Recreational Boat Market to Reach $66.5 Billion by 2023
According to this latest publication from Meticulous Research, the global recreational boats Market is expected to grow at a CAGR of 8.7 percent from 2018 to 2023 to reach USD 66.5 billion by 2023, driven by factors such as booming tourism industry, growing economic developments, increasing participation in the boating activities, continuous innovation in boat engine, and rising disposable income.
Furthermore, factors such as growing water sports activities and increasing boat import in developing nations offer significant growth opportunities for the market players during the forecast period.
However, cyber-attack and the intangible threat of the cruise industry and requirement of high capital investment restricts the growth of this market; whereas, environmental issues and the workforce crisis in the boating industry have significantly challenged the growth of global recreational boats Market.
The global recreational boats Market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018), and forecasts for 2023 – by boat type (inboard and sterndrive boats, outboard, and sailboat), and application (commercial and defense). The study also evaluates industry competitors and analyzes the market at regional and country level.
The outboard boat is being widely adopted across the globe owing to its better features as compared to other boat types such as more power per pound, availability of extra space, easy control, easy swapping between boats, easy access & maintenance of engine, and a wide selection of power & colors. Moreover, factors such as lower initial cost as well as higher cruising and top speed also support its wide adoption.
Based on application, the global recreational boats Market is segmented into commercial and defense application. The commercial application commanded the largest share in 2017. This is attributed to the large and growing fishing industry; and high adoption of modern and advanced boats by this sector.
This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada, and Mexico), Europe (Germany, U.K., France, Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, Australia, and RoAPAC), Latin America, and the Middle East & Africa.
Europe is expected to register the highest CAGR during the forecast period, mainly due to growing coastal and maritime tourism and growing demand for luxury cruisers. Asia Pacific is also expected to witness huge growth opportunities through 2023, due to growth in tourism and water sports activities and growing investments in emerging economies.
The global recreational boats Market is highly competitive and fragmented with the presence of several large well-established boat manufacturers in the market. Some of the key players contributing to the growth of the global recreational boats Market include Groupe Beneteau (France), Brunswick Corporation (U.S.), Azimut-Benetti Group (Italy), Ferretti S.P.A. (Italy), 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.), and Sunseeker International Limited (U.K.) among others.