Recreational Boating Market worth over $63 BN 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 recreational boating industry demand. The market participants 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. Companies 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.
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:
Rising adoption of inboard boats for cruising activities is transforming the market outlook
The inboard boats in France is expected to hold around 40% of the recreational boating market revenue share in 2019 and is projected to expand at above 6% CAGR through 2026 led by rise in cruising activities. Introduction of inboard boats of various sizes for cruising and fishing activities is driving the market demand.
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.
The innovation of electric and hybrid inboard boats equipped with AC technology for efficient performance is driving the market revenue. Rising demand for boats equipped with electric-powered high-performance propulsion system is spurring 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.
Increasing demand for gas-powered engines for a sustainable boating experience
Gas-powered engines in Australia recreational boating market are poised to register growth rate 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 market growth opportunities.
Rise in nautical tourism across Latin America
The Latin America recreational boating market size is slated to cross USD 3.5 billion by 2026 on account of growing in travel and tourism. Increasing high net worth individual population, popularity of Latin American tourist beaches, and marine attractions are augmenting the market statistics.
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. Industry leaders are acquiring other market participants to increase their product portfolio and consumer base.
Major recreational boating market players 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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