Recreational Boats Market by Type, Material, Application.
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)”.
According to this latest
publication from Meticulous Research®, 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, driven by factors such as booming tourism industry,
growing economic developments, increasing participation in the boating
activities, continuous innovation in boat engine, and rising disposable income.
Furthermore, factors such as growing water sports activities and increasing
boat import in developing nations offer significant growth opportunities for
the market players during the forecast period. However, cyber-attack and the
intangible threat of the cruise industry and requirement of high capital
investment restricts the growth of this market; whereas, environmental issues
and the workforce crisis in the boating industry have significantly challenged
the growth of global recreational boats Market.
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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.
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 global recreational boats
Market is highly competitive and fragmented with the presence of several large
well-established boat manufacturers in the market. Some of the key players
contributing to the growth of the global recreational boats Market include
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.
Browse in-depth Report on: https://www.meticulousresearch.com/product/recreational-boat-market/
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Email- sales@meticulousresearch.com
Contact Sales- +1-646-781-8004
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