Recreational Boating Market - Future Trends, Segmentation and Opportunity Assessment to 2027
Global recreational boating market size is likely to grow commendably over the forthcoming years, as a result of the escalating adoption of recreational boats for surfing, fishing, and wakeboarding activities. Additionally, the proliferation of boat clubs, rapid urbanization, and high spending on leisure activities worldwide will further support the industry demand in the years ahead.
Ever-increasing nautical tourism activities have led to a significant surge in investment in rental boating. In order to enhance the boating experience and curb carbon footprint, manufacturers are also showing a high preference for hybrid and electric propulsion systems. These factors are projected to scale the deployment of recreational boating equipment over the forecast spell.
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The COVID-19 outbreak has asserted a mild impact on the recreational boating market revenue, due to the strict social distancing norms and lockdown measures imposed during the initial months of the pandemic. The raw material shortage, supply chain management disruption, and reduced investment have also resulted in the low manufacturing of recreational boats.
In terms of segmentation by product, the recreational boating market from the outboard boats segment will depict a strong growth rate through 2027. This is driven by their myriad usage benefits, such as lower maintenance, availability of more space for larger groups, as well as increased power and speed as compared to inboard boats.
Meanwhile, the inflatables segment will account for an appreciable recreational boating market share by 2027. This can be credited to the increased adoption of inflatable boats for rescue operations and short-distance travel. The product demand will also be favored by the mounting risk of vessel catastrophes, refinery accidents, and natural calamities. In addition, the strong government focus on implementing preventive measures to control water accidents and drowning will also increase the consumption of inflatables in the nautical tourism sector.
Latin America is set to emerge as a lucrative revenue prospect for the recreational boating market by 2027, considering the burgeoning popularity of water sports in the region. Consumers are also making heavy investments in leisure activities, due to the advancement of nautical tourism infrastructure across the region. The launch of electric and boats powered by smart technologies and engines, coupled with the presence of scenic coastlines in Mexico and Brazil, is encouraging higher participation from consumers in recreating boating, which will further augment regional market share in the years ahead.
Key players functioning in the global recreational boating market include Grady-White Boats, Porter Inc., Brunswick Corporation, Groupe Beneteau, Malibu Boats, Correct Craft, Yamaha Motor Corporation, and Maverick Boat Group, Inc., among others. These companies are employing various tactics, from innovative product launches to mergers and acquisitions, to expand their stance across the global market.
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Partial Chapter of the Table of Content
Data Tables
TABLE 1. Recreational boating market 3600 synopsis, 2016 - 2027
TABLE 2. Recreational boating industry size, 2016 – 2019 (USD Million)
TABLE 3. Recreational boating industry size, 2020 – 2027 (USD Million)
TABLE 4. Recreational boating industry size, 2016 – 2019 (Units)
TABLE 5. Recreational boating industry size, 2020 – 2027 (Units)
TABLE 6. Recreational boating industry size, by product, 2016 – 2019 (USD Million)
TABLE 7. Recreational boating industry size, by product, 2020 – 2027 (USD Million)
TABLE 8. Recreational boating industry size, by product, 2016 – 2019 (Units)
TABLE 9. Recreational boating industry size, by product, 2020 – 2027 (Units)
TABLE 10. Recreational boating industry size, by engine, 2016 – 2019 (USD Million)
TABLE 11. Recreational boating industry size, by engine, 2020 – 2027 (USD Million)
TABLE 12. Recreational boating industry size, by engine, 2016 – 2019 (Units)
TABLE 13. Recreational boating industry size, by engine, 2020 – 2027 (Units)
TABLE 14. Recreational boating industry size, by region, 2016 – 2019 (USD Million
Charts & Figures
FIG. 1 Industry segmentation
FIG. 2 Recreational boating market size, 2016 – 2027 (USD Million)
FIG. 3 Industry ecosystem analysis
FIG. 4 Growth potential analysis
FIG. 5 Porter’s analysis
FIG. 6 Company market share analysis, 2019
FIG. 7 PESTEL analysis
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