Selbyville, Delaware, Sept. 07, 2021 (GLOBE NEWSWIRE) —
The recreational boating market revenue is anticipated to record a valuation of USD 60 billion by 2027, according to the most recent study by Global Market Insights Inc. The growing travel and tourism sector and increasing consumer expenditure on leisure activities has seen a considerable rise in the demand for recreational boats for surfing, fishing, and wakeboarding. The proliferation of boat clubs across the globe has strengthened the industry landscape of recreational boating market to a great extent. Besides, rising urbanization and increasing disposable incomes across various developed and developing economies, have as well propelled the demand for recreational boating activities.
The industry growth is being further driven by the growing popularity of hybrid and electric-powered propulsion systems as they enhance the boating experience and reduce carbon emissions. Quoting an instance, in 2020, a new boat- Alutasi by Halifax was launched in Canada. According to the company, this lithium-ion-powered boat can reduce the carbon footprint of the marine sector. It was converted from diesel to hybrid-electric by Glas Ocean Electric.
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Ongoing technological developments
The industry is making great leaps on account of the continuous technological developments and adoption of IoT and smart sensors. Various market players and research institutes are working towards introducing innovative systems in the product. To illustrate, researchers from MIT’s Computer Science and Artificial Intelligence Laboratory and the Senseable City Lab have been building the first-ever fleet of autonomous boats for the City of Amsterdam.
In 2020, the researchers introduced Roboat II, a new and larger vessel to the fleet. The team, alongside the Amsterdam Institute for Advanced Metropolitan Solutions, developed control and navigation algorithms to facilitate effective communication and collaboration among the boats.
New product launches by market players
Several new and existing companies in the recreational boating industry are focusing on strategic initiatives like mergers, acquisitions, and developments of innovative offerings that can meet consumer demands effectively. To illustrate, in 2021, The Arc Boat company, which comprises a team of former SpaceX rocket engineers, announced building its first commercial electric speedboat. The company reportedly raised USD 4.25 million in seed funding to develop the 24ft 475-horsepower boat that will cost nearly $300,000.
Burgeoning demand for inflatable boats
The increasing consumer preference for inflatable boats for rescue operations and short-distance travel is driving the industry growth. The demand for these boats is being largely impelled by the increasing prevalence of natural calamities, vessel catastrophes, and refinery accidents. In addition, the growing emphasis of government authorities on the preventive measures to control drowning is further increasing the adoption of inflatable boats in the nautical tourism sector.
Increasing nautical tourism in Latin America
Recreational boating industry is observing considerable growth in Latin America owing to the increasing demand for water sports coupled with the presence of mature nautical tourism infrastructure in the region. In addition, increasing consumer expenditure on leisure activities and the presence of scenic coastlines in Mexico and Brazil encouraging consumer participation in recreational boating is positively influencing the regional business space. The introduction of hybrid and electric boats equipped with high-powered engines and smart technologies is further creating new growth opportunities.
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The growing interest in leisure activities and coastal tourism has created greater opportunities for the expansion of recreational boating market in recent years. The outbreak of COVID-19 crisis had made a mild impact on the industry revenue due to stringent lockdown and social distancing norms in the first half of 2020. However, from the second half of 2020, the market started recovering with an increasing preference for water sports and the gradual lifting of lockdown measures.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.