According to a recent report published by Allied Market Research, titled “Recreational Boating Market by Power, Product Type, Business Type and Size: Global Opportunity Analysis and Industry Forecast, 2020-2027The global recreational boating market was valued at $ 29.0 billion in 2019 and is expected to reach $ 35.4 billion by 2027, registering a CAGR of 5.1% from 2020 to 2027.
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Europe is the biggest contributor to revenue, followed by North America, Asia-Pacific and LAMEA. Based on the forecast analysis, Europe is expected to maintain its lead during the forecast period, owing to the growing demand for luxury cruise ships, the increase in coastal and maritime tourism and the growing participation of adults in boating.
Boating is a leisure activity that involves traveling on water in a boat. Many individuals use it for fun and enjoyable activities on outings with family and friends. Boating includes many activities such as boat racing, sailing, countryside, fishing and other water sports such as motor boat racing, sport fishing, kayaking and others. Boating is generally practiced with the aim of making the experience of tourism more enjoyable.
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Pleasure craft, also known as pleasure craft, come in different types, including tugs, sailboats, fishing boats, pontoon boats, and cruise ships. These boats are mainly made of plastic, aluminum and coated fabrics. Yachting events are open to all kinds of boats such as motor, sail or human powered boats.
Factors such as growing interest in recreational water sports activities and increasing water tourism are expected to drive the market growth. However, the high upfront and ownership costs of recreational craft and environmental concerns associated with boating are expected to hamper the growth of the market. Further, technological advancements in boats and boat engines and the growth of high net worth population are some of the factors which are expected to provide lucrative opportunities for market growth during the forecast period.
COVID-19 impact analysis:
There has been a significant impact on supply chains globally. Boat and engine manufacturers suffered huge losses in the first and second quarters of 2020 due to disrupted supply chains and production schedules. The rapid spread of COVID-19 in the United States, Europe and Asian economies has resulted in nationwide lockdowns and a temporary shutdown of production facilities to prevent further spread. However, the market quickly started to gain traction in the second quarter of 2020, and outboard motor boats began to see an increase in demand for recreational purposes. According to the National Marine Manufacturers Association, in May 2020, new boat sales rebounded strongly, up 59% from April 2020 and 9% from pre-pandemic levels on a seasonally adjusted basis.
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Main conclusions of the study
- On the basis of horsepower, the engine segment is expected to show remarkable growth during the forecast period.
- On the basis of product type, the inboard boat segment is the largest contributor to the recreational boating market in terms of revenue.
- By type of activity, the nautical sports and cruising segment is the largest contributor to the recreational boating market in terms of turnover.
- In terms of size, the 100+ foot segment is expected to show remarkable growth during the forecast period.
The main players operating in the recreational boating market are Azimut Benetti Group, Brunswick Corporation, Groupe Beneteau, Hobie Cat Company, Marine Products Corporation, Mastercraft Boat Holdings, Inc, Polaris Inc, Sunseeker International Limited, White River Marine Group and Yamaha Motor Co., Ltd.
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