The recreational boats market is projected to grow from USD 26.7 billion in 2019 to USD 33.7 billion by 2027 at a CAGR of 3.02%
NEW YORK, May 22, 2019 /PRNewswire/ --
Rising disposable income has resulted in an increase in leisure spending such as purchase of recreational boats. The recreational boats can be used for conducting different activities like watersports, sailing, fishing, and cruising.
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The recreational boats market is projected to grow from USD 26.7 billion in 2019 to USD 33.7 billion by 2027 at a CAGR of 3.02%. High consumer confidence towards the growth of technology and high features getting inducted in the boats are some of the major factors which will drive the recreational boats market. Strict pollution norms with respect to recreational boats is a major obstacle for the growth in the regions like Europe and North America.
Outboard boat types are expected to be the largest selling boats and will continue in the future till 2027
Outboard boats have lot of advantages over other boat types such as easy access of engine mounting, more spacious deck area, etc., and thus give benefits such as cost effectiveness, easy maintenance, and easy serviceability with high reliability. Outboard boats are available with wide range of engines (V6 to V8) depending upon the user preference.
Cruising + Watersports activity is forecasted to be the largest activity type preferred by the boaters
It has been observed that regions like Asia Oceania (Australia, New Zealand and China) are preferring more adventure and sports activities (Offshore and Onshore).It has been assumed that this activity provides lot of health benefits like stress relieving, greater physical activity etc.
Efforts are also being taken by the developing countries like India to promote these activities to boost the tourism.
Asia Oceania is the largest market for recreational boats, followed by North America
Chinese economy growth is stable and transition to the service led economy is supporting the rising income of the people and hence the Chinese boating segment has promising growth in the future.Other Asian countries such as Japan, Korea, and India are showcasing promising growth for the years 2017-2018 and will continue till 2027.
The Asian market is a production hub for the European and North American manufacturers.In Australia and New Zealand, local demand for foreign-made boats has been rising because the domestic manufacturers are struggling to compete with the international players.
Maximum imports were led by inboard boats from the US, the UK, and Italy and outboard boats from the US and France. Germany is exporting sail boats to Australia and New Zealand.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, and other technology directors, and executives from various key organizations operating in automotive marketplace.
• By Company Type: Tier I - 20%, Tier II- 20%, OEM - 60%,
• By Designation: C level - 50%, Director Level– 30%, Others– 20%
• By Region: Asia Pacific - 10%, Europe - 35%, North America - 55%
Note: **Others includes sales, marketing, and product managers.
*Tier I are system suppliers to OEM, Tier II are component suppliers to Tier I, and OEMs are vehicle manufacturers.
The study includes an in-depth competitive analysis of these key players in the recreational boats market, with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
Research Coverage
The recreational boats market has been segmented on the basis of activity type (cruising and watersports, fishing), boat type (outboard boats, inboard/stern type boats, personal watercraft boats, sail boats/ yachts, inflatable boats), power source (engine powered, human powered, sail powered), distribution channel (boat dealers, boat shows, online channels) and region [Asia Pacific (China, Japan, South Korea, India, Australia, New Zealand), Europe (UK, Germany, France, Spain, UK and Italy), and North America (US, Canada, and Mexico), and Rest of the world (Brazil and Russia).
Key Benefits of Buying the Report:
This report provides insights with reference to the following points:
• Market Size, by boat type category: The report offers in-depth market sizing and forecast up to 2027 in terms of value, by boat type (outboard boats, inboard/stern type boats, personal watercraft boats, sail boats/ yachts, inflatable boats).
• Market Size, by activity type: The report offers in-depth market sizing and forecast up to 2027 in terms of value, by activity type (Cruising+watersports, fishing).
• The report provides "competitive leadership mapping" that profiles key players as visionary leaders, innovators, dynamic differentiators, and emerging companies.
• The report also provides "Revenue Impact" section that helps the recreational boats manufacturers to understand the key impacting factors for recreational boats market.
• Market Development: The report provides comprehensive information about lucrative emerging markets for recreational boats market across regions.
• Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the recreational boats market.
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