(Entertainment-NewsWire.com, September 24, 2021 ) According to the new market research report "Recreational Boat Market by Boat Type (Sailboats, PWC, Inflatables), Size (50 Feet), Engine Placement (Outboards, Inboards), Engine (ICE, Electric), Material (Aluminium, Fiberglass), Activity Type, Power Source & Region - Global Forecast to 2027", Published by MarketsandMarkets™, The global Recreational Boat Market size is projected to grow from USD 16.4 Billion in 2021 to USD 23.6 Billion by 2027, at a CAGR of 6.2%.
The growth of the market is influenced by factors such as increasing disposable income levels of people and the growing tourism market. Developments in autonomous marine technology as well as other related technologies including new materials developed for boats, IOT based navigation, etc. will also provide a boost to the market.
North America is expected to be the largest market during the forecast period
The Recreational Boat Market in North America is expected to be the largest and fastest-growing across the world due to the high demand for leisure boating and water sports in the region. The US is expected to be a fast-growing market in the region with the government helping grow the Recreational Boat Market over the years. However, Emission regulations could limit the growth rate of the market in both these countries by reducing recreational boating demand in the coming years. Canada also has a high demand due to recreational boating being a traditional pastime in the region. Mexico is also a fast-growing market with recreational boating gradually finding its place in the country.
The yacht segment is estimated to account for the largest market during the forecast period
The yacht segment is currently the largest segment in terms of value in the Recreational Boat Market around the world. It will continue to be the largest segment during the forecast period due to high demand across the US and Europe. This is due to the increasing demand for leisure boating and cruising with increasing disposable income levels of people around the world. In 2020, 341 superyachts were sold worldwide according to data provided by Boat International. Hasna superyacht, the costliest yacht sold in 2020 sold for USD 92.5 million. Although the number of yachts sold grows at a moderate pace, due to the growing luxury features year on year, their prices have been increasing.
Outboards are estimated to account for the largest market size during the forecast period
The outboard boat segment is currently the largest segment in the Recreational Boat Market around the world. it will continue to be the largest segment during the forecast period due to high demand across the US and Europe. This is because these boats have better speed, are easier to dock and cost much less to maintain compared to other variants. They also have a lower chance of catching fire due to the engine being located outside the boat. This leads to outboard boats being the most popular boat for boating enthusiasts.
The Recreational Boat Market is dominated by established players such as Brunswick Corporation (US), Groupe Beneteau (France), Malibu Boats (US), Polaris Inc. (US) and MasterCraft Boat Company (US). These companies have been developing new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the Recreational Boat Market.