Recreational Boating Market Size to Reach USD 35.4 Billion by 2027 at CAGR 5.1% - Valuates Reports
BANGALORE, India, Oct. 6, 2021 /PRNewswire/ -- The Recreational Boating Market is Segmented by Power (Engine Powered, Man Powered and Sail Propelled), Product Type (Inboard Boats, Outboard Boats, Inflatable, Sail Boats and Personal Watercrafts), Activity Type (Watersports & Cruising and Fishing) and Size (Less Than 30 Ft, 30 to 59 Ft, 60 to 79 Ft, 80 to 99 Ft, More Than 100 Ft and Full Custom). The report covers global opportunity analysis and industry forecasts from 2020 to 2027. It is published in Valuates Reports under Boats & Watercraft Category.
The global recreational boating market was valued at USD 29.0 Billion in 2019 and is projected to reach USD 35.4 Billion by 2027, registering a Compound Annual Growth Rate (CAGR) of 5.1% from 2020 to 2027.
Towboats, sailboats, fishing boats, pontoon boats, and cabin cruisers are all examples of recreational boats, sometimes known as pleasure vessels. Plastic, metal, and coated textiles make up the majority of these boats. All types of boats, whether engine-powered, sail-powered, or man-powered, are welcome to participate in recreational boating competitions.
Major Factors Driving The Growth Of The Recreational Boating Market Are:
The recreational boating market is expected to develop due to factors such as rising interest in recreational water sports and rising water-based tourism.
The growing popularity of recreational activities and watersports among the millennial and post-millennial generations is boosting the growth of the recreational boating market
Furthermore, technical advancements in boats and boat engines, as well as an increasing high-net-worth population, are likely to provide attractive prospects for recreational boating market expansion over the forecast period.
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Trends Influencing The Growth Of The Recreational Boating Market:
The growing interest in recreational water sport activities is expected to drive the growth of the recreational boating market. Consumer interest in water sports, combined with increased participation from people of all ages, has impacted the development of recreational boating facilities around the world. In addition, watersports are becoming increasingly popular not only because of the thrill or adrenaline rush they provide but also because of the numerous health benefits they provide. As a result, the demand for recreational boating is being fueled by the health benefits connected with water activities.
Furthermore, it has been observed that artificial water bodies for kayaking and rafting have grown in popularity among water sports lovers in recent years. The popularity of sport fishing and motorized water sports like jet skiing, sailing, and yachting is fueling the expansion of the recreational boating industry
Customers' disposable money has increased, and their interest in maritime tourism and leisure activities such as sailing, powerboating, yachting, and others has increased significantly in recent years. In addition, adventure tourism is rapidly expanding, and cruise adventures are feeling the effects. Furthermore, favorable government initiatives and water tourism awareness programs aimed at promoting marine tourism are opening up a plethora of growth opportunities for the recreational boating market.
Technological advancement in boats and boat engines is expected to provide lucrative growth opportunities for the growth of the recreational boating market. Direct-injection technology, the VTEC system, the selected gear rotation system, four-stroke technology, and electronic fuel injection capability are examples of innovations in boat engines that enhance engine power and boost demand for recreational boats. To accommodate consumer demand and reduce emissions from boating activities, engine manufacturers are designing high-powered, low-polluting engines.
Low and middle-income populations are hesitant to spend on recreational boating because of the high initial and ownership costs, which is limiting the Recreational Boating Market.
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Recreational Boating Market Share Analysis
Europe generates the most revenue, followed by North America, Asia-Pacific, and Latin America and the Caribbean. According to forecast analysis, Europe is anticipated to maintain its lead during the forecast period, owing to expanding demand for luxury cruisers, rising coastal and maritime tourism, and increasing adult boating involvement. However, LAMEA would exhibit the highest CAGR of 7.4% during 2020-2027.
In terms of revenue, inboard boats dominated the worldwide recreational boating market in 2019, while the personal watercraft sector is expected to grow at the fastest rate of 8.0 percent over the projected period. Europe now contributes the most revenue and is likely to continue to lead the market during the projection period, followed by North America.
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Major Players in the Recreational Boating Market
- Azimut Benetti Group
- Brunswick Corporation
- Groupe Beneteau
- Hobie Cat Company
- Marine Products Corporation
- Mastercraft Boat Holdings, Inc
- Polaris Inc
- Sunseeker International Limited
- White River Marine Group
- Yamaha Motor Co., Ltd.
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