Recreational Boating Market Size, Industry Outlook, Regional Analysis (U.S., Canada, Germany, France, UK, Italy, Russia, China, Japan, India, Thailand, Indonesia, Malaysia, Australia, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Application Development, Competitive Landscape & Forecast, 2017 – 2024
Report ID: GMI2076
Recreational Boating Market size will expand owing to growing disposable income & consumer and increasing interest from young boaters during the forecast period. According to National Marine Manufacturers Association (NMMA), unit sales of new powerboats crossed 250,000 boats noting more than 6% increase in 2016. Increasing demand from young boaters and new product development by the manufacturers are stimulating the industry growth.
Improving economies resulting in growing disposable income, consumer spending and low interest rates are contributing to the strong recreational boating market growth. Manufacturers are developing smaller boats such as watersport boats, day boats and pontoons that are affordable to the young enthusiast. Increasing versatility of the boat that provide all in one experience from fishing to cruising to watersports is expected to increase the demand for the product. Boat charting or selling pre-owned boats also contributes to the industry growth. In 2015, the sale of pre-owned boats was increased by nearly 1.5% than the previous year.
Including intuitive marine technology in boats will attract new buyer resulting in increasing sales of the product. Some of the innovations are docking a boat with joystick, creating wake surf waves from wristwatch to simplify and enhance the boating experience for the boaters.
Traditional boat building procedures and small-scale production of SMEs may not fulfill the increasing demand of the product. Further, lack of harmonized standards between various countries, lack of access to finance for SMEs and export barriers due to import tariff may hamper the growth during the forecast period. Recreational boating services is dependent upon factors such as local demand, non-resident visit to coastal regions which creates difficulties in long term planning of development and investments. This may restrict the industry growth.
By product, the recreational boating market is classified in to traditional powerboat, personal watercraft, sailboats and propulsion systems and others. The other various types include runabouts, towboats, pontoon boats, fishing boats and cabin cruisers. The powerboats manufactured with advanced technology are expected acquire largest market share. In 2016, more than 250,000 powerboats were sold in the U.S.
By material, the industry is segmented as aluminum, steel and fiberglass. The fiberglass boats are dominating the global market is expected to continue its dominance over the forecast timeframe. This is attributed to strength of the material which is required to build high performance powerboat. The lightweight is achieved inserting the core material made of balsa or foam between the layers of fiberglass.
North America dominated the global recreational boating market due to the U.S. market contributing majorly for the regional growth. The U.S. is the manufacturing base for leading boat companies. Boating industry is considered as one of few original American made industries with about 95% of boats sold in the U.S. are made in U.S. Recreational boating market in U.S. contributes to nearly USD 121 billion to the country’s economy supporting 650,000 jobs.
Europe follows North America recreational boating market with UK, Germany, France, Italy contributing to most of the market in Europe. Italy dominates the European recreational boating market acquiring more than 25% of the regional production. Growing coastal and maritime tourism is supporting the industry growth in this region. Leisure ports, cruise shipping and luxury cruisers will drive the demand for recreational boating market in Europe. The regional growth is projected to surpass the North America during the forecast timeframe, unstable economic condition in Europe may hamper the growth in the European market.
Growth in Asia pacific is attributed to increasing tourism and water sports supported by increasing spending on leisure time & travel. Growing income level will drive the premium leisure activities such as boating in the region.
Some of the companies in global recreational boating market are Azimut Benetti, General Motors company, Suzuki Motor Corporation, Groupe Beneteau, Platinum equity, Ferretti, Sunseeker, Bavarian, Sealine Attwood, Zodiac Marine & Pool, Rodriguez, Princess, Baja Marine, Avon Inflatables, Carlisle Paddles, Bombardier Recreational Products Incorporated, Caterpillar Incorporated, Crusader Marine Engines, Honda Motor Company, Godfray Marine, Interphase Technologies, KCS International Incorporated, Kawasaki Heavy Industries Limited, Pleasurecraft Engine Group, Fountain Powerboat Industries, TUI Marine, Dream Yacht Charer,Hydra Sports Boats and Yamaha Motor Company.
The high end of market is dominated by small group of major serial boat manufacturers. More than 50% of the manufacturers in the industry are SMEs. Nature of the recreational boating market for service industry is fragmented with several players operating in their regional or local boating market. The export business is significantly affected by the regional or country level regulations for both boat owners and users.
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