Hybrid and Electric Boat Engines to Boost Revenues in the Recreational Boating Market
Arizton’s recent market research report on the global recreational boat market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by power (engine-powered, man-powered, and sail-propelled), by product (outboards, inboards/sterndrives, personal watercraft, sailboats/yachts, inflatable boats, and others), by geography (North America, Europe, APAC, Latin America, and MEA), and offers detailed competitive analysis.
The global recreational boating market is anticipated to generate revenues of over $50 billion by 2023, growing at a CAGR of around 4% during 2017-2023.
The increasing investment in product innovation and development will boost revenues for various vendors operating in the global market. The rapid growth in travel and tourism industries across Europe, America, and APAC will augment the evolution of the global recreational boating market.
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The top 3 drivers and trends propelling the growth of the global recreational boating market are discussed below:
Increasing Participation in Leisure Boating Activities in Europe and the US
The increasing participation in leisure boating activities across the European and the US regions will boost the demand for superior systems in the global recreational boating market. The US and Europe are the biggest markets for recreational boating. In 2017, about 3.9 million people in the UK, i.e., about 7.4% of the total UK adult population, participated in core boating activities. The increase in consumer confidence and stable economic development across various countries will propel the transformation of the global recreational boating market during the forecast period. In 2017, the participation in motorboating and canoeing was the highest in the global market. The growing participation in water-based leisure activities such as water sports activities, sea angling, and coastal walking will create lucrative opportunities for leading players operating in the global market. The British Marine, the Royal Yachting Association,and British Canoeing are trying to encourage more people to try water activities. These efforts will help attract a lot of enthusiasts to the recreational boating market over the next few years. Various boating companiesare devising new strategies to attract young boaters and Hispanics, and convert active to boaters to owners in the global market.
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Technological Advancements in Marine Industry
The rapid technological advancement is positively impacting the growth of the global recreational boating market. Several manufacturers are leveragingthe latest technology to make modern boats more appealing to the younger generation and boost their global market share. The extensive use of new designs andlightweight materials, coupled with automation of core boat functions are examples of some of the latest innovations used in a modern recreational boat in the market. The use of joystick steering that centralizes the helm controls of the boat in a single location and allows to tilt and twist the controller to move the boat in the watereasily, thereby, augmenting the growth of the global recreational boating market. The manufacturers are using technology such asGPS satellites to maintain the current position of a boat that lets vendors integrate automatic positioning systems and built-intracking devices in boats in the global market. The introduction of digital dashboards with touchscreen displays enableusers to control the boat by just touching the screens. The fly-by-wire technology introduced in digital throttles and shifts are more reliable than moving mechanical parts and will contribute to the development of the global recreational boating market.
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Growth of Hybrid and Electric Boat Engines
The growing development and use of hybrid and electric boat engines will contribute to the transformation of the global recreational boating market. The increasing consumer awareness about the harmful effects of marine pollution and the stringent environmental norms is encouraging the manufacturers to make electric and hybrid engines for recreational boats in the global market.The availability of instant torque is the main advantage of an electricengine over a gas or diesel engine and will help reduce carbon emissions in the global recreational boating market.Electric engines also help save a lot of space in boats as they are smaller than large combustion engines. Additionally, lesser moving parts in electric engineshelp to reduce maintenance costs,and these engines also includeGPS, displays battery level, and estimates the distance that can be traveled, while also keeping track of the speed in the market. These systems are designed to promote ease of use and convenience for the consumers in the global recreational boating market.
The leading vendors in the global recreational boating market are Brunswick Corporation, Groupe Beneteau, Azimut-Benetti Group, Sunseeker International, and Ferretti.
The complete overview of the latest market research report on global recreational boating market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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