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DUBLIN, July 14, 2021 /PRNewswire/ -- The "Recreational Boating Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global recreational boating market by revenue is expected to grow at a CAGR of 11.02% 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.GLOBAL RECREATIONAL BOATING MARKET SEGMENTATIONThe 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.
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.
INSIGHTS BY VENDORSThe 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.Prominent Vendors
Bombardier Recreational Products (BRP)
Other Prominent Vendors
Boston Whaler Boats
Custom Weld Boats
Grand Banks Yachts
Marine Products Corporation
Maverick Boat Group
Pacific Asian Enterprises
White River Marine Group
Zodiac Marine & Pool
Key Topics Covered: 1 Research Methodology2 Research Objectives3 Research Process4 Scope & Coverage4.1 Market Definition4.2 Base Year4.3 Scope of the Study4.4 Market Segments5 Report Assumptions & Caveats5.1 Key Caveats5.2 Currency Conversion5.3 Market Derivation6 Market at a Glance7 Introduction7.1 Overview7.2 Recreational Boat Overview7.3 Technological Advancements in Recreational Boating7.4 Dawn of Electric & Hybrid Engines7.5 Luxury Market7.6 Impact Of COVID-198 Market Opportunities & Trends8.1 Advancements in Marine Technology8.2 Expected Growth in Consumer Confidence8.3 Growing Opportunities in Electric Boat Industry9 Market Growth Enablers9.1 Rising Demand for Outboard Power Boats9.2 Increasing Participation in Leisure Boating Activities in Europe9.3 Rising Expenditure on Luxury Products & Services10 Market Growth Restraints10.1 Environmental Pollution Caused by Boating10.2 Concept of Rental & Used Boat Services10.3 Failure to Attract Millennials11 Value Chain Analysis11.1 Value Chain Overview12 Market Landscape12.1 Market Overview12.2 Market Size & Forecast12.3 Key Factors Impacting Recreational Boat Market12.4 Superyacht Order Book12.5 Five Forces Analysis13 Boat Type13.1 Market Snapshot & Growth Engine (Revenue)13.2 Market Snapshot & Growth Engine (Units)13.3 Market Overview13.4 Outboard Boats13.5 Inboard/Sterndrive Boat13.6 Personal Watercraft Boat13.7 Yachts13.8 Other Boats14 Power14.1 Market Snapshot & Growth Engine (Revenue)14.2 Market Snapshot & Growth Engine (Units)14.3 Market Overview14.4 Engine-Powered Boats14.5 Sail-Propelled Boats14.6 Man-Powered Boats15 Activity15.1 Market Snapshot & Growth Engine (Revenue)15.2 Market Snapshot & Growth Engine (Units)15.3 Market Overview15.4 Cruising15.5 Watersports15.6 Fishing
For more information about this report visit https://www.researchandmarkets.com/r/aq9tj4
Research and Markets Laura Wood, Senior Manager [email protected] For E.S.T Office Hours Call +1-917-300-0470 For U.S./CAN Toll Free Call +1-800-526-8630 For GMT Office Hours Call +353-1-416-8900 U.S. Fax: 646-607-1904 Fax (outside U.S.): +353-1-481-1716
SOURCE Research and Markets
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