the region for recreational activities, such as cruising, fishing, skin diving, swimming, and water skiing. The versatility, improved performance & reliability, and ease of use is spurring the demand for outboard-powered boats.

The increasing demand is due to the versatility offered by outboard-powered boats for optimal performance and minimizes the corrosion effects in saltwater by raising out when not in use, thereby increasing the engine life. Consumers in North America and Europe are emphasizing high-performance diesel outboard engines to meet the speed requirements.

Companies in the recreational boats market are focusing on designing boats up to 20 ft. with high power engines and advanced features. These trends allow manufacturers to meet the demand for small and low-cost boats from the consumer with low investment capability. The newly developed small boats offer more power in less space with consumer benefits and less spending.

Market Insights

Market Dynamics

Drivers

Growing Tourism Sector
Rising Economic Development
Growing Participation in Water Sports and Boating Activities

Opportunities

Innovation in Boat Engines
Integration of IoT & Sensor-Based Technologies

Challenges

Growing Concerns About Pollution

Covid-19 Impact Analysis

Value Chain Analysis

Suppliers
Manufacturers
Distributors
End-users

Porter's Five forces Analysis

Regulatory Landscape

North America

Regional Policies
Polluted Runoff: Marinas and Boating
Trade
Fishing Policy
Water infrastructure
Fuel Policy
Regulations
National Emission Standards for Hazardous Air Pollutants (NESHAP): Air Toxics Regulations
oat Manufacturing
Shipbuilding & Ship Repair (Surface Coating)
Nonroad Engines, Equipment, and Vehicles
Diesel Boats and Ships

Europe

Tourism Policy for Coastal and Marine Tourism
Industrial Policy
Recreational Crafts

Asia-Pacific

Indonesian Maritime Policy
Japanese Policies, Law, and Regulations in the Maritime industry
Policies of MLIT in Maritime Sector
Ship Safety Law
Regulations for the Enforcement of the Ship Safety Law
Australia Maritime Policy
Cruise Ship Operations Within the Great Barrier Reef, Australia
Policy on Moorings in the Great Barrier Reef
Policy on Managing Bareboat Operations in the Great Barrier Reef Marine Park

Rest of the World

Argentina Maritime Policy
Shipping Policy
South Africa Maritime Legislation
South Africa Shipping Regulation

Technology Landscape

Adoption of AI and Autonomous Sailing
IoT and intelligent Solutions integration
Adoption of 3D Printing, Robotics, and Virtual Reality
Electrification of Boats

Scope

Recreational Boats Market, by Propulsion

Outboard Boats
Inboard & Sterndrive Boats
Sailboats

Recreational Boats Market, by Boat Size

Up to 20 Ft.
21 Ft. to 35 Ft.
36 Ft. to 50 Ft.

Recreational Boats Market, by Engine

Diesel
Electric

Recreational Boats Market, by Horsepower

Up to 250 HP
250 HP to 500 HP
Above 500 HP

Recreational Boats Market, by Application

Fishing
Transportation
Sports
Travel & Tourism
Others

Companies Mentioned

Groupe Beneteau (France)
Brunswick Corporation (U.S.)
Marine Products Corporation (U.S.)
Carnival Corporation & plc (U.S.)
Royal Caribbean Cruises Ltd. (U.S.)
Norwegian Cruise Line Holdings Ltd. (U.S.)
MCBC Holdings Inc. (U.S.)
Malibu Boats Inc. (U.S.)
Grand Banks Yachts Ltd. (Singapore)
Porter Inc. (U.S.)
Grady-White Boats Inc. (U.S.)
Maverick Boat Group Inc. (U.S.)
Correct Craft (U.S.)
Baja Marine (U.S.)
Pacific Asian Enterprises (U.S.)
Albemarle Boats (U.S.)
Yamaha Motors Co. Ltd. (Japan)
Sunseeker International Limited (U.K.).

For more information about this report visit https://www.researchandmarkets.com/r/h6gwgz

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SOURCE Research and Markets