Recreational boat market is growing owing to growing leisure activities across the globe. Powerboats, sailboats, and paddleboats are some of the most common types of recreational boats, in addition, there are rowboats and canoes as well. Recreational boats are used for enjoying various activities such as fishing, cruising, watersports, and sailing. The recreational boats are manufactured using various materials including synthetic material, fiberglass, carbon fiber, and aluminum.
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Growing tourism industry and rise in the economy are some of the major factors that are driving the recreational boat market. Advances in boat technologies are predicted to grow the market even further, as new innovations being made with the new technological advances, more companies are getting involved in boat manufacturing owing to which competition in the market will increase and hence contributing to the market growth. Moreover, increasing disposable income and escalation in personal consumption and boost in leisure and recreational activities are fueling the recreational boat market.
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Furthermore, the increase in the global population with the escalating tourism industry is propelling the recreational boat industry over the forecasted period. Used boat fleets will also assist in new boat sales as more boat owners are looking to trade old boats with new ones. Outboard boats have a lot of benefits including spacious deck area, easily accessible engine mounting and so on. Therefore, these boats are cost-effective, easy serviceability, high reliability and are very easy to maintain. Moreover, these boats are available in different engine types depending upon the user preference hence, contributing to the growth of the market.
Europe recreational boat market is expected to rise significantly during the forecast period. Primarily in the countries including Italy where boat manufacturers are focusing on increasing boat production hence contributing to the business growth. Delivery of better-quality boats and availability of a skilled workforce is significantly fueling the market. Moreover, boat manufacturing companies in the region are focusing on international trade and exporting products in developing economies to accomplish better profit margins which are ultimately contributing to the growth of the market.
Arabian countries mainly UAE, Saudi Arabia, and Egypt have seen a significant growth in tourism industry owing to which there is a tremendous need for leisure products including recreational boats. The predominant factor of tourist attraction in these countries is adventure sports. Moreover, escalating infrastructure development and boost economic development have a positive impact on the recreational boat market. Further, Asia-Pacific has observed a rise in adventure and sports activities primarily in China, Australia, and New Zealand. Developing countries in the region including India are taking measure for attracting more tourists in the regions which are expected to contribute to the recreational boat market. The key players dominating the global market include Azimut-Benetti, Hunter, Malibu Boats, Ferretti, Brunswick, Sunseeker, MacGregor, American Sail Inc, Catalina Yachts, Bavaria Yachtbau, Hobie Cat Corporation, and Princess Cruise are significantly contributing the market share.
Global Recreational Boats Market- Segment
• Cruising Boats
• Fishing Boats
• Water Sports Boats
By Power Mode
• Engine Powered
• Sail Powered
• Human Powered
Global Recreational Boats Market- Region
• United States
• United Kingdom
• Rest of Europe
• Rest of Asia-Pacific
Rest of the world
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