Pontoon Boat Market Show at 9.7% CAGR to 2028

The pontoon boat market is expected to grow from US$ 2,132.97 million in 2021 to US$ 4,089.97 million by 2028; it is estimated to grow at a CAGR of 9.7% during 2021-2028.

The tourism industry across the globe is increasing rapidly. According to the latest figures published by the United Nations World Tourism Organization (UNWTO), in July 2021, almost 54 million international tourists traveled across the world. This is the highest figure recorded since the beginning of the health crisis that brought the global tourism industry to a virtual standstill for many months. This figure also represents an increase of around 58%, compared to the 34 million international tourists in July 2020. Additionally, according to the World Travel and Tourism Council, Saudi Arabia is expected to record 22.1 million international arrivals by 2025, nearly 40% higher than Dubai's current visitors. Further, World Tourism Organization forecasts that South America will receive 78.2 million tourists by 2027, generating US$ 82 billion for the local economy. In addition, the UAE, Australia, the US, Canada, Brazil, Italy, France, Germany, India, and China are among the prominent tourist destinations. Thus, the growing tourism industry in these destinations increases recreational sailing and water sports activities. For instance, the snowballing effect of domestic and international tourist footfall in European countries is massively contributing to the recreational boating industry. In 2020, the global tourism sector witnessed decline due to the imposition of national lockdowns across the world. In 2021, with the uplifting of lockdowns and reopening of manufacturing factories, the production of pontoon boats has resumed. The tourism sector is working in many countries with strict government protocols. Various advanced features, such as Bluetooth speakers, additional seating, or even inflatable water slides, are being installed in the boats to attract customers. It would help in the growth of the pontoon boat market in the coming years.

Get Exclusive Sample Pages of Pontoon Boat Market at https://www.theinsightpartners.com/sample/TIPRE00021520/

Companies Profiled in this report includes:  ALOHA PONTOONS, Kiwi Kraft Ltd., Nazareth Boats, Polaris Inc., Swiss-Boats AG, BRP, SUN TRACKER BOATS, PONTOONBOOT, SEA-AND-YACHTING.COM, floatingterrace.eu

Impact of COVID-19 Pandemic on Pontoon Boat Market

The COVID-19 pandemic has shaken several industries. The tremendous growth in the spread of the virus has urged governments worldwide to impose strict restrictions on vehicles and human movement due to travel bans, mass lockdowns, and business shutdowns. The lockdown imposition has resulted in the lesser production of commodities, goods, and services.

In 2020, the continuous growth in the number of virus-infected patients had governments put a bar on the transportation of humans and goods. The manufacturing sector has witnessed severe losses due to the temporary shutdown of factories and low production volumes, which has had a negative impact on pontoon boats globally. Additionally, governments' social or physical distancing measures have led ship manufacturers to limit their operations. Therefore, the pontoon boat market had a negative impact during 2020.

However, in 2021, with the uplifting of lockdown and vaccination processes, the manufacturing of pontoon boats has started again. Further, to overcome the challenges posed by the COVID-19 outbreak, the pontoon boat manufacturers are focusing on increasing product innovation and keeping consumers' requirements in mind will lead to increased demand. Therefore, the global pontoon boat market is growing steadily.

To Speak analyst on Pontoon Boat Market Growth Research Report at https://www.theinsightpartners.com/speak-to-analyst/TIPRE00021520

The pontoon boat market is segmented on the basis of type, tube type, propulsion type, size, application, and geography. Based on type, the market is segmented into bar boat, rear lounge, quad seating, arch models, double decker, and others. The rear lounge segment held the largest market share in 2020 because these types of pontoon easily accommodate several individuals. In terms of tube type, the pontoon boat market is bifurcated into double tube and triple tube. In 2020, the triple tube segment held a larger market share. As triple tube pontoons are more stable and generally have larger engines with higher horsepower as compared to double tube, these are widely used among passengers. Based on propulsion type, the pontoon boat market is segmented into single engine, double engine, and electric motor. The double engine segment held the largest market share in 2020. By size, the market is segmented into less than 20 feet, 20-30 feet, and more than 30 feet. The 20-30 feet segment dominated the market in 2020 and held the largest share as the boats of this size can easily accommodate up to 10-13 passengers. The pontoon boat market, by application, is segmented into fishing, watersports, recreational, and others. The recreational segment held the largest market share in 2020 as demand for cruising is increasing in countries across the world. Geographically, the market is segmented into five key regions-North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA) and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. APAC is projected to be the fastest growing region from 2021 to 2028.

Order Copy of this Pontoon Boat Market Research Study at https://www.theinsightpartners.com/buy/TIPRE00021520/

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com

Phone: +1-646-491-9876

About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.