The research report provides insights on recreational boating market size and forecast, share, industry trends, growth drivers, and vendor analysis.
CHICAGO, ILLINOIS, UNITED STATES, May 26, 2020 /EINPresswire.com/ — Recreational boat market size is expected to grow at a CAGR of approximately 12% during the period 2019−2025.
Key Highlights Offered in the Report:
1. Propelled by the growing demand in developed countries such as the US and the UK, global outboard boat market is expected to register a CAGR of over 9% in terms of revenue during the period 2019−2025.
2. The personal watercraft (PWC) segment is expected to witness incremental growth of over $2 billion in terms of revenue during the forecast period.
3. The growing adoption of luxury lifestyle in Europe, the market in this region is likely to generate immense opportunities for vendors, posting a CAGR over 10% by 2025.
4. North America has emerged as the largest market occupying over 50% share of the global recreational boat market.
5. The increase in family tour boat rental practices would boost demand during the expected period. 4-stroke engines are likely to retain supremacy due to high-power output and reduced environmental impact.
6. Cruising activities is expected to drive the recreational boat market, accounting for a CAGR over 11% during the forecast period.
• Market Size & Forecast by Revenue | 2019−2025
• Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
• Market Segmentation – A detailed analysis by product, power, activity, and geography
• Competitive Landscape – Profile of 5 key vendors and 33 other vendors
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Recreational Boat Market – Segmentation
• Inboard boats are a relatively higher price than outboard models, which have significantly affected the growth of the segment. Although the market growth in terms of unit shipment despite several challenges in the past five years, the inboard segment continues to account for the largest revenue share.
• A spurt of tourism across the globe has boosted the sale of sail-powered boats. The increasing youth participation in sports and leisure activities and rising health awareness are driving the segment.
• The ocean cruise ship capacity is likely to increase by 48% from 2018 to 2027, which is expected to provide the push to the cruise industry. These activities are expected to push the sale of recreational boats across the globe.
Market Segmentation by Product
• Personal Watercrafts (PWC)
Market Segmentation by Power
Market Segmentation by Activity
Recreational Boat Market – Dynamics
With the advancement in technology, the market for electric boats has witnessed significant growth over the past two years. Electric boats, particularly hybrid ones where the electric motor doubles as a mechanically spun generator, is now experiencing more uptake in the leisure sector but has historically been more prevalent in working boats. Additionally, developed regions such as Norway, one of the key countries for recreational boats, has significantly begun adopting electric-powered boats in its infrastructure plans. With the rising popularity of autonomous ships, the technology is moving forward, especially in Norway.
Key Drivers and Trends fueling Market Growth:
• Advancements in Marine Technology
• Expected Growth in Consumer Confidence
• Rising Demand for Outboard Power Boats
• Rising Participation in Leisure Boating Activities in Europe
Recreational Boat Market – Geography
The presence of major manufacturing facilities in the region is a major driver for the growth of the US recreational boat market. With rising consumer confidence, the manufacturers are introducing new products to attract the younger generation. New sales and recreational boating expenditure grew for the eighth consecutive year in 2019, and this trend is expected to continue in 2020. Low-interest rates, rising disposable income, consumer spending, and healthy growth in the housing market are expected to have a positive impact on leisure activities during the forecast period. The recreational boat market in North America accounts for than 75% share of the global market through sales of new and used boats; marine products such as engines, trailers, equipment, and accessories; and related expenses such as fuel, insurance, docking, storage, and repairs.
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Market Segmentation by Geography
o New Zealand
o South Korea
• Latin America
o South Africa
• North America
• Brunswick Corporation
• Groupe Beneteau
• Azimut-Benetti Group
• Bombardier Recreational Products
Other vendors include – Princess Yachts, Marine Products Corporation, MCBC Holdings Inc., Malibu Boats Inc., Hanseyachts, BAVARIA Yachtbau, Bertram Yachts, Boston Whaler Boats, Chaparral Boats, Grady-White Boats, Lund Boat Company, White River Marine Group, Yamaha Motor Corporation, Viking Yacht, Grand Banks Yachts, Porter, Maverick Boat Group Inc, Correct Craft, Baja Marine, Pacific Asian Enterprises, Albemarle Boats, Marlow Hunter, Catalina Yachts, Hobie Cat Corporation, Zodiac Marine & Pool SAS, Sunseeker International, Fountain Powerboat Industries Incorporated, Godfrey Marine, Thunder Jet, Explorer Industries, Custom Weld, Duckworth Boats, and High Calibe.
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Source: EIN Presswire