According to a new report published by UnivDatos Markets Insights the Recreational Boat Market is expected to grow at a CAGR of around 6% from 2021-2027. The analysis has been segmented into Boat Type (Yachts, Sailboats, Personal Watercrafts, Inflatables, and Others); Engine Placement (Outboard and Inboard); Power Range (<50 KW, 51 – 150 KW, >151 KW); Region/Country.
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The recreational boat market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the recreational boat market. The recreational boat market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the recreational boat market at the global and regional levels.
Market Overview
Outdoor recreation became increasingly popular as both a fitness and socially distant activity and encompassed running, hiking, cycling, boating, fishing, camping, and walking. This has led to increased demand for recreational boats, with a strong likelihood for sustained demand going forward. Therefore, with the growing participation of individuals in outdoor recreational activities, the recreational boat market is expected to witness a CAGR of around 6% during the forecast period (2021–2027). In addition, major players in the market are developing new products, adopting expansion strategies, and have undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the recreational boat market. For instance, in July 2021, Heyday a brand of Brunswick Corporation launched its new H22 boat as part of its upcoming series of next-generation wake boats. Similarly, in July 2021, Malibu boats launched the 25 LSV with a length of 7.62 meters, as part of its LSV series. It has a max capacity of 18 people and comes with 390 liters of fuel capacity and 430 hp torque. Thus, with the rising industry rivalry coupled with new product launches, the market is expected to witness strong growth during the forecast period.
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COVID-19 Impact
Due to COVID-19, the boats and engine manufacturing companies have faced huge losses during the first & second quarters of 2020. This is mainly attributed to disrupted supply chains and production schedules. The COVID-19 pandemic negatively impacted the recreational boating industry across the world. Several preventive measures are taken to curb it, such as lockdowns, movement restrictions, and a reduction in working staff and manufacturing halts. However, by the end of 2020, once lockdowns were released and logistics were getting in line, the market reopened with normal sales similar to the previous year. This was mainly due to people not being able to go elsewhere due to partial lockdowns and personal boating providing a safe tourism option during the pandemic.
The global recreational boat market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the engine placement, the market is bifurcated into outboard and inboard. Among these, outboard is expected to hold the majority share in the market. This can mainly be attributed to the increasing adoption of advanced outboard engines offering several advantages such as easy low-speed maneuvering, enhanced acceleration & fuel efficiency, compared to inboards, thus increasing the acceptance of these engines. Furthermore, major stakeholders in the market are focusing on introducing new and improved recreational boats in the market to increase their presence and cater to evolving consumer needs.
· Based on the power range, the market is bifurcated into <50 KW, 51 – 150 KW, and >151 KW. In 2020, the 51 – 150 KW category to witness significant growth during the forecast period. This is mainly due to the stringent emission regulations coupled with increasing investment in research and development of energy-efficient and high-power recreational boats.
Have a Look at the Chapters
Recreational boat Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Italy, France, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Australia, Japan, and the Rest of Asia-Pacific)
· Rest of the World
For a better understanding of the market adoption of Recreational Boat, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of World. In 2020, the North American region held the highest market share in the global recreational boat market. This is mainly due to the higher disposable income as well as rising spending on recreation & leisure activities in developed countries like U.S. and Canada, which are supporting the growth of the region’s market.
The major players targeting the market include
· Brunswick Corporation
· Groupe Beneteau
· Mastercraft Boat Holdings Inc.
· Malibu Boats Inc.
· Polaris Inc.
· Azimut Benetti S.p.A.
· Sunseeker International (Dalian Wanda Group)
· Bombardier Recreational Products Inc.
· Ferretti S.p.A.
· Marine Products Corporation
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the recreational boat market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the recreational boat market?
• Which factors are influencing the recreational boat market over the forecast period?
• What are the global challenges, threats, and risks in the recreational boat market?
• Which factors are propelling and restraining the recreational boat market?
• What are the demanding global regions of the recreational boat market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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Recreational Boat Market:WiseGuyReports.com adds “Global Recreational Boat Market Research Report 2020 Analysis and Forecast 2026” reports to its database.Executive SummaryGlobal Recreational Boat Market is valued approximately USD 26.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.20% over the forecast period 2019-2026.
A recreational boats are large motorboats precisely equipped with plumbing, cabin, kitchen, and other entertainment conveniences.
However, the impact of COVID-19 has negatively impacted the tourism sector and recreational activities in both developed and developing countries mainly the middle Eastern and Asian countries which hold large coastlines and witness thousands of tourists every year ultimately leading to restraining the growth and development of recreational boat market.
The surging adoption of boats primarily used for leisure and recreational activities is acting as a key driver towards the adoption and demand of recreational boat market.
For instance: According to the National Marine Manufacturers Association, the total recreational marine expenditure in the United States accounted for $39 billion in 2017 which saw a rise of around 6.5% from year 2016.
Further, an estimated of 262,000 new powerboats were sold in the year 2017 which is an increase of 4.7% as compared to 2016 that are widely being used for the leisure and recreational activities.
