According to a new report published by Transparency Market Research, the global recreational boating market will record significant growth owing to the expanding pool of the high net-worth population, innovations in boat engine, and the rising economy will aid the market’s expansion globally. The report titled, “Recreational Boating Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026” anticipates the global market to grow remarkably during the forecast period.
The report has classified the global recreational boating market on the basis of type, application, size, and region. Based on the boat type, the recreational boating market is divided into seven categories. Of these, the demand for motorboats such as speedboats and power boats is expected to rise positively as they are preferred for recreational activities. In addition to this, the sailboat segment is anticipated to hold a substantial share in the global recreational boating market. These boats are mainly used for traveling and fishing and are powered by wind. These boats are also cost-effective owing to which, more number of consumers prefer them.
In terms of application, the global recreational boating market is currently witnessing significant demand for motorized boats, which are increasingly used for sports activities. Apart from this, fishing has emerged as a popular recreational activity. In terms of size, the global recreational boating market is currently witnessing a considerably high demand for larger boats. Factors such as the implementation of government regulations mandating certain safety standards and installation of life-saving and firefighting equipment is supporting the growth of this segment.
The global recreational boating market is expected to witness considerably high demand from North America and Europe. The high disposable income and standard of living of consumers in the region will support the market’s growth in the coming years. According to the European Boating Industry (EBI), about 6 million boats were owned by consumers across Europe and nearly 36 million consumers regularly indulged in recreational activities. These statistics are indicative of lucrative prospects for the recreational boating market’s growth in Europe.
Furthermore, governments of these regions have taken several steps to up the security standard of people engaging in recreational boating activities. Spurred by these, the global recreational boating market is likely to gain impetus in the near future.
Some of the prominent players operating in the global recreational boating market are included in this report to give a better competitive landscape and these are Baja Marine, Bayliner, Mahindra & Mahindra Ltd, Chaparral Boats, Inc., Grady-White Boats, Boston Whaler Boats, Malibu, MASTERCRAFT, White River Marine Group, Sea Ray, and American Sail Inc.
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