New York, July 09, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Recreational Boating Market – Global Outlook and Forecast 2021-2026” – https://www.reportlinker.com/p06103704/?utm_source=GNW
02% during the period 2020–2026.
The leisure boat market is undergoing several transformations. The marine industry is witnessing an increasing appeal among end-users for advanced and innovative features such as joystick docking controls, automatic trim controls, and digital throttles and shifts. Consumers have less time developing driving skills with the hectic lifestyle and compiling practical experience on the water with the hectic lifestyle. Thus, their reliance on automatic controls is growing at an unprecedented rate. The increasing focus on artificial intelligence is the critical technology process that is likely to be implemented in the marine industry. Artificial intelligence can be used to grow corals that are more immune to high sea temperatures and improve salinity and other variables. In the shipping industry, artificial intelligence makes things easier by impeccably incorporating new shipping logistics and communication technology to develop the business model within the industry.
The following factors are likely to contribute to the growth of the recreational boating market during the forecast period:
• Advancements in Marine Technology
• Expected Growth in Consumer Confidence
• High Opportunities in Electric Boat Industry
The study considers the global recreational boating market’s present scenario and its market dynamics for the period 2020?2026. It covers a detailed overview of several market growth enablers, restraints, and trends. The report offers both the demand and supply aspects of the market. It profiles and examines leading companies and other prominent ones operating in the market.
GLOBAL RECREATIONAL BOATING MARKET SEGMENTATION
The global recreational boating market research report includes a detailed segmentation by Products, Power, Activities, Geography. The global outboard boat market expects to reach USD 22.92 billion by 2026. Outboard boats are one of the largest selling boats in the North American region. With technological improvements, the demand for high-performance outboard boats has grown considerably. Regulations have played a significant role in the increasing demand for outboard boats. The push toward single-fuel policies to promote safety in the industrial, military, and other end-user segments expects to be a strong global driver for high-powered diesel boats.
In terms of unit shipment, the global engine-powered boat market is likely to reach 882,365 units by 2026, growing at a CAGR of 10.98%. The growing demand for small and medium-sized vessels for fishing and recreational activities would support the market growth of outboard engines during the forecast period. Outboard motors allow boat manufacturers to offer customers ample interior space on boats along with enhanced engine power. The increasing family tour boat rental practices would boost the demand for these products during the forecast period. In terms of power, engine-powered boats have witnessed significant improvement in terms of horsepower and technology. Stringent emission standards imposed by several countries across the globe and the launch of 4-stroke engines will further support the segment’s growth.
The global cruising market expects to reach USD 54.41 billion by 2026, growing at a CAGR of 11.05%. Developing economies such as APAC have emerged as critical regions witnessing a significant increase in the passenger base. For instance, Mainland China dominates the Asian market, accounting for close to 56% of the Asian passenger volume in 2019. Most source markets in Asia observed YOY gains in 2019, except for Mainland China and Malaysia. Passenger volumes from Singapore, India, Indonesia, the Philippines, South Korea, Thailand, and Vietnam saw double-digit growth. Further, the expansion of cruise ship capacities is likely to influence the growth of the market. With the rise in cruising activities, the recreational boating market expects to receive more orders for large boats during the forecast period.
• Personal Watercrafts
• Engine Powered
INSIGHTS BY GEOGRAPHY
• The new powerboat unit sale increased by 12% 2020 as compared to 2019. Most of the revenue earned by the US recreational boating market is through product exports. However, in 2015, it became a net importer due to the strengthening of the US dollar.
• With the growing consumer confidence over the last few years, boat manufacturers are introducing new products and experiences to attract young boaters. Recent boat sales and recreational boating expenditure grew for the eighth consecutive year in 2019. In 2020, the boat sales reached a 13-year high, and this trend expects to continue during 2021.
• North America
o South Korea
• Latin America
• Middle East & Africa
o Saudi Arabia
o South Africa
INSIGHTS BY VENDORS
The global recreational boat market is fragmented due to the presence of local and global players. The market concentration in developed countries such as the US and other Western European countries is high. The market is in a growth stage in developing economies such as China because of the entry of many international brands in these countries. The competition among vendors is based on product offerings and pricing. Vendors are using new business models and focusing on developing the portfolio of their established products to drive growth. The focus in yachts is heavily shifting towards luxury products, which is likely to provide vast opportunities to the vendors during the forecast period.
• Azimut-Benetti Group
• Bombardier Recreational Products (BRP)
• Brunswick Corporation
• Groupe Beneteau
Other Prominent Vendors
• Albemarle Boats
• Baja Marine
• Bavaria Yachts
• Bertram Yachts
• Boston Whaler Boats
• Catalina Yachts
• Correct Craft
• Custom Weld Boats
• Duckworth Boats
• Explorer Industries
• Fountain Powerboats
• Grady-White Boats
• Grand Banks Yachts
• High Caliber
• Marine Products Corporation
• Marlow Hunter
• Maverick Boat Group
• MCBC Holdings
• Pacific Asian Enterprises
• Princess Yachts
• Sunseeker International
• Thunder Jet
• Viking Yacht
• White River Marine Group
• Zodiac Marine & Pool
KEY QUESTIONS ANSWERED:
1. How big is the recreational boating market?
2. What is the engine-powered boat market growth?
3. Who are the key companies in the recreational boating market?
4. What are the growth forecasts for the European recreational boating market?
5. What are the factors driving the recreational boat market?
Read the full report: https://www.reportlinker.com/p06103704/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.