A recreational boat is generally designed for water tourism enjoyable. These boats are also known as pleasure craft boats. They are used for several activities such as water sports, camping, fishing, boat racing, and sailing. Materials used for the manufacture of these boats include plastic, coated fabrics, and aluminum. The rising demand for these boats can be observed from the increased tourism and promotional tourist sports activities. Attractive features provided by manufacturers such as increased boat sizes and new innovations in boats are fueling the demand for the recreational boats. Also, the growing tourism industry is increasing the global recreational boating market. In addition, the growth in population and the increase in disposable income is expected to boost the market in the coming future.
Some of the key growth factors of the market are advanced technology, high-tech features, and higher consumer confidence. The demand for speed boats and power boats is expected to increase as they are used for recreational activities. The demand for sail boats is expected to increase as these boats are used for travelling and fishing. Sail boats are powered by wind and are cost effective. Hence, the preference for sail boats is more. Recreational boating market players are aiming to add various marine technologies in the pleasure crafts. Global Navigation Satellite System (GNSS) is a trending technology used in the industry. It is basically used for traffic management and surveillance in both inland waters and sea. They are also used in search & rescue and fishing vessel control. These advancements are likely to boost the growth of recreational boating market in the next few years. Currently, the market represents a very small share of the global leisure industry but, experts suggest that there will be a significant growth in the recreational boating market in the upcoming years.
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The major players in the recreational boating industry are indulged in adopting mergers & acquisitions as their prominent strategy to increase their share in the market. Mergers & acquisitions help the company to expand its customer base by showing extensive range of products in its portfolio.
The major companies profiled in the recreational boating market share include Brunswick, Groupe Beneteau, Azimut Benetti, Sunseeker International Limited, Ranger boats, Tracker Boats, Lund Boats, Marine Product Corporation, Bennington Marine LLC., and Hobie Cat Company.
The recreational boating market is segmented by power, product type, activity type, and region. By Power, it is categorized into Engine-Powered, Man-Powered, and Sail Propelled. On the basis of product type, it is categorized into Inboard boats, outboard boats, inflatable, sail boats, and personal watercrafts. By activity type, it is categorized into watersports, cruising, and fishing. Region-wise, it is analyzed for Asia-Pacific, Europe, North America, and LAMEA.
The factors that drive the growth of the recreational boating market includes advancement in technology, increase in boat size, increase in high net worth population, increase in disposable salary, and growing tourism. In addition, the use of new technologies and creation of luxurious recreational boats create growth opportunities for the Market expansion. However, high cost of recreational boats acts as a restraint for the market.
KEY BENEFITS FOR STAKEHOLDERS
- This study comprises analytical depiction of the global recreational boating market with current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to gain a stronger foothold in recreational boating industry.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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RECREATIONAL BOATING MARKET KEY SEGMENTS
- Sail Propelled
By Product Type
- Inboard Boats
- Outboard Boats
- Sail Boats
- Personal Watercrafts
By Activity Type
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