Ocean View, DE -- (SBWire) -- 06/17/2020 --The recreational boating market is anticipated to procure commendable growth, as people are increasingly edging towards skin diving & fishing activities. Recreational boats are of great significance in leisure applications like water skiing, surfing, duck hunting, etc.
Rising urbanization and increase in disposable income across both developed and developing economies has offered thriving momentum to the global tourism industry. This growth has evidently driven the demand for recreational boats.
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Availability of rental boat services for water sports activities and other leisure events may accelerate the product's demand over the coming years. Meanwhile, a study led by Global Market Insights, Inc., estimates that the global recreational boating market might reach US$63 billion by the year 2026. Incorporation of electric & hybrid-powered propulsion systems could also shape the growth trajectory of recreational boating industry in the future.
The growing demand for inflatable boats for rescue operations and short distance travels is propelling recreational boating market growth. Increasing calamities, vessel catastrophes, and refinery accidents are creating new opportunities for the adoption of inflatable boats. Increasing drowning preventive measures in the tourism sector are strengthening the demand for inflatable boats.
The market players are introducing inflatables equipped with intercommunication valve system, highly resistant fabric, and fast inflation kit for military & rescue operations. For instance, in November 2017, ZODIAC MILPRO announced the launch of inflatables for airdrop and underwater military operations.
The demand for recreational boating in North America is projected to rise over the forecast timeline due to growing water sports activities. Rising disposable income coupled with developing nautical tourism infrastructure is creating market opportunities for the recreational boating market.
Public and private authorities are investing in development of recreational boating infrastructure. For instance, in May 2019, U.S. Fish and Wildlife Service's Boating Infrastructure Grant (BIG) program announced its contribution of USD 20 million to develop the associated facilities and amenities. Introduction of boats with better engine capacities is attracting individuals for recreational boating.
The recreational boating market players are developing new products to enhance their global footprints. They are introducing boats equipped with bow thruster and joystick control for better maneuverability. For instance, in January 2020, Grady-White Boats announced the launch of outboard boats equipped with gas-powered engines and joysticks for better consumer experience.
Manufacturers are collaborating with distributors, dealers, and rental service providers to increase market penetration. The market players are participating in product launches and events to launch their boats and accessories. For instance, in January 2020, Toronto International Boat Show was organized in Canada in which manufacturers participated to introduce their boats equipped with advanced technologies.
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Some major findings of the recreational boating market report include:
? Recreational boating is primarily used for leisure applications including water skiing, surfing, fishing, etc.
? Increasing urbanization coupled with rising disposable income across North America and Asia Pacific is supporting the demand for recreational boating in the tourism sector
? Rising boat rental services for water sports and other leisure activities is fueling the recreational boating market
? The recreational boating market is driven by the adoption of electric & hybrid-powered propulsion systems
? Key players operating in the recreational boating market are Groupe Beneteau, Brunswick, Malibu Boats, Yamaha Motor Corporation, Brunswick Porter Inc., Maverick Boat Group, Inc., Grady-White Boats, Inc., and Correct Craft.
? To sustain in the competitive market, the players are focusing on innovation strategies, technological advancements, and maintaining public relations.
Table of Contents (ToC) of the report:
Chapter 4. Recreational Boating Market, By Product (Revenue & Shipment)
4.1. Key trends by product
4.2. Inboard boat
4.2.1. Market estimates and forecast, 2016 – 2026
4.2.2. Market estimates and forecast, by horsepower,2016 – 2026
4.2.3. Below 200 hp
4.2.3.1. Market estimates and forecast, 2016 – 2026
4.2.4. 201 to 500 hp
4.2.4.1. Market estimates and forecast, 2016 – 2026
4.2.5. 501 to 1000 hp
4.2.5.1. Market estimates and forecast, 2016 – 2026
4.2.6. Above 1000 hp
4.2.6.1. Market estimates and forecast, 2016 – 2026
4.3. Outboard boat
4.3.1. Market estimates and forecast, 2016 – 2026
4.3.2. Market estimates and forecast, by type,2016 – 2026
4.3.3. Center console
4.3.3.1. Market estimates and forecast, 2016 – 2026
4.3.4. Express cruiser
4.3.4.1. Market estimates and forecast, 2016 – 2026
4.3.5. Pontoon
4.3.5.1. Market estimates and forecast, 2016 – 2026
4.3.6. Runabout bowrider
4.3.6.1. Market estimates and forecast, 2016 – 2026
4.3.7. Others
4.3.7.1. Market estimates and forecast, 2016 – 2026
4.3.8. Market estimates and forecast, by horsepower,2016 – 2026
4.3.9. Below 200 hp
4.3.9.1. Market estimates and forecast, 2016 – 2026
4.3.10. 201 hp to 500 hp
4.3.10.1. Market estimates and forecast, 2016 – 2026
4.3.11. 501 hp to 1000 hp
4.3.11.1. Market estimates and forecast, 2016 – 2026
4.3.12. Above 1000 hp
4.3.12.1. Market estimates and forecast, 2016 – 2026
4.4. Inflatables
4.4.1. Market estimates and forecast, 2016 – 2026
4.4.2. Market estimates and forecast, by horsepower,2016 – 2026
4.4.3. Below 200 hp
4.4.3.1. Market estimates and forecast, 2016 – 2026
4.4.4. 201 hp to 500 hp
4.4.4.1. Market estimates and forecast, 2016 – 2026
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Recreational Boating Market Revenue to Reach USD 9 Billion Benchmark by 2025 : Volvo Penta, Brunswick Corporation, Yamaha Motor Corporation, USA, Mercury Marine