Market Research Report
Recreational Boats Market by Propulsion (Outboard, Inboard and Sterndrive), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower (Below 250 HP, 250 to 500 HP) and Application (Fishing, Sports)- Global Forecast to 2027
|Recreational Boats Market by Propulsion (Outboard, Inboard and Sterndrive), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower (Below 250 HP, 250 to 500 HP) and Application (Fishing, Sports)- Global Forecast to 2027|
Published: March 12, 2021
Meticulous Market Research Pvt. Ltd.
Content info: 283 Pages
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Recreational Boats Market by Propulsion (Outboard, Inboard), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower (< 250, 250 to 500 HP, > 500 HP) and Application (Fishing, Sports, Travel & Tourism)- Global Forecast to 2027
The recreational boats market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $54.9 billion by 2027.
Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, and opportunities. The growth of this market is mainly attributed to the booming tourism industry, growing economic development, growing participation in boating activities, innovation in boat engines, and increasing disposable income. These trends and the rising adoption of boating in Asian countries, including China, Japan, and Australia, offer manufacturers with new markets to capture over the forecast timespan. However, cyber-attacks & the intangible threat to the cruise industry, and high capital investment are expected to hinder the growth of this market to some extent.
The emergence of the COVID-19 pandemic across the globe and the imposition of lockdowns in European and Asian countries has impacted the recreational boats market. With the continuous increase in cases and suspension of boating activities, the industry is witnessing a disruption of production & value chain flows worldwide. The reduced demand for outboard boats is attributed to stringent lockdowns in Italy, Germany, and the U.K., which are the major boating markets in Europe. As a result, citizens are spending on health-related products and essential commodities, limiting leisure activities.
Outboard boats are gaining popularity in the region for recreational activities, such as cruising, fishing, skin diving, swimming, and water skiing. The versatility, improved performance & reliability, and ease of use is spurring the demand for outboard-powered boats. The increasing demand is due to the versatility offered by outboard-powered boats for optimal performance and minimizes the corrosion effects in saltwater by raising out when not in use, thereby increasing the engine life. Consumers in North America and Europe are emphasizing high-performance diesel outboard engines to meet the speed requirements.
Companies in the recreational boats market are focusing on designing boats up to 20 ft. with high power engines and advanced features. These trends allow manufacturers to meet the demand for small and low-cost boats from the consumer with low investment capability. The newly developed small boats offer more power in less space with consumer benefits and less spending.
An in-depth analysis of the geographical scenario of the recreational boats market provides detailed qualitative and quantitative insights about the five major geographies (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. In 2020, North America is expected to command the largest share of the recreational boats market, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa.
The key players operating in the recreational boats market include Groupe Beneteau (France), Brunswick Corporation (U.S.), Marine Products Corporation (U.S.), Carnival Corporation & plc (U.S.), Royal Caribbean Cruises Ltd. (U.S.), Norwegian Cruise Line Holdings Ltd. (U.S.), MCBC Holdings, Inc. (U.S.), Malibu Boats, Inc. (U.S.), Grand Banks Yachts Ltd. (Singapore), Porter, Inc. (U.S.), Grady-White Boats, Inc. (U.S.), Maverick Boat Group, Inc. (U.S.), Correct Craft (U.S.), Baja Marine (U.S.), Pacific Asian Enterprises (U.S.), Albemarle Boats (U.S.), Yamaha Motors Co. Ltd. (Japan), and Sunseeker International Limited (U.K.).
Recreational Boats Market, by Propulsion
Recreational Boats Market, by Boat Size
Recreational Boats Market, by Engine
Recreational Boats Market, by Horsepower
Recreational Boats Market, by Application
Recreational Boats Market, by Geography