Meticulous Research® –leading global market research company published a research report titled “Recreational Boats Market by Type (Inboard and Sterndrive Boats, Outboard, Sailboats), Material (Fiberglass, Wood, Inflatable), Application (Fishing, Travel & Tourism, Defense) – Global Opportunity Analysis and Industry Forecast (2017-2023)”.
Tourism is one of the world’s largest industries. According to the United Nations World Tourism Organization (UNWTO), the tourism accounts for 10% of global GDP, 7% of total exports, and one in 11 jobs across the world. In 2015, international tourist arrivals reached nearly 1.2 billion. By 2030, 1.8 billion travelers are expected to cross international borders. Furthermore, according to the World Bank, global economic growth is to edge up to 3.1% in 2018, much stronger-than-expected in 2017.
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The growing global economy and the growth of rising economies such as China, India, and Brazil result in an increase in disposable income of consumers. Also, per capita disposable income exhibits low volatility in developed countries because of the spike in double-income households. This has directly raised consumer purchasing power. Therefore, the growing consumer purchasing power and disposable income is expected to propel the recreational boating activities significantly in the next few years, boosting the growth of recreational boats market.
The global recreational boats market study presents historical market data in terms of value (2016 and 2017), estimated current data (2018), and forecasts for 2023 – by boat type (inboard and sterndrive boats, outboard, and sailboat), and application (commercial and defense). The study also evaluates industry competitors and analyzes the market at regional and country level.
The outboard boat is being widely adopted across the globe owing to its better features as compared to other boat types such as more power per pound, availability of extra space, easy control, easy swapping between boats, easy access & maintenance of engine, and a wide selection of power & colors. Moreover, factors such as lower initial cost as well as higher cruising and top speed also support its wide adoption.
Based on application, the global recreational boats market is segmented into commercial and defense application. The commercial application commanded the largest share in 2017. This is attributed to the large and growing fishing industry; and high adoption of modern and advanced boats by this sector.
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This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada, and Mexico), Europe (Germany, U.K., France, Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, Australia, and RoAPAC), Latin America, and the Middle East & Africa.
Europe is expected to register the highest CAGR during the forecast period, mainly due to growing coastal and maritime tourism and growing demand for luxury cruisers. Asia Pacific is also expected to witness huge growth opportunities through 2023, due to growth in tourism and water sports activities and growing investments in emerging economies.
The key players operating in the global recreational market are Groupe Beneteau (France), Brunswick Corporation (U.S.), Azimut-Benetti Group (Italy), Ferretti S.P.A. (Italy),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.), and Sunseeker International Limited (U.K.) among others.
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