Recreational Boating Market Size worth over $63bn by 2026
Published Date: April 1, 2020 Authors: Preeti Wadhwani, Prasenjit Saha
Recreational Boating Market size is set to surpass USD 63 billion by 2026, according to a new research report by Global Market Insights, Inc.
Increasing water sports activities, such as water skiing, powerboating, and surfing, are driving the demand for recreational boating market. The market players are introducing boats specifically for surfing, further supporting the industry growth.
The market leaders are introducing mobile applications, such as boating safety and planning applications, to facilitate safety, security, and interactivity of users. Additionally, these companies have developed various applications for marine navigation fishing, weather, surfing, and general boating, creating a positive market outlook. The industry players have introduced intuitive touchscreen systems and intelligent smart wheel controls to enhance the surfing and skiing experience.
High initial costs and limited availability of skilled operators will hinder the recreational boating market growth. Complex maneuvers and controls, such as throttle and shift controls, are hindering the adoption of advanced recreational boats.
Limited awareness and expertise related to operation of advanced controls is also hampering the market growth. Operators are facing issues due to integration of complex operating systems. However, companies are offering training sessions and awareness programs to overcome issues and strengthen the demand.
Emergence of self-sailing boats to offer high human safety & comfort is creating new market trends. Self-sailing boats are equipped with autopilot, fuel management systems, and dock control units, supporting the adoption of recreational boats. These boats are integrated with awareness systems and sensors to provide enhanced security based on the market research. These sensors transmit and receive information of nearby boats, providing boating efficiency and safety for travelers.
Rising adoption of inboard boats for cruising activities is transforming the recreational boating market outlook
The inboard boats market in France is expected to hold a revenue share of around 40% in 2019 and will expand at 6% CAGR till 2026 due to rise in cruising activities. Introduction of inboard boats of various sizes for cruising and fishing activities is driving the market size.
Manufacturers are integrating advanced propulsion and stabilization features for strengthening the product demand. Companies, such as Elco Motor Yachts, and YANMAR CO., LTD., are offering electric propulsion systems for inboard boats, supporting the adoption of sustainable recreational boating.
Browse key industry insights spread across 325 pages with 631 market data tables and 26 figures & charts from the report, “Recreational Boating Market Size By Product (Inboard Boats By Horsepower [Below 200 hp, 201 to 500 hp, 501to 1000 hp, Above 1000 hp], Outboard Boats By Type [Center Console, Express Cruiser, Pontoon, Runabout Bowrider, Others] By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1000 hp, Above 1000 hp], Inflatables [Below 200 hp, 201 to 500 hp]), By Engine (Diesel, Gas), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
The innovation of electric and hybrid inboard boats equipped with AC technology for efficient performance is driving the market revenue. For instance, in April 2019, Torqeedo announced the launch of electric inboard boat equipped with 80 hp engine, providing 1,800 rpm.
Rising demand for boats equipped with electric-powered high-performance propulsion system is supporting the adoption of electric inboard boats. These boats are equipped with waterproof components and isolation monitoring systems to monitor the effective shielding of boat components creating market demand.
Increasing demand for gas-powered engines for a sustainable boating experience
Gas-powered engine segment in Australia recreational boating market will witness a growth of above 7% through 2026 owing to demand for fuel-efficient engines. Rising oil crisis and changing climate are market factors that are supporting the adoption of gas-fueled recreational boating. Industry players are developing CNG systems that are equipped with electronic control units, sensors, and special injectors to create new opportunities for the market growth.
For instance, in 2018, Mercury introduced a gas-powered outboard boat equipped with an electronic control unit. The product is equipped with an electronic fuel injection system and is computer controlled with an advanced range optimization system for better operability. The emergence of leisure boats equipped with biobutanol-powered engine is driving the market value.
Rise in nautical tourism across Latin America
The recreational boating market across Latin America is slated to cross USD 3.5 billion by 2026 driven by growth in travel and tourism across the region. Rising high net worth individual population, popularity of Latin American tourist beaches, and marine attractions are creating the industry trends.
High demand for nautical tourism is attracting many investors for the development of recreational boating and beach infrastructure. Manufacturers are partnering with distributors across Latin America to expand their regional footprints.
Companies are adopting mergers & acquisitions and product innovation strategies for gaining maximum market share
The companies are introducing boats with joystick piloting to offer better consumer experience in recreational boating. For instance, in February 2019, Mercury Marine announced the launch of an outboard engine equipped with 400 HP engine. The product is integrated with joystick piloting for outboard boats. Manufacturers are acquiring boating clubs to increase their consumer reach.
Industry players are acquiring other market participants to increase their product portfolio and consumer base. For instance, in April 2019, Correct Craft announced the acquisition of Parker Boats, aiding its expansion in premium offshore and inshore fishing recreational boating segments.
Major players operating in the recreational boating market include Groupe Beneteau, Brunswick, Malibu Boats, Correct Craft, Maverick Boat Group, Inc., Grady-White Boats, Inc., Porter Inc, Brunswick, and Yamaha Motor Corporation.
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