According to the latest report by IMARC Group, titled "Recreational Boating Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global recreational boating market reached a value of US$ 21.3 Billion in 2021. Recreational boating refers to an activity involving the utilization of boats that individuals take part in during their free time. It also includes various leisure activities, such as fishing expeditions, tubing in water, skiing and surfing, powerboat racing, kayaking and picnic. Some of the commonly used boats for recreational activities include runabouts, pontoon, sterndrive powerboats, cabin cruisers, jet boats and propulsion systems. The inflating disposable income levels and the shifting lifestyle preferences of individuals have led to the growing demand for luxury cruises across the globe, which, in turn, is providing a boost to the demand for recreational boating.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Recreational Boating Market Trends:
The global market is primarily driven by the increasing participation in recreational activities due to the rising popularity of water-based leisure activities among the masses. Since recreational activities are associated with several benefits, including improvement in mental health, personal growth and social skills, this is catalyzing the demand for boating among the masses. Moreover, continuous improvements in the travel and tourism sector and the increasing investments by private and public firms to upgrade the industry are creating a positive market outlook. Furthermore, continual technological advancements, such as the widespread integration of advanced features in boats for providing an enhanced experience to customers, are favorably impacting the market. Other factors, including numerous initiatives undertaken by the government of several countries for promoting water sports activities and the popularity of sport fishing among individuals, are also contributing to the growth of the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 28.8 Billion by 2027, exhibiting a CAGR of 5.57% during 2022-2027.
- On the basis of the product type, the market has been segmented into inboard boats, outboard boats, inflatable, sail boats and personal watercrafts.
- Based on the activity type, the market has been bifurcated into watersports and cruising, and fishing.
- On the basis of the material type, the market has been segregated into aluminum, fiberglass, wood and others.
- Based on the size, the market has been classified into less than 30 ft, 30 to 59 ft, 60 to 79 ft, 80 to 99 ft, more than 100 ft, and full custom.
- On the basis of the power source, the market has been categorized into engine powered, human powered and sail propelled.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Baja Bound Insurance Services Inc., Brunswick Corporation, Catalina Yachts, Chaparral Boats Inc. (Marine Products Corporation), Edenton Boatworks LLC, Grady-White Boats Inc., Hobie CAT Company, MasterCraft Boat Holdings Inc., Maverick Boat Group Inc. (Malibu Boats), Polaris Inc., White River Marine Group (Bass Pro Shops) and Yamaha Motor Company Limited.
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