NEW YORK, April 22, 2024 /PRNewswire/ — The global recreational boats market size is estimated to grow by USD 5631.52 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 5.66% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 48%.
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Major Players in the Market
Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:
A. H. Wadia Boat Builders, Azimut Benetti SpA, Baja Marine, Bavaria Yachtbau GmbH, Brunswick Corp., Christensen Shipyards LLC, Damen Shipyards Group, Feadship Holland BV, Grady White Boats Inc., Great American Marine, Groupe Beneteau, Halevai Power, Jettec Jet Boats Ltd., Malibu Boats Inc., Marine Products Corp., MasterCraft Boat Holdings Inc., Nobiskrug Yachts GmbH, Shandong Heavy Industry Group Co. Ltd., Yamaha Motor Co. Ltd.
Analyst Review
The Recreational Boats Market is experiencing a surge in demand due to increasing confidence levels among tourists and the easing of travel restrictions. This trend is particularly noticeable in tourist hotspots near navigable waters, where boat options such as pontoons, sailboats, and motorboats are popular among visitors with various preferences and budgets. The recreational industry (kw), including leisure activities, is a significant contributor to overall tourism (kw) and the economy (kw), with production schedules for recreational boats ramping up to meet pent-up demand (kw). Sustainable development (kw) is a key consideration for organizations (kw) in the sector, as they navigate the industry dynamics (kw) and address the environmental impact (kw) of their operations. Battery prices (kw) are a critical factor in the market, particularly for electric and hybrid boats, as the demand for water sports (kw) and international tourists (kw) continues to grow.
Key Market Drivers
The recreational boats market experiences robust growth, driven by surging demand for boating activities on rivers and lakes. Local authorities and tourism businesses collaborate to promote this sector, attracting international tourists. With increasing consumer engagement, organizations offer various boat options, including sailboats, motorboats, yachts, fishing boats, and cruising boats, catering to diverse preferences, budgets, and boat sizes. Environmental impact is a significant concern, leading to the adoption of electric drives, such as batteries, in place of traditional diesel engines. The tourism sector benefits from this trend, offering pent-up demand opportunities for transportation and watersports. Despite travel restrictions, confidence levels remain high, fueling interest in larger cruises and personal watercraft. Used boat sales also thrive, providing affordable alternatives. Navigable waters host a range of water sports, from fishing to sports fishing, attracting local tourism. Recreational fishing and emission norms further influence market trends. Overall, the recreational boating market continues to evolve, offering innovative solutions and experiences for tourists and boat enthusiasts alike.
Challenges and Opportunities
The recreational boats market encompasses a range of watercraft, from personal ships to large cruises. Boat engine manufacturers continue to produce high-performance engines, leading to increased nitrogen oxide, hydrocarbon, and particulate matter emissions. Untapped markets, particularly in developing countries, offer significant growth opportunities. Online boat sales and e-commerce giants are disrupting traditional boat dealerships and shows, providing cost savings and convenience. Trade barriers and import duties pose challenges for international boat sales, making luxury goods like yachts and outboards more expensive. Leisure boating, including cruising and luxury features, remains a popular leisure activity. Safety considerations and emission regulations are crucial industry dynamics. Water bodies and tourist hotspots, such as rivers and large seas, attract local and international tourists, driving overall tourism and production schedules in the recreational industry. Sustainable development and cost-effectiveness, including maintenance costs and versatility, are essential considerations for boat owners.
The Recreational Boats Market experiences significant growth due to increasing HNWI population and rising demand for water sports and boating activities on navigable rivers and lakes. Local authorities and tourism businesses collaborate to develop infrastructure, fostering the tourism sector. Battery prices and advancements in electric drives, such as those used in water sports boats and personal watercraft, contribute to the market’s expansion. Sailboats, motorboats, yachts, fishing boats, and cruising boats cater to various preferences, budgets, and boat sizes. Engine types include diesel engines and electric drives. International tourists and local tourism fuel demand for larger cruises and used boat sales. Environmental impact and emission norms are crucial considerations for market organizations. Water sports, transportation, and recreational fishing continue to drive market growth amid pent-up demand, confidence levels, and travel restrictions. Boat options cater to diverse preferences, budgets, and boat sizes, including pontoons, cruises, and sports fishing boats.
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Market Overview
The Recreational Boats Market encompasses a diverse range of watercraft used for leisure and entertainment. These include boats for fishing, sailing, water sports, and cruising. The market is driven by factors such as increasing disposable income, growing tourism industry, and rising consumer preference for water-based activities. Boats come in various sizes and types, from small dinghies to large yachts, catering to different budgets and needs. The use of advanced technology in boat design and manufacturing, such as lightweight materials and efficient engines, is a key trend in the market. Additionally, the growing popularity of eco-friendly boats and the increasing focus on safety and security features are other significant factors influencing market growth. Overall, the Recreational Boats Market is expected to continue its robust growth trajectory in the coming years.
Table of Contents:
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Venodr Landscape
- Vendor Analysis
- Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
