Market Research Report
Recreational Boating Market Size By Product, By Engine, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021-2027
|Recreational Boating Market Size By Product, By Engine, COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021-2027|
Published: August 31, 2021
Global Market Insights Inc.
Content info: 350 Pages
Delivery time: 2-3 business days
The recreational boating market is set to witness exponential growth by 2027 on account of the proliferating tourism industry worldwide. Additionally, rising government expenditure on the development of the tourism sector is likely to augment market demand over the forecast timeline.
The recreational boating industry is expanding at a fast pace driven by the growing popularity of water sports, leisure activities, and fishing across the globe. Recent technological advancements focused on improving boat mechanics, design, and propulsion systems for racing events and other water-based recreational activities have also boosted market adoption in recent years.
Notably, key industry players are actively employing various lucrative strategies to tap into burgeoning marketplaces, thereby improving market dynamics. For instance, in June 2021, Brunswick Corporation, a leading manufacturer of luxury boats, announced the acquisition of Navico, a global company specializing in marine electronics and sensors. With this acquisition, Brunswick gained Navico's industry-leading brands, enhancing its wide product portfolio, which ranges from power management solutions to marine products.
To cite another instance, in July 2021, Malibu Boats, a major producer, marketer, and designer of recreational powerboats, launched its 21-foot sports boat with innovative features and a new hybrid bow dubbed the Malibu Wakesetter 21 LX. The Wakesetter 21 LX is a versatile sports boat that has been designed to fit in any size-restricted waterways, providing easy mobility.
Similarly, in January 2021, Correct Craft, a key player in the marine industry, announced the expansion of its brands Ingenity, Nautique Boats, Watershed Innovation, and Supreme Boats, at its two new manufacturing facilities in Central Florida and Georgia. Expansion of the new facilities enabled Nautique, Watershed Innovation, and Ingenity to increase their production capacities and take up innovative projects.
The recreational boating market has been segmented on the basis of engine, product, and region. In terms of product, the market has further been bifurcated into outboard boats, inboard boats, and inflatables.
The outboard boats sub-segment accounted for a sizable market share of more than 70% in 2020 and is slated to progress at a steady CAGR over the forecast period. Soaring demand for technologically integrated outboard engines in leisure boats is likely to propel segmental adoption in the coming years.
With respect to engine, the recreational boating market has been divided into diesel and gas. The diesel sub-segment held majority of the market share in 2020 and is estimated to observe optimistic growth over the projected timeline.
From the regional point of view, the Middle East & Africa recreational boating market is anticipated to amass notable gains by the end of 2027, progressing at a substantial pace over 2021-2027. Positive outlook of the domestic tourism industry is foreseen to bolster product demand across MEA through the forecast period.