June 09, 2020
According to the research report titled ‘Recreational Boating Market Size By Product By Type By Horsepower, By Engine, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global recreational boating market is expected to register substantial growth during 2020-2026.
Flourishing tourism industry and increasing popularity of sports & recreational activities are major factors driving the growth of recreational boating market. This activity allows individual to spend their leisure time by indulging in tubing, sailing, fishing and water-skiing. Recreational boating is gaining traction among various sportsmen and tourists from across the globe.
Shifting preference towards boating as outdoor leisure activity coupled with rising adoption of rigid inflatable boats among marine professionals are also stimulating the industry outlook. Rigid inflatable boats have lightweight structure which allows better fuel efficiency and high load carrying capacity. Also, these boats offer high versatility, hence are widely used for exploring, watersports, diving and other recreational activities.
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As per product type, outboard boats segment held 50% market share in 2019 and is predicted to grow significantly during the forecast period. Growing demand for advanced outboard engines and their increasing utilization for fishing, recreation, and other light commercial activities are fueling the segmental growth. These motors are not only easy to use but also highly reliable. Outboard engines comprise of a handle grip for tilting and steering, and can be easily lifted out of the water, which further reduces the chances of growth forming on the rotors when boat is sitting at the dock.
In terms of engine type, diesel segment is expected to register momentous growth in the upcoming years. Since diesel provide better torque and horsepower, it is widely preferred for boats which are 45 feet or bigger and require more power to operate. Moreover, diesel engines are relatively safer as diesel oil vapors are not explosive. They generate less carbon dioxide and offers longevity as well as better efficiency when compared to gas-based engines.
Regionally, recreational boating market in Middle East & Africa is anticipated to showcase robust growth in the subsequent years, primarily due to booming tourism industry and escalating investments by private and public entities towards upgradation of boating infrastructure.
Boat manufacturers operating in global recreational boating industry are Yamaha Motor Corp., The Rossiter Boat Co., Pursuit Boats, Porter Inc., Monterey Boats, Maverick Boat Group Inc., MasterCraft Boat Co. LLC, Marine Products Corp., Malibu Boats, Groupe Beneteau, Grady-White Boats Inc., Correct Craft, Brunswick Corp., Bavaria Yachtbau and American Sail Inc. among others. Meanwhile, Yamaha Motor Corp., Volvo Penta, Mercury and Honda are the major engine manufacturers.