Westford USA, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Recreational Boat market, rising demand for electric and hybrid boats, integration of advanced navigation and safety systems, growth of luxury and high-performance boat segments, increasing popularity of pontoons and deck boats, demand for smaller and more fuel-efficient boats, the rise of boat sharing and peer-to-peer rental platforms, focus on sustainability and eco-friendly practices, incorporation of smart technology and connectivity features, customization and personalization options, growth of online boat sales and virtual boat shows are the market trends promoting the growth.
Browse in-depth TOC on "Recreational Boat Market"
- Pages - 242
- Tables - 63
- Figures - 74
A recreational boat is a watercraft that is used for pleasure or recreation. Recreational boats can be used for a variety of activities, including fishing, cruising, waterskiing, and wakeboarding. Recreational boats come in a wide variety of sizes and types. Some of the most popular types of recreational boats include pontoon boats, fishing boats, and cabin cruisers.
Prominent Players in Recreational Boat Market
- Azimut
- Bayliner
- Bavaria
- Bentley
- Chaparral
- Chris-Craft
- Cruiser
- Dufour
- Fairline
- Ferretti
- Four Winns
- Grady-White
- Grand Banks
- Hanse
- Jeanneau
- Marlin
- Monterey
- Princess
- Sea Ray
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Motorboats Demand to Grow Substantially in the Forecast Period
Motorboats dominated the global market owing to their high versatility. It also offers faster acceleration and higher top speeds, making them appealing to individuals who enjoy high-speed water activities or racing. In addition, motorboats are generally easier to operate compared to sailboats, as they rely on engines for propulsion. This makes them more accessible to beginners and those who prefer a straightforward boating experience.
Cruising and leisure are the Leading Application Segment
In terms of application, cruising and leisure are the leading segments due to the growing lifestyle and leisure. In addition, recreational boats play a significant role in the tourism and vacation industry. People often rent or charter boats to vacation, explore coastal areas, and enjoy water-based activities. This boosts the demand for boats in the cruising and leisure segment.
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North America is the leading Market Due to the Boating Culture
Region-wise, North America is one of the largest growing markets with a huge emphasis on growing boating culture. North America has well-developed boating infrastructure, including marinas, boat ramps, and maintenance facilities. This infrastructure supports boaters and provides convenient access to water bodies, further fueling the demand for recreational boats. Moreover, it has a large population with relatively higher disposable incomes compared to many other regions. Affluent consumers are more likely to invest in recreational activities, including purchasing recreational boats, contributing to the region's dominance in the market.
A recent report thoroughly analyzes the major players operating within the Recreational Boat market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Recreational Boat.
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Key Developments in Recreational Boat Market
- On January 12, 2023, Brunswick Corporation announced that it had agreed to acquire Malibu Boats for $4.6 billion. Malibu Boats is a leading manufacturer of performance boats, and its acquisition by Brunswick Corporation will give the company a stronger position in the market.
- On March 8, 2023, Navico announced that it had agreed to acquire Humminbird for $3.3 billion. Humminbird is a leading manufacturer of fishfinders and other marine electronics, and its acquisition by Navico will give the company a stronger position in the market.
Key Questions Answered in Recreational Boat Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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