Dublin, Aug. 29, 2022 (GLOBE NEWSWIRE) -- The "Recreational Boat Market - Global Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
Global boat monitoring market report, the boat tracking market crossed USD 425.18 million in 2021 and is expected to witness shipments of 1.08 million units in 2027.
The established markets of Europe and North America will witness high demand for recreational boats during the forecast period since the commercial adoption of boats has increased in these regions. This offers vendors many opportunities during the forecast period. In addition, the demand for marine infrastructure arises due to the changing market dynamics, such as a higher number of recreational boat users.
TECHNOLOGICAL ADVANCEMENTS
Boats with Inbuilt Tracking Devices: This technology uses GPS to track a boat. The boat monitoring systems are beneficial in emergency cases, where emergency services can reach the desired spot in less time as the exact location is known through GPS.
Joystick Steering: This technology aims to attract the younger generation as they can relate this experience to playing a game. This system centralizes the helm controls of the boat in a single location and allows to tilt and twist the controller to move the boat in water whenever necessary.
Self-sailing boats are the future of sailing where boaters can enjoy their time with family while the sailboat drives itself on a pre-defined route. For instance, MIT and the Amsterdam Institute for Advanced Metropolitan Solutions have demonstrated a self-sailing boat named Roboat.
Automatic Positioning Systems: This system acts as a virtual anchor for the boat. This boat technology uses GPS satellites to maintain the current position of a boat. This system helps boaters explore the surrounding areas without worrying much about leaving their boat unattended.
Digital Dashboard and Touch-Enabled Devices: The introduction of digital dashboards with touchscreen displays enable users to control the boat by just touching the screens. The fly-by-wire technology introduced in digital throttles and shifts is more reliable than moving mechanical parts.
MARKET TRENDS
With several technological advancements, the market for electric boats has witnessed significant growth over the past years. Electric boats, particularly hybrid ones where the electric motor doubles as a mechanically spun generator, are now experiencing more uptake in the leisure sector. Electric propulsion for boats has grown in popularity, inspired by a desire to reduce emissions and noise and because it is cheaper to operate and easier to maintain.
MARKET DRIVERS
The demand for boating and consumer interest is increasing as people seek boating as an outdoor activity, particularly as other leisure activities, travel, and sports continue to be impacted by COVID-19. According to National Marine Manufacturers Association (NMMA), the retail unit sales of new powerboats surpassed 300,000 units in 2021, for the second consecutive year, and a% increased in the five-year average sales.
SEGMENT ANALYSIS
Outboard boats are one of the largest selling boats in the North American region. In addition, with technological improvement, the demand for outboard boats has been mostly driven based on the performance of boats. Outboard boats cater to various advantages, including versatile nature, improved performance, ease of use, and diversified options.
Due to growing coastal tourism worldwide, commercial applications of engine-powered boats are likely to witness significant growth in the demand for outboard engines. Developing high-powered motors will further promote the use of these engines in tourist boats. Engine-powered boats are among the most used boats in the global recreational boating market.
Developing regions such as the APAC have emerged as one the key regions witnessing a significant increase in passenger base. For instance, Mainland China dominates the Asian market, accounting for around 50% of the Asian passenger volume in 2021. Several factors are driving the cruise industry's growth across the globe, including strong economic recovery and growth of cruise ship capacity.
30-50 feet size boats have more storage space, leading to more amenities and larger tank sizes. The tanks in these boats are sufficient for long-term cruising and allow for additional extra tanks required. Several boats come under this category: cabin cruisers, express cruisers, and performance boats.
Currently, internal combustion engines (ICEs) are the leading technology in marine propulsion. An internal combustion engine (ICE) is a heat engine where fuel is ignited to produce heat, producing motion and mechanical energy. The system includes micro-explosions of a compressed mixture of air and fuel, high-pressured fuel, and friction among metal parts.
GEOGRAPHICAL ANALYSIS
There has been a noticeable new sales demand in established markets such as Europe and North America. However, there is still significant rental demand for boating services. On the other hand, emerging markets such as APAC, Middle East and Africa, and Latin America are still developing markets.
Over the last two years, these markets have gained a significant share in the global market. North America was the largest market for recreational boats in 2021, with a revenue share of 46.24%. In the US, the demand for recreational boats accounted for a revenue share of 91.72% in 2021.
In APAC, Japan is one of the developed markets for recreational boats, whereas countries such as China, India, and South Korea are still developing their markets in terms of demand. Moreover, the global market has been witnessing intense competition in recent years regarding new product launches and product pricing.
COMPETITIVE LANDSCAPE
The global recreational boat market is fragmented, and the degree of fragmentation is expected to accelerate during the forecast period. There are a significant number of global and domestic vendors across the geographies.
The competition among these key players has intensified in recent years. The market concentration in developed countries such as the US and other Western European countries is high, while the market is growing in developing economies such as China and India because of the entry of several international brands in these countries.
The competition among vendors is based on product offerings and pricing. Vendors are using new business models and focusing on developing the portfolio of their established products to drive growth. The focus on yachts is heavily shifting towards luxury products, which will likely provide vast opportunities to the vendors during the forecast period.
Key Vendors
- Azimut-Benetti Group
- Bombardier Recreational Products (BRP)
- Brunswick Corporation
- Ferretti
- Groupe Beneteau
Other Prominent Vendors
- Albemarle Boats
- Baja Marine
- Bavaria Yachts
- Bertram Yachts
- Princess Yachts
- Boston Whaler Boats
- Catalina Yachts
- Correct Craft
- Custom Weld Boats
- Duckworth Boats
- Explorer Industries
- Fountain Powerboats
- Godfrey
- Grady-White Boats
- Grand Banks Yachts
- HanseYachts
- High Caliber
- Hobie
- Lund
- Malibu
- Marine Products Corporation
- Marlow Hunter
- Maverick Boat Group
- MCBC Holdings
- Pacific Asian Enterprises
- Porter
- Sunseeker
- Thunder Jet
- Viking Yacht
- White River Marine Group
- Yamaha
- Zodiac Marine & Pool
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
4.4 Market Segments
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
7.1 Market Overview
7.2 Technological Advances
7.3 Market Dynamics: Key Trends, Drivers, and Restraints
7.4 Segment Analysis
7.5 Geographical Analysis
7.6 Competitive Landscape
7.7 About the Report
8 Introduction
8.1 Overview
8.2 Overview of Recreational Boat
8.3 Technological Advances in Recreational Boating
8.4 Dawn of Electric and Hybrid Engines
8.5 Luxury Market
8.6 Impact of Covid-19
9 Market Opportunities & Trends
9.1 Advances in Marine Technology
9.2 Expected Growth in Consumer Confidence
9.3 Growing Opportunities in the Electric Boat Industry
9.4 Growth in the Marine Tourism Industry
10 Market Growth Enablers
10.1 Rising Demand for Outboard Power Boats
10.2 Increasing Participation in Leisure Boating Activities in Europe
10.3 Rising Expenditure on Luxury Products and Services
10.4 Growing Boat Market
11 Market Restraints
11.1 Environmental Pollution Caused by Boating
11.2 Concept of Rental and Used Boat Services
11.3 Failure to Attract Millennials
12 Value Chain Analysis
12.1 Value Chain Overview
13 Market Landscape
13.1 Market Overview
13.2 Market Size & Forecast
13.3 Key Factors Impacting Recreational Boat Market
13.4 Superyacht Order Book
13.5 Five Forces Analysis
For more information about this report visit https://www.researchandmarkets.com/r/9pi1gn
