Recreational Boating Market Size to surpass $233bn by 2024

Recreational Boating Market size is anticipated to surpass USD 233 billion by 2024; according to a new research report by Global Market Insights, Inc.
 

Improving economic conditions in conjunction with proliferating tourism expenditure are providing potential opportunities for engaging in recreational activities. Shifting consumer inclination towards utilizing of new generation recreational boats offering improved maneuverability, acceleration, and operational efficiency will prominently augment the recreational boating market revenue over the study timeframe. Replacement of ageing fleet along with expansion of existing fleet size and charter services are contributing towards increased sales.

 

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Increasing preference of international travelers for leisure boating and cruising are providing a positive outlook for the recreational boating market size expansion. Exclusive packages include guest privileges and upgrades for VIP customers across various holiday destinations. Integration of luxurious onboard services and amenities within new generation boats are significantly enhancing the cruise passenger comfort. Watersports clubs and organizations are organizing racing programs and championships for attracting youth participation in recreational sports activities.
 

Canada Recreational Boating Market, By Product, 2016 & 2024, (USD Million)
Recreational Boating Market

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Availability of new generation boats equipped with advanced propulsion systems offering increased speed, reduced noise, and emissions levels are providing a positive outlook for the market share expansion. Growing development and utilization of electric and hybrid engines is further supporting the industry growth. The availability of cruising and fishing boats in different configurations offering improved stability, strength, and durability are escalating the recreational boating market share.
 

Regional government bodies are adopting initiatives and programs to promote tourism sector, thereby supporting the product penetration. Supportive government funding and policies for the development of boating facilities and infrastructure are strengthening the industry share over the projected timeframe. For instance, in May 2018, Recreational Boating Facilities Scheme (RBFS), Australia granted around USD 1.5 million for the development of new boating facilities and existing infrastructure to enhance the market across the region.
 

Browse key industry insights spread across 250 pages with 350 market data tables &10 figures & charts from the report, “Recreational Boating Market Size By Product (Inboard Boats, Outboard Boats, Inflatable, Sail Boats), By Power (Engine-Powered, Man-Powered, Sail Propelled), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Netherlands, Poland, China, Japan, India, South Korea, Australia, Brazil, Mexico, Argentina, Egypt, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/recreational-boating-market
 

Outboard boats will witness a substantial share in the recreational boating market share owing to their improved handling capabilities at lower speeds. Proliferating sales of outboard engines offering improved torque and acceleration are further supporting the industry size. For instance, in 2017, sales of outboard engines rose to 270,300 units with an increase of 6% as compared with 2016. Market penetration with new and advanced outboard engines will significantly expand the segment size over the forecast timeframe. For instance, in February 2018, Honda Marine introduced redesigned BF200, BF225, and BF250 V6 Outboard Motors equipped with enhanced design and multiple rigging alternatives.
 

Sail powered recreational boating will witness strong growth prospects owing to their increased adoption for fishing and cruising activities. Lower operating and maintenance costs are attributed towards lightweight hull structure of sailing boats. Higher load carrying capabilities along with enhanced comfort and extended cabin space will significantly propel the segment size over the projected timeframe. Incorporation of advanced materials and technologies for improving passenger comfort and operational efficiency will support the product adoption.
 

North America will witness significant growth owing to their rising consumer expenditure and increased participation in recreational and leisure activities. Increasing cruise passengers along with availability of boats offering large accommodation facilities for families are augmenting the recreational boating market share over the forecast period. As per Cruise Lines International Association (CLIA), in 2018, cruise passengers rose to 14.2 million with an increase of over 9% as compared with 2017. Moreover, strong presence of yacht manufacturers and distributors offering wide range of services will further escalate the regional growth.
 

Key manufacturers operating in the market are American Sail Inc., Bavaria Yachtbau, Hunter, Hobie Cat Corporation, Ferretti, Sunseeker, Beneteau, Brunswick, MacGregor, Azimut-Benetti, Princess Cruise and Catalina Yachts. Industry players are introducing attractive deals and financing alternatives for promoting the adoption of modern recreational boats. They are emphasizing to expand their business operations through strategic mergers and acquisitions. For instance, in June 2017, Malibu Boats announced the acquisition of Cobalt boats to expand its existing range with sterndrive and outboard boats.
 

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The recreational boating market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in units and revenue in USD million from 2013 to 2024, for the following segments:

By Product:

  • Inboard Boats
  • Outboard Boats
  • Inflatable
  • Sail Boats

By Power

  • Engine-Powered
  • Man-Powered
  • Sail Propelled

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Netherlands
    • Poland
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Egypt
    • South Africa

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