Selbyville, Delaware, Jan. 25, 2022 (GLOBE NEWSWIRE) --
The outboard boats market is expected to surpass USD 9 billion by 2028, as reported in a research study by Global Market Insights Inc. The market is expected to experience significant expansion owing to increasing watersports events and the growing marine tourism industry worldwide. The proliferation of boat dealers & distributors and rental companies is creating robust opportunities that are favorable for market growth.
The outboard boats market was negatively affected in 2020 and 2021 due to the outbreak of COVID-19. To mitigate virus transmission, the majority of governments enforced strict lockdown across countries. Due to these lockdowns, boat production facilities, R&D centers, and distributor offices were shut down several times in 2020 and 2021. Additionally, the demand for outboard boats declined drastically due to restrictions on water sports activities amid the pandemic. The market is expected to witness steady growth post-pandemic due to supportive government initiatives to promote marine tourism and new boat launches by market players.
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Market demand for recreational boats is increasing in Asia Pacific due to supportive government initiatives to develop the marine industry. Countries including India, Australia, and Sri Lanka are focusing on utilizing digital media to promote recreational business in the region. For instance, in May 2021, the High Commission of Sri Lanka’s Commercial Section organized “Development of Recreational Boating Industry in Sri Lanka”, an online workshop supported by Singapore. Various experts related to the outboard boats market from several countries, such as Thailand, Hongkong, Singapore, and Sri Lanka, participated in the workshop and presented their ideas on the business promotion of recreational boats.
Industry players are emphasizing on business operation expansion to increase their share in the outboard boats market. For instance, in July 2020, Waterline Systems, Inc. expanded in North Carolina by setting up a 70,000 square foot manufacturing facility in Hubert. This facility majorly consists of tools & equipment required for in-house boat construction. With this expansion, the company increased its boat building, storage, refit capabilities, and services significantly.
Browse key industry insights spread across 180 pages with 223 market data tables & 21 figures & charts from the report, “Outboard Boats Market By Type (Recreational Boat [Pontoon, Bowrider, Express Cruiser, Center Console], Rigid Inflatable Boat, Utility Boat, Water Taxi), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/outboard-boats-market
Some major findings in the outboard boats market report include:
- Remarkable boat innovations and growing water sports activities are driving the market growth in North America. Industry players are focusing on marketing and government support initiatives for watersports, which will further drive the outboard boats market growth.
- The presence of several established market players and rising recreational activities are fueling outboard boat sales in Europe. The proliferation of boat clubs & associations and frequent water sports events scheduled by clubs will contribute to market growth.
- Increasing consumer disposable incomes and government initiatives to promote the marine tourism sector are creating robust market expansion opportunities in Asia Pacific. The increasing popularity of marine leisure and watersports will further improve the industry statistics.
- Shifting consumer focus toward advanced recreational boats and the proliferation of boat rental companies in Latin America are accelerating boat sales. Additionally, government initiatives to promote tourism in Brazil and Mexico will propel market growth in the region.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Outboard boats market 360° synopsis, 2017 – 2028
2.1.1 Business trends
2.1.2 Type trends
2.1.3 Regional trends
2.1.9 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on onboard boats market landscape
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Regulatory landscape
3.5.1 ISO standards
3.5.2 North America
3.5.3 Europe
3.5.4 Asia Pacific
3.5.5 Latin America
3.5.6 MEA
3.6 Pricing analysis
3.7 Electric propulsion boat analysis
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.2 Industry pitfalls & challenges
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
