Recreational Boating Market size is set to surpass USD 60 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing consumer spending on recreational activities along with shift in consumer preference toward leisure watersports is boosting the industry growth. To support the demand for recreational boating, market players are developing mobile applications to increase interactivity, safety, and security of users. For instance, in June 2021, Wave Boating Inc. launched its new marine navigation app.
The emergence of self-sailing boats equipped with joystick docking controls and autopilot systems, is creating new industry trends. These boats are integrated with sensors and awareness systems that assist to control and protect boats in harsh marine environments. These sensors receive and transmit information of nearby boats, providing recreational boating safety and improving efficiency.
Companies are developing powerful boat engines coupled with direct injection technology to deliver high power and torque. The enhanced combustion efficiency offered by these recreational boating engines will influence the recreational boating market growth. Advancements in technology including introduction of on-board wireless technology and interconnection of Wi-Fi devices to improve boating experience will support the demand. Other applications, such as on-board automation allowing control of temperature, lighting, and entertainment, are anticipated to create market opportunities.
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Analyst view: “The recreational boating industry will experience a significant growth through 2027 due to rising inclination of consumer toward leisure sailing and surfing. Introduction of smart technologies for marine navigation will further aid the market demand”
High initial investments and limited awareness related to boating safety will restraint the recreational boating market. Complex mechanisms, such as shift and throttle controls, are limiting the adoption of recreational boats by new boating enthusiasts. However, companies are offering vocational boat training courses and conducting awareness programs to overcome the challenges and strengthen the market revenue.
The COVID-19 pandemic impacted the boating industry during the first half of 2020. The rise in unemployment rate due to lay-off of workers across various manufacturing sectors led to fall in discretionary spending capacity of consumers. A temporary halt in manufacturing and supply chain disruption led to delay in production of boats globally. However, there was an increasing consumer inclination toward water sports activities during the first half of 2020 in Europe and North America. The recreational boating market is poised to experience a rapid growth by the mid of 2021 on account of supportive government policies, rollout of vaccines, and easing of travel restrictions globally.
Browse key industry insights spread across 350 pages with 631 market data tables & 26 figures & charts from the report, “Recreational Boating Market Size By Product (Inboard Boats By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1,000 hp, Above 1,000 hp], Outboard Boats By Type [Center Console, Express Cruiser, Pontoon, Runabout Bowrider], By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1,000 hp, Above 1,000 hp], Inflatables [Below 200 hp, 201 to 500 hp]), By Engine (Diesel, Gas), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021-2027” in detail along with the table of contents:
Growing adoption of inboard boats for water sports activities
The inboard boats segment held around 30% of the recreational boating market share in 2020 driven by rise in waterskiing and wakeboarding activities. Availability of inboard boats in different sizes for fishing and cruising activities is propelling the industry statistics. Industry participants have developed electric propulsion system with robust reliability, reduced lifecycle costs for inboard boats, improving environmental performance.
The introduction of hybrid and electric inboard boats with stabilizing features for efficient performance is augmenting the overall recreational boating market size. The rising demand for electric powered boats with high performance propulsion system is supporting the adoption of inboard boats.
Increasing demand for gas-powered engines owing to less environmental impacts
The gasoline-powered engines in recreational boating are expected to register growth rate of about 8% through 2027 impelled by higher fuel efficiency. Increasing environmental and water pollution concerns are the major market factors driving the usage of gas-powered engines. Industry players are developing low cost gas fuel engine systems that are equipped with sensors, special injectors, and electronic control units, creating ample market opportunities.
Growing disposable income coupled with high growth in nautical tourism in North America
The North America recreational boating market size valued at over USD 20 billion in 2020, with over 200,000 units of new recreational boats sold. Rising travel and tourism activities in the region is fueling the regional market expansion. Increasing disposable income and the popularity of tourist beaches is likely to spur the industry revenue. High demand for water sports activities among consumers and growing nautical tourism are encouraging market leaders to launch new recreational boats.
Key recreational boating market players include Maverick Boat Group, Inc Malibu Boats, Brunswick Corporation, Yamaha Motor Corporation, Correct Craft, Porter Inc., and Grady-White Boats.