Recreational Boating Market is estimated to reach US$ XX Bn by 2027 in terms of revenue at CAGR of XX % in the forecasting Period.
The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.
Rising disposable income has resulted in increased travel and tourism activities across the globe, primarily driving the industry growth. Usage of these boats for numerous activities including boat racing, motorized water sports, sailing, and campaigning has positively impacted the excursion boat sales. High consumer confidence owing to advantages such as advanced technology and high-tech features will further escalate the recreational boating market revenue generation over the next eight years.
Recreational boating market players are focusing on adding various marine technologies in these pleasure crafts. Global navigation satellite system (GNSS) is a key trend, continuously gaining prominence in the industry. This system offers significant advantages to both the direct and indirect users. It is majorly used for surveillance and traffic management in both sea and inland waters. Moreover, these systems are used for various other purposes such as search & rescue and fishing vessel control. These advancements are likely to instigate immense potential to the industry size over the next eight years.
The Recreational Boating market is segmented based on product, power and geography. By product type of the recreational boating market is segmented into inboard boats, outboard boats, inflatable, and sailboats. An outboard boat is a major segment where the recreational boating is highly demanded and thus, it is expected to hold major market share in the forecast period. An easily accessed mounting position of outboard engines provides more space for the user, thereby shifting the consumer’s preference.
This can also be attributed to the provision of benefits such as cost-effectiveness, easy maintenance & easy service abilities coupled with high reliability. By power, the market is segmented as engine-powered, man-powered, and sail propelled.
Geographically, the Recreational Boating market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to be the largest market for Recreational Boating during the forecast period. Established marine industry in U.S. and Canada along with the continuously increasing number of participants involved in boating will primarily contribute to the revenue generation.
As per the National Marine Manufacturers Association (NMMA), approximately 46% of the population in Canada participated in boating. Presence of key industry players such as Brunswick and American Sail Inc. across the region will further support the regional dominance till 2026. Europe is projected to be the fastest growing market for Recreational Boating with growth. Increasing manufacturing, especially in countries such as Italy will essentially drive regional growth.
Key player across the Recreational Boating industry are Beneteau, Sunseeker, American Sail Inc., MacGregor, Hunter, and Azimut-Benetti. The competitors are indulged in adopting mergers & acquisitions as their prominent strategy to enhance their visibility in the industry. For instance, in July 2016, Brunswick acquired Thunder Jet, a designer, and manufacturer of aluminum boats. It helped Brunswick in expanding their portfolio and strengthen its position in the industry.
Market Scope of the Recreational Boating Market
Recreational Boating Market, By Product
• Inboard Boats
• Outboard Boats
• Sail Boats
Recreational Boating Market, By Power
• Sail Propelled
Recreational Boating Market, By Geography
• North America
• Middle East & Africa
• Latin America
Key Players operating in the Recreational Boating Market:
• Malibu Boats
• American Sail Inc.
• Princess Cruise
• Hobie Cat Corporation
• Bavaria Yachtbau
• Catalina Yachts
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the current Recreational Boating market outlook. The report encompasses the Recreational Boating market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for taking the informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Recreational Boating market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain the Recreational Boating market positioning of competitors.
This Report Is Submitted By : Maximize Market Research Company
Customization of the report:
Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.
Name: Lumawant Godage
Organization Address: MAXIMIZE MARKET RESEARCH PVT. LTD.
Email: [email protected]
Address : Pune, Maharashtra 411051, India.