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(USGovernment-News.Com, May 20, 2019 ) According to the new market research report "Recreational Boats Market by Boat Type (Outboard boats, Inboard boats/stern type, Sailboats/Yachts, Personal Watercraft, Inflatable), Power source, Activity Type (Watersports+Cruising, Fishing), Distribution Channel, and Region - Global Forecast to 2027", published by MarketsandMarkets™, The Recreational Boats Market is estimated to be USD 26.7 billion in 2019 and is projected to reach USD 33.7 billion by 2027, at a CAGR of 3.02%.
Rising disposable income has resulted in an increase in leisure spending such as the purchase of recreational boats. The increase in travel and tourism activities across the globe is also responsible for the growth of this market. The recreational boats can be used for carrying out different activities like watersports, sailing, cruising, and fishing.
Browse and in-depth TOC on "Recreational Boats Market" 73 - Tables 34 - Figures 119 - Pages
Outboard boat type is the segment with the highest growth rate and this is expected to continue till 2027
Outboard boats have a lot of advantages over other boat types such as easy access to engine mounting, more spacious deck area, etc. This leads to benefits such as cost-effectiveness, easy maintenance, and easy serviceability with high reliability. Outboard boats are available with a wide range of engines (V6 to V8) depending upon the user preference. Outboard boats have a maximum share compared to other boat types and are expected to reach USD 11.3 billion in 2027.
Cruising +Watersports activity is forecasted to be the largest activity type preferred by the boaters
It has been observed that regions like Asia Oceania and North America are preferring more adventure and sports activities and this is expected to continue to grow till 2027. These activities provide many health benefits like stress relieving, greater physical activity, etc. These activities are a preferred option for both the tourists as well as the locals across different geographies.
Asia Oceania is the largest market for recreational boats, followed by North America
Chinese economic growth is stable, and the transition to a service led economy is supporting the rising income of the people. Hence, the Chinese boating segment has promising growth. Other Asian countries such as Japan, Korea, and India showed promising growth during 2017-2018 and will continue until 2027. The Asian market is the production hub for the European and North American manufacturers. In Australia and New Zealand, local demand for foreign-made boats has been seen rising because the domestic manufacturers are struggling to compete with the international players. Maximum imports were led by inboard boats from the US, the UK, and Italy and outboard boats from the US and France. Germany is exporting sailboats to Australia and New Zealand.
The key players in Recreational Boats Market are Brunswick (USA), Azimut Benetti Group (Italy), Sunseeker International Ltd (UK), Groupe Beneteau (France), Marine Product Corporation (USA), Bennington Marine LLC (USA), Bavaria Yachtbau (Germany), Godfrey Pontoons Group (USA), Lund Boats (USA), Tracker Boats (USA), Ranger Boats (USA) Catalina Yachts (USA), Ferretti Group (USA), Mahindra Odyssea (India), Hobie Cat Company (USA)
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