Recreational Boats Market : Scenario, Size, Outlook, Trend and Forecast Till 2027
Added: (Mon Jun 03 2019)
Bharat Book Bureau Provides the Trending Market Research Report on “Recreational Boats Market by Boat Type (Outboard boats, Inboard boats/stern type, Sail boats/Yachts, Personal Watercraft, Inflatable), Power source, Activity Type (Watersports+Cruising, Fishing), Distribution Channel, and Region - Global Forecast to 2027” under Transportation category. The report offers a collection of superior market research, market analysis, competitive intelligence and industry reports.
Rising disposable income has resulted in an increase in leisure spending such as purchase of recreational boats. The recreational boats can be used for conducting different activities like watersports, sailing, fishing, and cruising.
Recreational Boats Market is projected to grow from USD 26.7 billion in 2019 to USD 33.7 billion by 2027 at a CAGR of 3.02%. High consumer confidence towards the growth of technology and high features getting inducted in the boats are some of the major factors which will drive the recreational boats market. Strict pollution norms with respect to recreational boats is a major obstacle for the growth in the regions like Europe and North America.
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Outboard boat types are expected to be the largest selling boats and will continue in the future till 2027
Outboard boats have lot of advantages over other boat types such as easy access of engine mounting, more spacious deck area, etc., and thus give benefits such as cost effectiveness, easy maintenance, and easy serviceability with high reliability. Outboard boats are available with wide range of engines (V6 to V8) depending upon the user preference.
Cruising + Watersports activity is forecasted to be the largest activity type preferred by the boaters
It has been observed that regions like Asia Oceania (Australia, New Zealand and China) are preferring more adventure and sports activities (Offshore and Onshore). It has been assumed that this activity provides lot of health benefits like stress relieving, greater physical activity etc. Efforts are also being taken by the developing countries like India to promote these activities to boost the tourism.
Asia Oceania is the largest market for recreational boats, followed by North America
Chinese economy growth is stable and transition to the service led economy is supporting the rising income of the people and hence the Chinese boating segment has promising growth in the future. Other Asian countries such as Japan, Korea, and India are showcasing promising growth for the years 2017-2018 and will continue till 2027. The Asian market is a production hub for the European and North American manufacturers. In Australia and New Zealand, local demand for foreign-made boats has been rising because the domestic manufacturers are struggling to compete with the international players. Maximum imports were led by inboard boats from the US, the UK, and Italy and outboard boats from the US and France. Germany is exporting sail boats to Australia and New Zealand.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, and other technology directors, and executives from various key organizations operating in automotive marketplace.
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Submitted by:Sandhya Nair