Global Recreational Boat Market to Reach $50 Bln by 2023
The global recreational boat market is expected to reach revenues of more than $50 billion by 2023, growing at a CAGR of approximately 4 percent during 2017-2023, said a research report.
The exponential growth of the travel and tourism industry across the European region will positively impact the development of the global market, said the market report by Arizton on the global recreational boat market.
"The rapid economic development and the increasing demand for charter services in Southeast Asia will boost the demand for new products in the market. The global recreational boat market is driven by growth in travel and tourism across the European, Russia, APAC, and Latin American region. The rapid economic growth, increasing HNWI population, and the growing popularity of Southeast Asian tourist beach and marine destinations will boost revenues in the global recreational boating market," said the report.
The increasing participation in leisure boating activities across the European and the U.S. regions will boost the demand for superior systems in the global recreational boating market. The U.S. and Europe are the biggest markets for recreational boating.
In 2017, about 3.9 million people in the U.K., i.e., about 7.4 percent of the total U.K. adult population, participated in core boating activities. The introduction of digital dashboards with touch screen displays enable users to control the boat by just touching the screens.
The fly-by-wire technology introduced in digital throttles and shifts are more reliable than moving mechanical parts and will contribute to the development of the global recreational boating market.
The growing development and use of hybrid and electric boat engines will contribute to the transformation of the global recreational boating market. The increasing consumer awareness about the harmful effects of marine pollution and the stringent environmental norms is encouraging the manufacturers to make electric and hybrid engines for recreational boats in the global market.
Inflatable boat segment dominated less than 1/3rd of the market share in 2017, growing at a CAGR of more than 4 percent during the forecast period. The increasing participation in various water-based leisure activities is contributing to the growing demand for these products in the global market. The affordable prices and ease of use of inflatable boats create lucrative opportunities for the leading vendors in the global market.
North America dominated approximately half of the market share in 2017, growing at a CAGR of around 5 percent during the forecast period. The rising consumer confidence and the introduction of new products and experiences to attract young boaters is augmenting the growth of the North American region in the global recreational boating market.