SELBYVILLE, Del. - April 5, 2020 - (Newswire.com)
According to the latest report, “Recreational Boating Market by Product (Inboard Boats By Horsepower [Below 200 hp, 201 to 500 hp, 501to 1000 hp, Above 1000 hp], Outboard Boats By Type [Center Console, Express Cruiser, Pontoon, Runabout Bowrider, Others] By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1000 hp, Above 1000 hp], Inflatables [Below 200 hp, 201 to 500 hp]), Engine (Diesel, Gas), Regional Outlook, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of recreational boating will reach $63 billion by 2026. The rising demand of recreational boats for skin diving, duck hunting, fishing and water skiing is propelling the market growth.
The growing demand for inflatable boats for rescue operations and short distance travel 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.
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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 industry.
Public and private authorities are investing in the 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. The 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 are fueling the market.
- The 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 3. Recreational Boating Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Industry ecosystem analysis
3.3.1. Raw material supplier
3.3.2. Manufacturers
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
3.4. Technology & innovation landscape
3.5. Pricing analysis
3.6. Regulatory landscape
3.6.1. North America
3.6.2. Europe
3.6.3. Asia Pacific
3.6.4. Latin America
3.6.5. MEA
3.7. Industry impact forces
3.7.1. Growth drivers, by region
3.7.1.6. Rise in tourism in Middle East & Europe
3.7.2. Industry pitfalls & challenges
3.8. Growth potential analysis
3.9. Porter's analysis
3.10. Competitive landscape, 2019
3.10.1. Top players analysis, 2019
3.10.2. Strategy dashboard
3.11. PESTEL analysis
Browse Complete Table of Contents (ToC) at
https://www.gminsights.com/toc/detail/recreational-boating-market
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company-level and cross-sectional statistics that make our offering a stand-out for decision-makers. https://www.gminsights.com/gmipulse
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Original Source: Recreational Boating Market Revenue to Cross USD 63B by 2026: Global Market Insights, Inc.
