LONDON, Aug. 09, 2018 (GLOBE NEWSWIRE) -- According to the latest publication from Meticulous Research®, the global recreational boat market will grow at a CAGR of 8.7% from 2018 to 2023 to reach USD 66.5 billion by 2023, driven by booming tourism industry, growing economic developments, increasing participation in the boating activities, continuous innovations in boat engine, and rising disposable income. Further, growing water sport activities, increasing boat import in developing and tourist nations such as Thailand, and growing investments in emerging economies offer significant growth opportunities for players in this market during the forecast period.
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The recreational boat market is segmented on basis of boat type, application, and geography. Based on boat type, the outboard boat held the largest share in global recreational boat market in 2017. The large share and growth of this market is mainly attributed 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 wide selection of power & colors. Moreover, factors such as lower initial cost as well as higher cruising and top speed further supports growth of global outboard boat market.
The fishing industry will continue to be the leading adopter of recreational boats during the forecast period, while sport industry will have high growth opportunities through 2023, owing to the rising disposable income; technological advancements; and growing attraction of water sport activities.
Geographically, European region is expected to witness the fastest growth due the growing coastal and maritime tourism and growing demand for luxury cruisers. On the other hand, Asia-Pacific is the second fastest growing market, owing to growth in tourism and water sport activities and growing investments in emerging economies.
The key players operating in the global recreational boat market are Groupe Beneteau, Brunswick Corporation, Azimut-Benetti Group, Ferretti S.P.A., Marine Products Corporation, Carnival Corporation & plc, Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings Ltd., MCBC Holdings, Inc., Malibu Boats, Inc, Grand Banks Yachts Ltd., Porter, Inc., Grady-White Boats, Inc., Maverick Boat Group, Inc., Correct Craft, Baja Marine, Pacific Asian Enterprises, Albemarle Boats, and Sunseeker International Limited among others.
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