Pune, India, April 12, 2021 (GLOBE NEWSWIRE) --
The global recreational boating market size is estimated to witness a lucrative growth during the forecast period owing to the beneficial factors such as suitable geographical features including the presence of rivers, lakes, and beaches, as well as favorable climate, powerboating, water-skiing, surfing, and other watersports are gaining popularity, especially amongst the millennials. Despite the prohibition of outdoor activities due to the COVID-19 pandemic, the prospect of vaccination has ushered in fresh opportunities for the international recreational boating industry.
Boat manufacturers faced enormous business challenges during the first two quarters of 2020, with a steep dip in sales owing to disrupted supply chain of raw materials and labor. The emergence of COVID-19 vaccines has sparked a ray of hope for the development of the industry worldwide.
The seven key factors credited for the advancement of the global recreational boating market are as follows:
Increased adoption of inflatable boats across North America
The inflatable boats are expected to undergo a steady rise in terms of sale volume through the next few years. By 2026, the North America recreational boating market size will have augmented considerably owing to the growing availability of an array of models of watercrafts such as rubber rafts, lifeboats, inflatable kayaks, and rescue boats. Inflatable boats including inflatable kayaks are also widely utilized across water sports, excursions, and rescue operations. As these boats require low upfront costs and ensure economic operations, the industry is certain to benefit from the segment in the long run.
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Canadian market to record high sales
The spiraling participation in watersports including water skiing, surfing, and powerboating is assuring a stable progress of the North American market outlook. Nearly 12.4 million Canadians seek leisure boating every year, according to the data published by the National Marine Manufacturers Association. The industry contributes over $5.6 billion, which is more than half of the total national GDP.
The tourism industry in Canada is responsible for the prosperity of the overall North America recreational boating market. The volume of tourist visits has been increasing every year in the country. As per the StatCan data, the number of international tourists increased from 21.1 million in 2018 to more than 22.1 million the following year. The figure is expected to soar through the next decade. Additionally, the government investments in tourism have been fostering the market.
Technological upgradation of outboard boats in America
The outboard boats segment is anticipated to emerge as one of the most fertile areas for growth through the coming years, thanks to the integration of latest technologies across these watercrafts. Technological upgradations such as integration of joystick docking control, automatic trim controls, and digital throttle controls have been enhancing the riding experience of tourists. Joystick docking controls assist in maneuvering boats in case of extreme climatic conditions while at sea, ensuring the safety of passengers.
Expanding disposable incomes of European populace
The augmenting spending capacity of the British, German, and French population has enabled them to engage more in recreational boating and fishing. The growing employment opportunities have also been contributing to the expansion of the overall Europe recreational boating industry share.
As per the Eurostat data, the EU-27’s gross household disposable income was estimated to be worth over $11,534.2 billion during 2018, an amount equivalent to three-quarters of the total GDP. Although the manufacturing units have had to undergo immense loss owing to the coronavirus pandemic, the production activities are gradually picking pace, corresponding to the increased demand.
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Improved features of pontoon boats in Europe
The pontoon boats segment in the Europe recreational boating market is expected to rise to prominence through 2026, on account of the improved features such as better comfort, optimal seating arrangement, and luxury offered by the manufacturers in their designs. These boats are flat-deck boats consisting of multiple floating tubes or hulls. Since they are primarily used in lakes and small water bodies for fishing and other entertainment purposes, their popularity is expected to grow with the retraction of the pandemic induced lockdown.
Japan and Australia to exhibit significant opportunities
The thriving hospitality and tourism sector of Asian countries including Japan and Australia is driving the demand across the APAC recreational boating market. According to the World Bank statistics, Australia registered more than 9.4 million tourists during 2019, when compared with 8.8 million visits during 2018. Japan has also been witnessing high engagement in water skiing, powerboating, fishing, and surfing activities. More than 6 million Japanese individuals engage in boating annually, as per a report by National Marine Manufacturers Association.
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Diesel engines to witness considerable deployment in Asia Pacific
The diesel engine segment in the Asia Pacific recreational boating market is slated to display a substantial CAGR, on account of the high torque and improved efficiency of diesel boats. Not only are diesel boats economical as they can offer higher energy per gallon, but they are also associated with convenience due to the ample availability of fuel. The APAC recreational boating industry is gaining considerably due to the rising number of R&D activities toward the development of innovative, low emission-boats.
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