The exponential growth in the travel and tourism industry is positively influencing the demand in the global recreational boating market. The rapid economic development, increasing HNWI population, and the growing popularity of Southeast Asian tourist beach and marine destinations are attributing to the development of the global market. The changes in the US tax policies will augment the sales of different products in the market. Advanced economies such as Germany, Japan, Korea, and the US are witnessing a higher growth rate in the global market. The exponential growth of emerging economies in Asia and Latin America will create lucrative opportunities for leading vendors operating in the global recreational boating market. The rising popularity of leisure activities such as fishing, kayaking, and canoeing will boost the requirement for functional boats in the market.

The global recreational boating market is estimated to reach values of more than $50 billion by 2023, growing at a CAGR of around 4% during 2017-2023.

The research report also offers market size in terms of unit shipment values during the forecast period.

The different products available in the global recreational boating market are discussed in detail below:

·         Outboards

Outboard engines occupied the largest market share in 2017,and regional economic performance and consumer demand are two factors impacting the sale of these engines in the global market.

Australia, New Zealand, Japan, China, Canada, and Latin America accounted for more than 100,000 units forsale annually, thereby, boosting the revenues in the global recreational boating market.

The development of the Russian economy will create lucrative opportunities for vendors operating in this segment. Pontoon boats, fishing and ski boats, bass boats, center console boats, and runabouts are some of the vessels that use outboard engines in the global market. The affordable price, low maintenance, and easy installation of boats with outboard engines are propelling the growth of this segment in the global recreational boating market.

·         Inboards/Sterndrives

The increasing investment by boat and engine manufacturers for the development of new innovative boats is driving the growth of the inboard/sterndrives segment in the global market. The considerable growth of super yachts and yacht industry across the US, Italy, and the UK is propelling the sales of these engines in the global recreational boating market.Diesel inboards, sterndrives and saildrives also showed signs of growth in 2017,signaling the start of a recovery in the market.Volvo Penta, Cummins, MAN, and Yanmar are leading vendors manufacturing inboards/sterndrive in the global market. Runabouts and cabin cruisers are the largest end-users of these engines in the market. The extensive use of electric and hybrid inboard engines will boost the sales of inboard/sterndrive engines in the global recreational boating market during the forecast period.

·         Watercraft

Personal watercraftor PWCs are known as water scooters or jet skis. The two different styles at which these boats are available to include run about, where the rider uses the watercraft in a sitting position; and stand-up, where the rider uses the watercraft in a standing position. The stand-up formats are mostly used for racing,and other competitions and the runabout format finds applications in the personal use segment in the market.Sweden, Norway, France,and Spain in Europe and Japan in Asia are the largest revenues generators of watercraft in the global recreational boating market. The rise in participation in recreational activities globally and the increasing sales of personal watercraft to drive the growth in the market. The strong economic growth in the APAC and MEA regions will boost sales in the global recreational boating market.

·         Sail boats/Yachts

Sail boats and yachts are differentiated by size, hull configuration, keel type, purpose, number and configuration of masts, and sail plan. Some of the most common type of sail boats available in the global recreational boating market are catboats, cutters, ketches, dinghies, schooners, sloops, and yawls.

France is well known for manufacturing and exporting high-quality sail boats.

The growing demand for high-end and luxurious sail boats and yachts is propelling the growth of this segment in the global market. In the APAC region, the market in Japan clocked sales of more than 270sail boats in 2015, which includes both imports and domestic consumption. A smaller number of sail boats were imported from New Zealand, the UK, Germany, and the US. The increasing retail sales of new sail boats will boost revenues in the global recreational boating market over the next few years.

·         Inflatable Boats

Inflatable boats are a lightweight boat with its sides and bow made of flexible tubes containing pressurized gas. The two different types of boats available in the global recreational boat market are rigid and soft inflatable. The increasing number of recreational activities, affordable prices, and ease of use are some of the factors attributing to the growth of this segment in the market. The leading vendors are adding superior safety features, ability to carry more payload, and the flexibility of traveling in rough terrains to attract new consumers in the global market. The increasing adoption of these inflatable products in the US, Canada, New Zealand, and South Africa will help vendors gain a larger market share during the forecast period. The impressive performance and higher sales of inflatable boats will propel the growth of the global recreational boating market.

·         Other Boats

The other boat segment consists of  kayaks, canoes, and smaller crafts. The increasing use of these products for pleasure, competition, racing, Whitewater, touring and camping, freestyle, and general recreation is driving the sales of these products in the global recreational boating market. The growing enthusiasm for adventure tourism and fitness activities adopted by many millennials will create lucrative opportunities for the leading players in the market. Additionally, the increasing number of artificial water bodies encouraging enthusiasts to develop their boating skills will contribute to the demand in the global recreational boating market.

The leading vendors operating in the global recreational boating market are:

  • Brunswick Corporation
  • Groupe Beneteau
  • Azimut-Benetti Group
  • Sunseeker International
  • Ferretti
Read: Recreational Boat Market - Global Outlook and Forecast 2018-2023

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