London, Dec. 14, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Recreational Boats Market by Propulsion (Outboard, Inboard), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower (< 250, 250 to 500 HP, > 500 HP) and Application (Fishing, Sports, Travel & Tourism)– Global Forecast to 2027’, published by Meticulous Research®, the recreational boats market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $54.9 billion by 2027 from $37.7 billion in 2020.
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The growth of this market is mainly attributed to the booming tourism industry, growing economic development, growing participation in boating activities, innovation in boat engines, and increasing disposable income. Additionally, growing water sports activities and growing boat imports in developing nations, such as Thailand, provide significant growth opportunities for recreational boats in the coming years. However, cyber-attacks & the intangible threat to the cruise industry and high capital investment are expected to hinder the growth of this market to some extent. Further, environmental issues and the boating industry's workforce crisis are the key challenges of the recreational boats market.
Impact of COVID 19 on the Recreational Boats Market
The COVID- 19 had a significant impact on the overall recreational boats market. Manufacturing companies faced huge losses due to the shutdown of plants, dealer stores, and retailers across the operational areas. With the increasing spread of COVID-19, consumers in Europe and Asia-Pacific majorly focused on spending on essential commodities.
The overall recreational boats market suffered a slight dip in the first quarter of 2020 due to a sudden outbreak of coronavirus, creating havoc and panic among the consumers. However, the market started gaining traction soon during the second quarter of 2020.
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Based on propulsion, the recreational boats market is segmented into outboard boats, inboard & sterndrive boats, and sailboats. The inboard & sterndrive boats segment is expected to grow at the highest CAGR during the forecast period. The growing adoption of inboard boats is mainly attributed to its advantages, such as easy motion when drifting, making it convenient to handle fish around the transom, and higher fuel efficiency. Further, its lower center of gravity helps the operator keep a boat upright in rough seas and better horsepower and torque.
Based on boat size, the recreational boats market is segmented into up to 20 ft., 21 ft. to 35 ft., and 36 ft. to 50 ft. The recreational boats segment with up to 20 ft. length will grow steadily owing to the rising demand for small boats for fishing, leisure, and kayaking activities. Manufacturers of these recreational boats are further focusing on compact designs with high power engines and advanced features. This is expected to propel the demand for these boats from consumers with a limited budget. Recent technological developments have accelerated the want and demand for these affordable recreational boats.
Based on engine type, the recreational boats market is segmented into diesel and electric. In 2020, the diesel engines segment is expected to command the largest share of the overall recreational boats market. The growing development of high-power diesel engines with eco-friendly features to control environmental pollution is driving the growth of this segment. These engines are conventional and offer benefits such as high speed and better maneuverability. Outboard boats use diesel engines due to their high horsepower and speed. Additionally, diesel engines offer higher torque and efficiency, further ensuring low fuel consumption & enhanced boat acceleration.
Based on application, the overall recreational boats market is segmented into fishing, transportation, sports, travel & tourism, and others. In 2020, the fishing segment is expected to account for the largest share of the market due to the high adoption of outboard boats by professional and recreational anglers.
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This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Finland, Sweden, Norway, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, and Rest of APAC), Latin America (Argentina, Chile, and Rest of LATAM), and the Middle East, & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA).
Europe is expected to grow at the highest CAGR due to a robust boating industry with over 32,000 companies. The European industry includes around 3,600 boatbuilding players that continuously launch innovative products, further supporting the industry growth. This market's development is mainly driven by increasing coastal and maritime tourism and the growing demand for luxury cruisers in the European countries.
Key players operating in the recreational boats market are aiming at strengthening their position in the market. The companies are launching new & innovative boats & engines with powerful & low polluting capabilities. They are also adopting joint venture and merger & acquisition strategies to expand the regional presence and increase their market share. For instance, in July 2020, MarineMax Inc. acquired Northrop & Johnson, a yacht brokerage & services provider, to strengthen its dominance in the yacht services business.
Major companies operating in the global recreational boats market are Groupe Beneteau (France), Brunswick Corporation (U.S.), 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.), Yamaha Motors Co. Ltd. (Japan), and Sunseeker International Limited (U.K.) among others.
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Scope
Recreational Boats Market, by Propulsion
- Outboard Boats
- Inboard & Sterndrive Boats
- Sailboats
Recreational Boats Market, by Boat Size
- Up to 20 Ft.
- 21 Ft. to 35 Ft.
- 36 Ft. to 50 Ft.
Recreational Boats Market, by Engine
- Diesel
- Electric
Recreational Boats Market, by Horsepower
- Up to 250 HP
- 250 HP to 500 HP
- Above 500 HP
Recreational Boats Market, by Application
- Fishing
- Transportation
- Sports
- Travel & Tourism
- Others
Recreational Boats Market, by Geography
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Sweden
- Finland
- Norway
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- India
- Japan
- Rest of APAC
- Latin America
- Argentina
- Chile
- Rest of LATAM
- Middle East and Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
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