Press release
Technological Advancements to Influence Recreational Boating Market Growth 2015 - 2021
Change in boat technologies, increased boat size, increasing high net worth population, rising economy, growing tourism industry and innovating in boat engine are attracting more people for recreational boating. This growing interest further drives the recreational boating market across the globe. Currently, recreational boating industry represents only a small fraction of the global leisure industry; however its share is expected to increase in the coming years. This industry was hit hard during global recession as demand in major markets such as the US and Europe suffered a negative impact during economic slowdown.
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North America accounts for the largest share in the global recreational boating market. In North America, the U.S. holds the largest share of recreational boat market. Around 34% of the total population of the U.S participates in recreational boating on annual basis. In 2010, about 75 million people in the U.S. participated in recreational boating. The number increased to reach over 88.5 million by 2013 end. Such growth in the participation trend in recreational boating in North America is expected to boost the recreational boating market. Europe is the second largest market for recreational boating after North America. Italy, UK, Germany and France are some of the major recreational boating markets in European region. The share of recreational boating market is expected to grow at higher rate in Europe region as compared to North America. Growing demand of luxury cruisers is expected to help the market growth in the European recreational boating market. Leisure ports and cruise shipping have huge potential for economic growth with low environmental impact. Growing coastal and maritime tourism makes significant contribution in the growth of recreational boating market in Europe. Asia Pacific region is also one of the prominent markets for recreational boating. Rising economy in China, India, Southeast Asia, and Korea and growing interest towards boat riding help in the growth of recreational boating market in Asia Pacific countries. Growing income levels in the developing nations in Asia Pacific region allows the consumers to spend on premium recreational activities such as recreational boating.
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Some of the major companies operating in global recreational boating market are Brunswick Corporation, Azimut-Benetti, Groupe Beneteau, Suzuki Motor Corporation , Platinum Equity, Group Beneteau, Ferretti, Azimut-Benetti, Sunseeker, Rodriguez, Bavarian, Princess, Sealine Attwood, Avon Inflatables, Zodiac Marine & Pool, Baja Marine, Bombardier Recreational Products Incorporated, Brunswick Corporation, Carlisle Paddles, Caterpillar Incorporated, Crusader Marine Engines, Fountain Powerboat Industries Incorporated, General Motors Company, Godfrey Marine, Honda Motor Company Limited, Hydra-Sports Boat, Interphase Technologies, Kawasaki Heavy Industries Limited, KCS International Incorporated, Pleasurecraft Engine Group, Poly Marquis Yach, Tognum AG and Yamaha Motor Company Limited.
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