Dublin, April 29, 2021 (GLOBE NEWSWIRE) -- The "Recreational Boats Market by Propulsion (Outboard, Inboard and Sterndrive), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower (Below 250 HP, 250 to 500 HP) and Application (Fishing, Sports)- Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The recreational boats market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $54.9 billion by 2027
The growth of this market is mainly attributed to the booming tourism industry, growing economic development, growing participation in boating activities, innovation in boat engines, and increasing disposable income.
These trends and the rising adoption of boating in Asian countries, including China, Japan, and Australia, offer manufacturers with new markets to capture over the forecast timespan. However, cyber-attacks & the intangible threat to the cruise industry, and high capital investment are expected to hinder the growth of this market to some extent.
The emergence of the COVID-19 pandemic across the globe and the imposition of lockdowns in European and Asian countries has impacted the recreational boats market. With the continuous increase in cases and suspension of boating activities, the industry is witnessing a disruption of production & value chain flows worldwide.
The reduced demand for outboard boats is attributed to stringent lockdowns in Italy, Germany, and the U.K., which are the major boating markets in Europe. As a result, citizens are spending on health-related products and essential commodities, limiting leisure activities.
Outboard boats are gaining popularity in the region for recreational activities, such as cruising, fishing, skin diving, swimming, and water skiing. The versatility, improved performance & reliability, and ease of use is spurring the demand for outboard-powered boats.
The increasing demand is due to the versatility offered by outboard-powered boats for optimal performance and minimizes the corrosion effects in saltwater by raising out when not in use, thereby increasing the engine life. Consumers in North America and Europe are emphasizing high-performance diesel outboard engines to meet the speed requirements.
Companies in the recreational boats market are focusing on designing boats up to 20 ft. with high power engines and advanced features. These trends allow manufacturers to meet the demand for small and low-cost boats from the consumer with low investment capability. The newly developed small boats offer more power in less space with consumer benefits and less spending.
Market Insights
Market Dynamics
Drivers
- Growing Tourism Sector
- Rising Economic Development
- Growing Participation in Water Sports and Boating Activities
Opportunities
- Innovation in Boat Engines
- Integration of IoT & Sensor-Based Technologies
Challenges
- Growing Concerns About Pollution
Covid-19 Impact Analysis
Value Chain Analysis
- Suppliers
- Manufacturers
- Distributors
- End-users
Porter's Five forces Analysis
Regulatory Landscape
North America
- Regional Policies
- Polluted Runoff: Marinas and Boating
- Trade
- Fishing Policy
- Water infrastructure
- Fuel Policy
- Regulations
- National Emission Standards for Hazardous Air Pollutants (NESHAP): Air Toxics Regulations
- oat Manufacturing
- Shipbuilding & Ship Repair (Surface Coating)
- Nonroad Engines, Equipment, and Vehicles
- Diesel Boats and Ships
Europe
- Tourism Policy for Coastal and Marine Tourism
- Industrial Policy
- Recreational Crafts
Asia-Pacific
- Indonesian Maritime Policy
- Japanese Policies, Law, and Regulations in the Maritime industry
- Policies of MLIT in Maritime Sector
- Ship Safety Law
- Regulations for the Enforcement of the Ship Safety Law
- Australia Maritime Policy
- Cruise Ship Operations Within the Great Barrier Reef, Australia
- Policy on Moorings in the Great Barrier Reef
- Policy on Managing Bareboat Operations in the Great Barrier Reef Marine Park
Rest of the World
- Argentina Maritime Policy
- Shipping Policy
- South Africa Maritime Legislation
- South Africa Shipping Regulation
Technology Landscape
- Adoption of AI and Autonomous Sailing
- IoT and intelligent Solutions integration
- Adoption of 3D Printing, Robotics, and Virtual Reality
- Electrification of Boats
Scope
Recreational Boats Market, by Propulsion
- Outboard Boats
- Inboard & Sterndrive Boats
- Sailboats
Recreational Boats Market, by Boat Size
- Up to 20 Ft.
- 21 Ft. to 35 Ft.
- 36 Ft. to 50 Ft.
Recreational Boats Market, by Engine
- Diesel
- Electric
Recreational Boats Market, by Horsepower
- Up to 250 HP
- 250 HP to 500 HP
- Above 500 HP
Recreational Boats Market, by Application
- Fishing
- Transportation
- Sports
- Travel & Tourism
- Others
Companies Mentioned
- Groupe Beneteau (France)
- Brunswick Corporation (U.S.)
- Marine Products Corporation (U.S.)
- Carnival Corporation & plc (U.S.)
- Royal Caribbean Cruises Ltd. (U.S.)
- Norwegian Cruise Line Holdings Ltd. (U.S.)
- MCBC Holdings Inc. (U.S.)
- Malibu Boats Inc. (U.S.)
- Grand Banks Yachts Ltd. (Singapore)
- Porter Inc. (U.S.)
- Grady-White Boats Inc. (U.S.)
- Maverick Boat Group Inc. (U.S.)
- Correct Craft (U.S.)
- Baja Marine (U.S.)
- Pacific Asian Enterprises (U.S.)
- Albemarle Boats (U.S.)
- Yamaha Motors Co. Ltd. (Japan)
- Sunseeker International Limited (U.K.).
For more information about this report visit https://www.researchandmarkets.com/r/7v2xb