Press release
Global Recreational Boating Market To Be Driven By The Thriving Travel And Tourism Industry In The Forecast Period Of 2022-2027
Recreational Boating Market
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
Historical Market Size (2020): USD 27 Billion
Forecast CAGR (2022-2027): 3.5%
The significant rise in the population and the growing disposable incomes are surging the spending on recreational and leisure activities, which is increasing the demand for recreational boats. The market is further aided by technological advancements and enhancements in marine technology.
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The integration of Global Navigation Satellite Systems is enabling recreational boats to carry out search and rescue operations, thereby augmenting the market growth. With the increasing interests in watersports and cruising, boosted by the expanding tourism industry, the market for recreational boating is witnessing robust growth.
The growing cost-effectiveness of sailboats and their widespread use in fishing and transport are providing further impetus to the growth of the recreational boating industry.
Industry Definition and Major Segments
Recreational boats are boats that can be inboard or outboard and are made for non-commercial use. These boats are used for several activities such as camping, boating, fishing, rescuing, and sailing, among others.
The enhanced technological features in the boat such as GNSS, makes it a successful vehicle for carrying out rescue operations.
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The market, based on type, is divided into:
Outboard Boats
Inboard Boats
Personal Watercraft Boats
Sail Boats
Rigid Inflatable Boats
Others
On the basis of power source, the market is segmented into:
Human Powered
Sail Powered
Engine Powered
Others
By application, the market is classified into:
Watersports and Cruising
Fishing
Others
The regional markets for recreational boating include:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The global recreational boating industry is expected to be driven by the rising demand for tourism and water sport activities in regions like the United States, France, Germany, Canada, the United Kingdom, and some areas of the Asia Pacific.
The market is anticipated to be further propelled by the rising aquamarine culture, which is attracting a lot of tourists. The addition of marine technologies for pleasure watercraft is estimated to drive market expansion over the forecast period. Moreover, the rising efforts of leading companies in the industry to expand their portfolios through mergers and acquisitions is anticipated to fuel the market growth during the forecast period.
Key Market Players
The major players in the market are Brunswick Corporation, Marine Product Corporation, White River Marine Group, Azimut Benetti Group, Sunseeker International Limited, and Bennington Marine LLC, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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