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.
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