DUBLIN, September 21, 2021--(BUSINESS WIRE)--The "Recreational Boat Market by Boat Type (Sailboats, PWC, Inflatables), Size (<30 Feet,>50 Feet), Engine Placement (Outboards, Inboards), Engine (ICE, Electric), Material (Aluminium, Fiberglass), Activity Type, Power Source & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global recreational boat market size is projected to grow from USD 16.4 Billion in 2021 to USD 23.6 Billion by 2027, at a CAGR of 6.2%.
Factors such as growing tourism industry and increasing disposable income levels of people will boost the market. Developments in autonomous marine technology will further increase the demand for recreational boating, increasing demand for less skilled recreational boaters. The presence of a large number of manufacturers in this well integrated and fragmented industry ensures a stable supply for the demand of recreational boats around the world.
Outboards are estimated to account for the largest market size during the forecast period.
The outboard boat segment is currently the largest segment in the recreational boat market around the world. it will continue to be the largest segment during the forecast period due to high demand across US and Europe. This is because these boats have better speed, are easier to dock and cost much less to maintain compared to other variants. They also have a lower chance of catching fire due to the engine being located outside the boat. This leads to outboard boats being the most popular boat for boating enthusiasts.
North America is expected to witness significant growth during the forecast period.
The recreational boat market in North America is expected to be the largest and fastest-growing across the world due to high demand for leisure boating and water-sports in the region. US is expected to be a fast-growing market in the region with the government helping grow the recreational boat market over the years. However, Emission regulations could limit the growth rate of the market in both these countries by reducing recreational boating demand in the coming years. Canada also has a high demand due to recreational boating being a traditional pastime in the region. Mexico is also a fast-growing market with recreational boating gradually finding its place in the country.
Aluminum to be the top boat building material during the forecasted period.
The aluminum boats segment is currently the largest boat segment in the recreational boat market around the world. Due to its strong usability and low cost, these boats are mostly used for small-sized boats for recreational boating. Personal boats are mostly made of aluminum due to their lower costs, less servicing and maintenance requirements and ease of use for general boating operations. These boats are easy to manufacture and are the most easily available recreational boats in the market. North America will be the largest market for aluminum boats followed by Europe, Asia Oceania and the rest of the world. This is due to the high demand of these boats as private boats for people in the North American and European regions.
Rising Disposable Income of People Around the World
Growing Tourism Industry
Increasing Number of Boat Shows Around the World
Integration of the Latest Technologies in Boats
Strict Pollution Norms for Recreational Boats
Setting Up of Zero-Emission Zones
Online Market for the Industry Can Boost Sales in Untapped Markets
Expansion of Recreational Boat Manufacturers in Other Parts of the World
New Business Opportunities for Locally Servicing Recreational Boats
Fluctuating Demand in the Industry Over the Years
Presence of Trade Barriers in the Boating Industry
Azimut Benetti Group
Bass Pro Group
Bombardier Recreational Products
Bryton Marine Group
Island Packet Yachts
Mahindra and Mahindra
Marine Products Corporation
Marquis-Larson Boat Group
Mastercraft Boat Company
Yamaha Motor Company
Zodiac Marine (Zodiac Nautic)
For more information about this report visit https://www.researchandmarkets.com/r/itdvkz
View source version on businesswire.com: https://www.businesswire.com/news/home/20210921005646/en/
Laura Wood, Senior Press Manager
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