North America recreational boating market will witness high growth owing to developed water sports industry and increasing number of sailing, leisure, and sports activities. Prominent marine industry particularly in the U.S. and Canada coupled with active participation in the region will positively stimulate industry size over the forecast time frame.
In 2016, engine powered segment generated revenue over USD 145 billion. Increasing usage in inboard and outboards boats in developed countries including the U.S., Japan, and Russia generating product demand during forecast time frame.
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Outboard boat market is anticipated to contribute over USD 135 billion by 2024. Shifting consumer preference owing to benefits including more space along with more interior stowage in the boats is instigating strong product demand. Cost effectiveness, less maintenance and high reliability will result in segment growth over the forecast timeframe.
Europe recreational boating market is likely to register significant growth over the study timeframe. Manufacturers are focusing on rising boat production particularly in the country including Italy will significantly contribute business growth. Companies in the region are focusing on increasing international trade by exporting products in developing countries to improve product visibility and achieve superior profit margins. Availability of skilled labor force to deliver better quality boats are the key factors propelling recreational boating industry share during forecast time frame.
Growth in tourism and traveling industry particularly among the countries includes UAE, Saudi Arabia, and Egypt are generating excellent products demand. Adventure sports have become a prominent factor for tourist attraction in the region. Proliferating economic development along with increasing infrastructure development will positive influence the product penetration.
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Recreational boating market is anticipated to exceed USD 230 billion over the forecast timeframe. Increasing promotional activities of tourist’s sports coupled with travel & tourism industry growth are primary factors boosting recreational boating market share during forecast time frame. Rising disposable income has resulted in an upsurge of traveling and adventure sports.
Remarkable increase in global urban population and acceleration in personal consumption expenditure has resulted in huge spending in niche tourism such as leisure, recreational and sports boating. Upsurge in activities including boat racing, sailing, and campaigning activities are continuously encouraging product demand. Manufacturing companies are focusing on improving recreational boat production further improving the business growth over the forecast time frame.
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Few noticeable participants of recreational boating market include Azimut-Benetti, Hunter, Malibu Boats, Ferretti, Brunswick, Sunseeker, MacGregor, American Sail Inc. Other key companies are Catalina Yachts, Bavaria Yachtbau, Hobie Cat Corporation and Princess Cruise are significantly contributing the market share. These companies are focusing on installing and improving navigational and surveillance technologies in these products to achieve secure & safe individual marine experience during the forecast period.