Recreational Boats Market to Reach $54.9 billion by 2027, Growing at a CAGR of 7.8% from 2020 with COVID-19 Impact - Meticulous Research® Analysis

REDDING, Calif., March 31, 2021 /PRNewswire/ -- The recreational boats market is poised to grow at a CAGR of 7.8% from 2020 to reach USD 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. Additionally, growing water sports activities and growing boat imports in developing nations provide significant growth opportunities for recreational boats.

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Impact of COVID-19 on the recreational boats market

The COVID-19 pandemic outbreak has caused a widespread economic downturn as several countries imposed strict lockdowns to contain the infection. This has affected diverse industries; manufacturing is one of the severely impacted sectors. There has been a significant impact on supply chains globally. Boats and engine manufacturing companies have faced huge losses during the first & second quarter of 2020 due to disrupted supply chains and production schedules. The rapid spread of COVID-19 in the U.S., Europe, and Asian economies resulted in nationwide lockdowns and a temporary halt of production facilities to prevent further spread.

With the increasing number of cases, consumers opted to spend on necessities and food supply compared to recreational & leisure activities in the highly impacted regions, including Europe and Asia-Pacific. This situation resulted in negligible spending on outdoor recreational & boating activities. Also, the imposition of stringent lockdowns and temporary closure of public facilities, including marinas, boating parks, and lakes, has led to the downfall of the boating business.

Powered boats are witnessing a significant demand even during the pandemic in the U.S. Following the WHO's social distancing guidelines for minimizing the virus' spread; people have shunned airlines, hotels, cruises, and other crowded places. North Americans have opted for personal transportation to fend off the virus, thereby boosting the demand for outboard-powered boats for recreational activities.

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In the first quarter of 2020, the North American market suffered a slight dip due to the pandemic's sudden outbreak, creating havoc and panic. However, the market started gaining traction soon during the second quarter of 2020, and outboard-powered boats started witnessing a spike in demand for recreational purposes. According to National Marine Manufacturers Association, in May 2020, new boat sales rebounded sharply, up by 59%, compared to April 2020, and up 9% from pre-pandemic levels on a seasonally-adjusted basis. In May 2020, total sales increased across all the segments. Wherein outboard boats accounted for 60% of new boat sales.

Key findings in the recreational boats market study

The global recreational boats market is mainly segmented by propulsion, engine, boat size, horsepower, application, and geography.

Based on propulsion, the recreational boats market is segmented into inboard & sterndrive boats, outboard boats, and sailboats. In 2020, the outboard boats segment commanded the largest share of the overall recreational boats market. This is primarily attributed to the high adoption of advanced outboard power engines, growing saltwater fishing industry, and lower cost of outboard boats.

Based on boat size, the recreational boats market is segmented into up to 20 ft., 21 ft. to 35 ft., and 36 ft. to 50 ft. In 2020, the 21 ft. to 35 ft. boats segment commanded the largest share of the overall recreational boats market. Due to its compact size and various advanced features, this boat size is preferred for tourism, sports, and fishing activities, making it ideal for a large population base.

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Based on engine, the recreational boats market is segmented into diesel and electric. In 2020, the diesel engines segment commanded the largest share of the overall recreational boats market. The growing development of high-power diesel engines with eco-friendly features to control environmental pollution is driving the growth of this segment.

Based on horsepower, the overall recreational boats market is segmented into boats up to 250 HP, boats from 250 HP to 500 HP, and above 500 HP. In 2020, the up to 250 HP boats segment commanded the largest share of the overall recreational boats market.

Based on application, the recreational boats market is segmented into fishing, transportation, sports, travel & tourism, and other applications. In 2020, the fishing segment accounted for the largest share of the overall recreational boats market. The growth is attributed to the increasing consumer interest in fishing activities and the growing number of fishing license allocations.

Based on geography, the global recreational boats market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the global recreational boats market. The large share of this region is primarily attributed to the presence of key market players; increased investment in boating activities, such as fishing, sport boating, and entertainment; and growing adoption of advanced technologies. Furthermore, increasing disposable income and consumer spending and rising spending on recreation and leisure activities are major factors driving the growth of the North American market.

The key players operating in the global recreational boats market are Groupe Beneteau (France), Brunswick Corporation (U.S.), Azimut-Benetti Group (Italy), Ferretti S.P.A. (Italy), Marine Products Corporation (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.), Sunseeker International Limited (U.K.), and Yamaha Motor Co. Ltd. ( Japan) among others.

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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

Recreational Boats Market, by Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Sweden
• Finland
• Norway
• Russia
• Rest of Europe
• Asia-Pacific (APAC)
• China
• India
• Japan
• Rest of APAC
• Latin America
• Argentina
• Chile
• Rest of LATAM
• Middle East and Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

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