Recreational Boats Market to Reach $33.6B
The global recreational boats market is estimated to grow from $26.7 billion in 2019 and projected to reach $33.6B in 2027, at a CAGR of 3.02%.
According to Research And Markets report, Asia Oceania is the largest market for recreational boats, followed by North America.
Chinese economic growth is stable and transition to the service led economy is supporting the rising income of the people and hence the Chinese boating segment has promising growth in the future.
Other Asian countries such as Japan, Korea, and India are showcasing promising growth for the years 2017-2018 and will continue till 2027. The Asian market is a production hub for the European and North American manufacturers.
In Australia and New Zealand, local demand for foreign-made boats has been rising because the domestic manufacturers are struggling to compete with the international players.
Maximum imports were led by inboard boats from the US, the UK, and Italy and outboard boats from the US and France. Germany is exporting sailboats to Australia and New Zealand.
The regions like Asia Oceania (Australia, New Zealand, and China) are preferring more adventure and sports activities (Offshore and Onshore).
The recreational boats can be used for conducting different activities like watersports, sailing, fishing, and cruising. High consumer confidence towards the growth of technology and high features getting inducted in the boats are some of the major factors which will drive the recreational boat market.
Strict pollution norms with respect to recreational boats is a major obstacle for the growth in regions like Europe and North America.
The report said that outboard boats have a lot of advantages over other boat types such as easy access of engine mounting, more spacious deck area, etc., and thus give benefits such as cost-effectiveness, easy maintenance, and easy serviceability with high reliability.