The people use recreational boats for family gatherings, live events, fishing, and water sports. The recreational boat market is primarily driven as a result of stormy range of boats for personal use and sports tournaments, escalating income and normal of living of the people, escalating demand for outboard boats and escalating business enterprise sector in each developed and developing countries. However, the impact of COVID-19 has negatively wedged the business enterprise sector and recreational activities in each developed and developing countries mainly the main Eastern and Asian countries that hold massive coastlines and witness thousands of tourists every year ultimately resulting in restraining the expansion and development of recreational boat market. The stormy adoption of boats primarily used for leisure and recreational activities is acting as a key driver towards the adoption and demand of recreational boat market.
According to the study, ‘Global Recreational Boat Market is valued approximately USD 26.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.20% over the forecast period 2019-2026’ that there are some corporate that presently functioning successfully for dominant the foremost effective enlargement of the market and getting the productive competitive edge whereas acceptive the productive profit making a method within which policies like joint ventures, mergers and acquisitions, partnership, merger and merchandise development includes Sunseeker International Limited, GroupeBeneteau, Marine Product Corporation, Brunswick Corporation, Lund Boats, Bennington Marine LLC, AzimutBenetti Group, Tractor Boats, Ferretti Group, Ranger Boats. For example: Consistent with the National Marine Manufacturers Association, the whole recreational marine expenditure within the United States accounted for USD 39 billion in 2017 which saw a rise of around 6.5% from year 2016. Further, an estimated of 262,000 new powerboats were sold in the year 2017 which is an increase of 4.7% as compared to 2016 that are widely being utilized for the leisure and recreational activities. The annual United States retail sales of new boats, marine accessories and marine engines amounted for about USD 20.1 billion within the year 2017 that saw an increase of 9.5 per cent. According to the National Marine Manufacturers Association, around 141.6 million American individuals which includes both the male and female population were indulged in boating in 2016. There have been calculable 12 million registered boats within the United States from which 30% were utilized by the people for recreational and leisure activities ensuring into completely influencing the development and growth of recreational boat market.
The regional investigation of global Recreational Boat market is taken into the account for the key regions like Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the most over across the world in terms of market share because of the surging adoption of boats along with escalating income and standard of living of the people. Asia-Pacific is additionally expected to exhibit highest growth rate / CAGR over the forecast period 2020-2026. Factors like surging adoption of outboard boats and escalating domestic yacht ownership would produce good expansion prospects for the Recreational Boat market over Asia-Pacific region.
Furthermore, the demand of the recreational boat is increasing as a result of the rising recreational, tourism, and promotional tourist sports activities. Various options offered by manufacturers like latest innovations in boats and raised boat sizes are conduct for the increasing demand in the market. Moreover, expansion growing tourism industry is additionally impacting the global recreational boating market in a positive way. Additionally, improved economy and growing population may also boost the market growth within the returning future. A number of the foremost growth factors of the global recreational boating market are high-tech features, higher consumer confidence, and advanced technology.
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Ankur Gupta, Head Marketing & Communications