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)
The Global Recreational Boats Market is expected to grow at a CAGR of
8.7% from 2018 to 2023 to reach USD 66.5 billion by 2023. The growth of this
market is primarily driven by the booming tourism industry and increasing
disposable income.
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. 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.
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As the technology
continues to advance, many companies end up becoming involved with the boat
building process to create one cohesive product. The world economy is exploding
and almost all of the growth is coming from outside the U.S. Power is shifting
to Asia region where more than 50% of the world’s people live. Many boating
companies primarily competes against other U.S. based companies, but that is
going to change due to growing investments in recreational boating industry in
Asia-Pacific region; this provide impetus to the growth of Asia Pacific
recreational boats market.
Key Findings from the
Recreational Boats Market Study:
Outboard Boats Dominate
the Global Market
Outboard boats commanded
the largest share of recreational boats market in 2017 and will continue its
dominance through 2023. The large share and growth of this segment is mainly
supported by several advantages that come along with these boats such as more
power per pound than inboard motors, extra space, easy control, easy swapping
between boats, easy access & maintenance of engine, and wide selection of
power & colors. Moreover, factors such as lower initial cost as well as
higher cruising and top speed further supports its dominance.
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Geographic Analysis
Geographically,
the market is segmented into North America (U.S., and Canada), Europe (Germany,
France, U.K., Italy, Spain, and RoE), Asia-Pacific (Japan, China, India, and
RoAPAC), Latin America, and Middle East & Africa. North America commanded
the largest share of the global recreational boats market in 2017, followed by
Europe and Asia-Pacific. The large share of this market is mainly attributed to
increased disposable income, high adoption of luxury cruisers, greater adoption
of advanced boats, and presence of key players. However, Europe is expected to
witness significant growth during the forecast period due to growing coastal
and maritime tourism and growing demand for luxury cruisers. In addition,
Asia-Pacific is second fastest growing market with the growing tourism and
water sport activities, and growing investments in emerging economies.
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Key Players
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.
Contact Us:
Viren Shrivastava
Viren Shrivastava
AVP- Global Sales and Marketing
Meticulous Research®
Tel: +1-646-781-8004
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