Recreational Boating Market Size to Reach Revenues of USD 63.53 Billion by 2026 - Arizton
CHICAGO, June 29, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global recreational boating market report.
The recreational boating market is expected to grow at a CAGR of over 11.02% during the period 2020−2026.
Key Highlights Offered in the Report:
- The global recreational boat market would realize an absolute growth of 87.27% in terms of revenue in the period between 2020-2026.
- Inboard recreational boat segment accounted for majority share of the global market in 2020 and is expected to grow with an 12.97% CAGR during the forecast period in terms of revenue.
- In terms of power, engine powered boat segment dominates the global recreational boat market in 2020 and is expected to add over USD 27.90 billion incremental revenue during the forecast period.
- By activity, cruising segment dominated the market with a share of 85.51% in 2020 in terms of revenue and is expected to grow at a CAGR of 11.05% during 2020-2026.
- North America is largest market under the global recreational boat market with an expected incremental revenue of USD 13.68 billion with an absolute growth of 86.73% between 2020-2026.
- The US is expected to generate an incremental revenue of USD 12.12 billion by 2026 owing to the presence of several major brands and start-up in the recreational boat market.
- Europe is the second largest market for recreational boat, in which the UK accounts for the major share of 20.05% in 2020 in terms of revenue.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by products, power, activities, and geography
- Competitive Landscape – 5 key vendors and 32 other vendors
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Recreational Boating Market – Segmentation
- 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.
- 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 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.
Recreational Boating Market by Product
- Outboards
- Inboards/Sterndrives
- Personal Watercrafts
- Yachts
- Others
Recreational Boating Market by Power
- Engine Powered
- Man-Powered
- Sail-propelled
Recreational Boating Market by Activities
- Cruising
- Watersports
- Fishing
Recreational Boating Market – Dynamics
The marine industry is witnessing an increasing demand for technologically advanced features such as joystick docking control, automatic trim controls, and digital throttle and shift among end-users. Due to hectic lifestyles, end-users have lesser time to develop driving skills and compile practical experience on water. Thus, their reliance on automatic controls is growing at an unprecedented rate. Latest technologies are being used by manufacturers to make existing vessels more appealing for the younger generation. Examples of some of the latest innovations used in a modern recreational boat include the use of new designs and lightweight materials, coupled with the automation of core boat functions. The speed of innovation is increasing, especially with the rise of new digital industrial technologies known as Industry 4.0, underpinned by the Cyber Physical Systems (CPS) transformation technologies.
Key Drivers and Trends fueling Market Growth:
- Expected Growth in Consumer Confidence
- Growing Opportunities in Electric Boat Industry
- Rising Demand for Outboard Power Boats
- Increasing Participation in Leisure Boating Activities in Europe
Recreational Boating Market – Geography
The US is one of the biggest manufacturing hubs in North America. Over the past few years, it has attracted a huge influx of investments for the capacity expansion of existing facilities or new facility setups. The presence of manufacturing facilities of Bayliner, Malibu Boats, and Sea Ray, among others, is a major driver for the growth of the recreational boat market in this region. With rising consumer confidence over the past few years, boat manufacturers are introducing new products and experiences to attract young boaters. New boat sales and recreational boating expenditure grew for the eighth consecutive year in 2019. In 2020, boat sales reached a 13-year high, and this trend continues through 2021. With rising interest in outdoor recreation activities and methods to social distance, the demand for new boats increased throughout the country in 2020. Low interest rates, rising disposable income, consumer spending, and healthy growth in the housing market are expected to have a positive impact on recreational boat sales during the forecast period.
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Recreational Boating Market by Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- Belgium
- Netherlands
- APAC
- China
- India
- Japan
- South Korea
- Latin America
- Mexico
- Brazil
- Middle East & Africa
- Saudi Arabia
- South Africa
- UAE
Major Vendors
- Azimut-Benetti Group
- Bombardier Recreational Products (BRP)
- Brunswick Corporation
- Ferretti
- 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
- Godfrey
- Grady-White Boats
- Grand Banks Yachts
- HanseYachts
- High Caliber
- Hobie
- Lund
- Malibu
- Marine Products Corporation
- Marlow Hunter
- Maverick Boat Group
- MCBC Holdings
- Pacific Asian Enterprises
- Porter
- Princess Yachts
- Sunseeker International
- Thunder Jet
- Viking Yacht
- White River Marine Group
- Yamaha
- Zodiac Marine & Pool
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About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
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