Meticulous Research® – leading global market research company published a research report titled “Recreational Boats Market by Propulsion (Outboard, Inboard), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower (Below 250 HP, 250 to 500 HP, Above 500 HP) and Application (Fishing, Sports, Travel & Tourism, Transportation)– Global Forecast to 2027.”
According to this latest publication from Meticulous Research®, the recreational boats market is projected to reach $54.9 million by 2027, growing at a CAGR of 7.8% during the forecast period. Factors such as rising investment in the boating industry, growing adoption of leisure & luxury boats, and developing technically advanced engines & boats are supporting the recreational boats market. The North American region has witnessed a surge in demand for high-speed and powered boats, further compelling manufacturers to develop high-stroke engines. However, the high prices associated with luxury boats and increasing cost with IoT & sensor-based technologies in boats are some restricting factors for the growth of this market.
The recreational boats market study presents historical market data in terms of value (2019), estimated current data (2020), and forecasts for 2027. The market is segmented based on propulsion (outboard boats, inboard & sterndrive boats, and sailboats), boat size (up to 20 ft., 21 ft. to 35 ft., and 36 ft. to 50 ft.), engine (diesel and electric), and application (fishing, sports, travel & tourism, transportation, and others). The study also evaluates industry competitors and analyses the market at a country level.
Based on propulsion, the recreational boats market is segmented into outboard boats, inboard & sterndrive boats, and sailboats. In 2020, the sailboats segment is expected to account for the largest share of the market due to the high adoption of luxury sailing yachts for leisure activities. Sailboats are powered by sails using the force of the wind. A sailboat is a form of transportation, where a type of recreation ranges from a simple craft to the most elaborate racing yacht. Sailboats typically range from 11-ft-long (3.4-m-long) daysailers to 28-ft-long (8.5-m-long) and sometimes longer luxury craft equipped with diesel motors and living quarters.
On the basis of boat size, the market is segmented into up to 20 ft., 21 ft. to 35 ft., and 36 ft. to 50 ft. The 36 ft. to 50 ft. boats segment is expected to grow at the highest CAGR during the forecast period owing to the rise in sales of luxury cruisers and large yachts in Europe, the U.S., China, and Australia. These boats are designed with electrified powertrain and cabin technology features.
Based on engine, the recreational boats market is segmented into diesel and electric. The electric segment is expected to grow at the highest CAGR during the forecast period due to increasing need for emission-free boating activities. Government regulations and initiatives related to low emissions and fuel consumption is promoting the adoption of electric engines.
Based on application, the market is segmented into fishing, sports, travel & tourism, transportation, and others. During the forecast period, the travel and tourism segment is expected to grow at the highest CAGR. The recreational boats used in the travel and tourism industry are cruise ships, ferries, small crafts, yachts, and sailboats. Ferries are ships of various sizes, which carry passengers, and in some cases, vehicles. Cruise ships provide multiple options for passenger travel. Thus, the consumer inclination towards luxury boats is increasing widely, which is expected to spur the adoption of boats in the travel and tourism industry.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S. and Canada), Europe (U.K., Germany, France, Italy, Spain, Sweden, Finland, Norway, Russia, and RoE), Asia-Pacific (China, India, Japan, and Rest of APAC), Latin America (Argentina, Chile, and Rest of LATAM), and the Middle East, & Africa (UAE, Saudi Arabia, South Africa, and Rest of MEA). The Asia-Pacific market is expected to grow at the highest CAGR during the forecast period. Asian countries are focusing on exporting boats & engines to North America and Europe, where the demand for these boats is skyrocketing. Another impetus to the growth of this region is its low manufacturing cost. Also, the region’s growing tourism & water-based sports sector and increasing investment in emerging economies are further accelerating the demand for recreational boats.
The key players operating in the recreational boats market are Groupe Beneteau (France), Brunswick Corporation (U.S.), Marine Products Corporation (U.S.), Carnival Corporation & plc (U.S.), Royal Caribbean Cruises Ltd. (U.S.), Norwegian Cruise Line Holdings Ltd. (U.S.), MCBC Holdings, Inc. (U.S.), Malibu Boats, Inc. (U.S.), Grand Banks Yachts Ltd. (Singapore), Porter, Inc. (U.S.), Grady-White Boats, Inc. (U.S.), Maverick Boat Group, Inc. (U.S.), Correct Craft (U.S.), Baja Marine (U.S.), Pacific Asian Enterprises (U.S.), Albemarle Boats (U.S.), Yamaha Motors Co. Ltd. (Japan), and Sunseeker International Limited (U.K.).
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