“Global Recreational Boats Market Report and Forecast 2022-2027”
The global recreational boating market is driven by the thriving travel and tourism industry during the forecast period 2022-2027
Expert Market Research’s new report titled Global Recreational Boating Market Report and Forecast 2022-2027 provides in-depth analysis of the global recreational boating market and evaluates the market based on its segments such as types, power sources, applications, and major regions. The report tracks the latest trends in the industry and examines their impact on the overall market. It also assesses the market dynamics, covers the main demand and price indicators and analyzes the market based on the SWOT and Porter Five Forces models.
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Key highlights of the report include:
Market overview (2017-2027)
- Historical market size (2020): USD 27 billion
- Forecast CAGR (2022-2027): 3.5%
The significant increase in population and rising disposable incomes are causing spending on recreation and leisure activities to rise sharply, which increases the demand for leisure boats. The market is further supported by technological advances and improvements in marine technology. The integration of global navigation satellite systems enables recreational boats to conduct search and rescue operations, thereby increasing the market growth. With increasing interest in water sports and cruising fueled by the expanding tourism industry, the leisure boat market is seeing robust growth. The increasing cost-efficiency of sailboats and their widespread use in fishing and transportation are further fueling the growth of the recreational boating industry.
Industry definition and main segments
Recreational boats are boats that can be inboard or outboard and are made for non-commercial use. These boats are used for various activities such as camping, boating, fishing, rescue, and sailing, among others. The improved technological features in the boat, such as GNSS, make it a successful vehicle for conducting rescue operations.
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By type, the market is segmented into:
- outboard boats
- inboard boats
- boats for personal watercraft
- sailing boats
- rigid inflatable boats
On the basis of power source, the market is segmented into:
- Powered by human hands
- sailing powered
- engine driven
Based on application, the market is segmented into:
- water sports and cruises
Regional recreational boating markets include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The global recreational boating industry is expected to be driven by the increasing demand for tourism and water sports activities in regions such as the United States, France, Germany, Canada, the United Kingdom and some areas in Asia-Pacific. The market is expected to be further boosted by the burgeoning aquamarine culture, which attracts many tourists. It is estimated that the addition of marine technologies for pleasure boats will drive the market expansion over the forecast period. Additionally, increasing efforts by leading companies in the industry to expand their portfolios through mergers and acquisitions are expected to drive the market growth over the forecast period.
Important market participants
The major players in the market include Brunswick Corporation, Marine Product Corporation, White River Marine Group, Azimut Benetti Group, Sunseeker International Limited, and Bennington Marine LLC, among others. The report covers the market shares, capacities, asset turnover, expansions, investments and mergers and acquisitions among other latest developments of these market players.
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