The global recreational boat market is expected to reach revenues of more than $50 billion by 2023
LONDON, Oct. 11, 2018 /PRNewswire/ -- The global recreational boat market is expected to reach revenues of more than $50 billion by 2023, growing at a CAGR of approximately 4% during 2017-2023. The research report also offers market size in terms of unit shipment values during the forecast period.
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The exponential growth of the travel and tourism industry across the European region will positively impact the development of the global market. The rapid economic development and the increasing demand for charter services in Southeast Asia will boost the demand for new products in the market. The global recreational boat market is driven by growth in travel and tourism across the European, Russia, APAC, and Latin American region. The rapid economic growth, increasing HNWI population, and the growing popularity of Southeast Asian tourist beach and marine destinations will boost revenues in the global recreational boating market. The market research report provides in-depth market analysis and segmental analysis of the global recreational boat market by power, product, and geography.
The report considers the present scenario of the global recreational boat market and its market dynamics for the period 2018?2023. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the global recreational boat market.
Recreational Boat Market - Dynamics
The increasing participation in leisure boating activities across the European and the US regions will boost the demand for superior systems in the global recreational boating market. The US and Europe are the biggest markets for recreational boating. In 2017, about 3.9 million people in the UK, i.e., about 7.4% of the total UK adult population, participated in core boating activities. The introduction of digital dashboards with touchscreen displays enable users to control the boat by just touching the screens. The fly-by-wire technology introduced in digital throttles and shifts are more reliable than moving mechanical parts and will contribute to the development of the global recreational boating market. The growing development and use of hybrid and electric boat engines will contribute to the transformation of the global recreational boating market. The increasing consumer awareness about the harmful effects of marine pollution and the stringent environmental norms is encouraging the manufacturers to make electric and hybrid engines for recreational boats in the global market.
Recreational Boat Market - Segmentation
This market research report includes a detailed segmentation of the market by power, product, and geography. Inflatable boat segment dominated less than 1/3rd of the market share in 2017, growing at a CAGR of more than 4% during the forecast period. The increasing participation in various water-based leisure activities is contributing to the growing demand for these products in the global market. The affordable prices and ease of use of inflatable boats create lucrative opportunities for the leading vendors in the global market.
The man-powered segment occupied the second largest market share in 2017, growing at a CAGR of around 4% during the forecast period. The extensive use of man-powered boats for leisure, sports, and competition purposes is fueling the growth of this segment in the global market. Canoes, kayaks, gondolas, and punt boats are some of the most widely available man-powered vessels in the global recreational boat market. These boats use energy generated from the hands or feet,i.e., with oars, paddles, or poles, or through the feet with pedals and a crank or treadles.
Market Segmentation by Product
• Outboards
• Inboards/Sterndrives
• Personal Watercraft
• Sail Boats/Yachts
• Inflatable Boats
• Others
Market Segmentation by Power
• Engine-Powered
• Man-Powered
• Sail-Propelled
Recreational Boat Market - Geography
The global recreational boat market by geography is segmented into North America, Europe, APAC, Latin America, and MEA. North America dominated approximately half of the market share in 2017, growing at a CAGR of around 5% during the forecast period. The rising consumer confidence and the introduction of new products and experiences to attract young boaters is augmenting the growth of the North American region in the global recreational boating market. The increasing proliferation of the yacht industry is attributing to the growth of the APAC region in the global market. Countries such as Australia, China, Japan, India, and South Korea are the largest revenue generators in the APAC market. The continuous growth in the spending power of middle-income families and dynamic changes in lifestyles in the APAC region is augmenting the demand for innovative products in the global recreational boat market.
Market Segmentation by Geography
• North America
o US
o Canada
• Europe
o Italy
o Germany
o France
• APAC
o Australia
o China
o Japan
• Latin America
o Brazil
• MEA
o South Africa
o UAE
Key Vendor Analysis
The global recreational boat market has a diverse structure and level of competition across different geographies. The US is the most lucrative region, and domestic manufacturers are exporting their products to other countries across the global market. Various players are competing on the basis of prices and product differentiation in the global recreational boating market. The presence of global and domestic players in the European market will boost revenues in the region. The increasing number of imports, exports, domestic consumption, and growing disposable income will create lucrative opportunities for leading vendors in the APAC market. The expansion of businesses and distribution network in emerging nations will propel the growth of the global recreational boat market.
The major vendors in the global recreational boat market are:
• Brunswick Corporation
• Groupe Beneteau
• Azimut-Benetti Group
• Sunseeker International
• Ferretti
Other prominent vendors in the global recreational boat market include Princess Yachts, Marine Products Corporation, MCBC Holdings Inc, Malibu Boats Inc., HanseYachts, BAVARIA Yachtbau, Bertram Yachts, Boston Whaler Boats, Chaparral Boats, Grady-White Boats, Lund Boat Company, Sea Ray, White River Marine Group, Yamaha Motor Corporation, Viking Yacht, Grand Banks Yachts, Porter, Maverick Boat Group Inc., Correct Craft, Baja Marine, Pacific Asian Enterprises, Albemarle Boats, Marlow Hunter, Catalina Yachts, Hobie Cat Corporation, Zodiac Marine & Pool SAS, Bombardier Recreational Products Incorporated, Fountain Powerboat Industries Incorporated, Godfrey Marine, Thunder Jet, Explorer Industries, Custom Weld, Duckworth Boats, and High Caliber.
Key market insights include
1. The analysis of the global recreational boat market provides market size and growth rate for the forecast period 2018-2023.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the global recreational boat market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of the global recreational boat market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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