Global Recreational Boating Market: Overview

The rising demand for leisure activities such as fishing, travelling, water skiing, and sports is boosting the global recreational boating market. Recreational boats, also known as pleasure crafts are available in different types including, towboats, sailboat, fishing boat, pontoon boats, and cabin cruisers. These boats are manufactured using plastic, fiber, aluminum, and wood. The material used for building these boats are often influenced by the changing boating technologies, preferred size, and other factors.

Transparency Market Research (TMR) offers a holistic overview of the global recreational boating market, covering various factors influencing its trajectory.

Global Recreational Boating Market: Trends and Opportunities

In the coming years, TMR experts the demand for recreational boating to rise at an impressive pace. Factors such as the expanding pool of high net-worth population, growing tourism, innovations in boat engine, and rising economy will aid the market’s expansion globally. The recreational boating market currently represents a small share the global leisure industry however experts foresee significant growth for the market in the coming years. On the downside, its vulnerability to prevailing trends in the global economy often creates obstacles for the global recreational boating market. For instance, the market witnessed a major setback when global recession hit.

In addition, the high cost of recreational boats may curb demand for recreational boating. Owing to its high price, low and middle income groups are unlikely to spend on recreational boating, which is restraining the market to an extent. The recreational boating market witnessed on an average nearly 7% rise on price of recreational boats since 2003. In 2017, the average price of a boat was US$ 82000, which is marginally higher than the average per capita GDP of several nations.

Global Recreational Boating Market: Key Segments

The global recreational boating market can be classified on the basis of type, application, size, and region. In terms of boat type, the recreational boating market can be segmented into seven categories. Of these, the demand for motor boats such as speed boats and power boats is expected to rise positively as they are preferred for recreational activities. In addition to this, the sail boats segment is expected to hold a considerable share in the global recreational boating market. These boats are primarily used for travelling and fishing and are powered by wind. These boats are also cost-effective owing to which more number of consumers prefer them.

Based on application, the global recreational boating market is currently witnessing significant demand for motorized boats, which are increasingly used for sports activities. Besides this, fishing has emerged as a popular recreational activity. In terms of size, the global recreational boating market is currently witnessing a considerably high demand for larger boats. Factors such as implementation of government regulations mandating certain safety standards and installation of life-saving and firefighting equipment is supporting the growth of this segment.

Global Recreational Boating Market: Regional Segments

The global recreational boating market is expected to witness considerably high demand from North America and Europe. The high disposable income and standard of living of consumers in the region will support the market’s growth in the coming years. According to the European Boating Industry (EBI), about 6 million boats were owned by consumers across Europe and nearly 36 million consumers regularly indulged in recreational activities. These statistics are indicative of lucrative prospects for recreational boating market’s growth in Europe.

Furthermore, governments of these regions have taken several steps to up the security standard of people engaging in recreational boating activities. Spurred by these, the global recreational boating market is likely to gain impetus in the near future.

Global Recreational Boating Market: Leading Companies

Some of the key players operating in the global recreational boating market are Mahindra & Mahindra Ltd, Baja Marine, Bayliner, Boston Whaler Boats, Chaparral Boats, Inc., Grady-White Boats, Malibu, MASTERCRAFT, White River Marine Group, Sea Ray, and American Sail Inc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Recreational Boating Market

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