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Recreational Boats Market Report Up to 2031
Factors such as government regulations regarding safety features, Companies focusing on reducing delivery and vehicle maintenance cost, increasing awareness and expenditure are some factors driving the recreational boats market.
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COVID-19 Impact on Recreational Boats Market
Impact on economies due to Covid-19 has reduced the various businesses and industries. Recreational boats was among worse hit market in 2020 as there was significant downfall in recreational activities across countries due to restricted movement and government imposed lockdowns.
Market Drivers
Increasing disposable income and spending on leisure activities drives the demand for recreational boats. Also, continual efforts by manufacturers to bring in new and advanced technology products such as electric propulsion boats which are an environmentally friendly solution also supports the growth of the market. Outboard boats are expected to emerge as the fastest growing segment over the forecast period due to its high market penetration due to various benefits that it offers.
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Market Opportunities
With the growth in regional economic output after the lockdown the recreational boats market is expected to witness new growth opportunities. Recreational activities such as tournaments, championships and others in post-COVID scenario will lead to increase in demand for recreational boats. The increase in international tourism in 2021 and afterwards is also expected to offer new growth potential in the market. Retrofitting and maintenance of boats will also offer substantial growth opportunities in the forecast period.
Competitive Landscape
The global Recreational Boats market is dominated by big players such as include Brunswick, Groupe Beneteau, Azimut Benetti Group, Sunseeker International Limited, Bennington Marine LLC, Marine Product Corporation, Catalina Yachts, Ranger Boats, Hobie CAT Company, and Tracker Boats. These companies have secured their position in the market to offer wide range of advanced assistance systems. The key strategies adopted by these companies is to sustain their market position are new technology, new product development, contract agreement and collaborations.
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