The global boating market is aided by growing demand from the tourism industry and increasing disposable income is expected to contribute to market growth during the forecast period 2021-2026
Expert Market Research’s new report titled ‘Global Boating Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global boating market, assessing the market based on its segments such as type, power source, applications, and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026)
- Historical market size (2020): 27 billion USD
- Forecast CAGR (2021-2026): 3.5%
- Projected market size (2026): 33 billion USD
Changes in boat technology, increase in boat size, increase in the number of wealthy people, a growing economy, a growing tourism industry and innovation in boat engines are all attracting more people to pleasure boating. This growing interest in boating is fueling the global boating market. The boating industry currently represents only a small part of the global leisure industry, but it is expected to grow in the years to come.
Additionally, growth in fishing activities, along with increasing investment in the boat rental industry, is driving the market demand. To operate the pleasure boat rental business, industry players are partnering with boat rental communities. These milestones are expected to contribute significantly to the growth of the boating industry over the forecast period.
Industry definition and major segments
A pleasure craft is a watercraft built for non-commercial use or to rent or lease to another person for non-commercial use. These boats are designed for fun and can be used for a variety of activities including camping, fishing, boat racing and sailing. The vessels are also equipped with advanced technological features such as the Global Navigation Satellite System, making it an efficient vehicle for rescue operations.
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By type, the global recreational boating market can be divided into:
- Outboard boats
- Inboard boats
- watercraft boats
- Rigid inflatable boats
Based on energy source, the global recreational boating market can be divided into:
- powered by man
- Propelled by sail
- Powered by engine
By Application, the market can be split into:
- Water sports and cruising
Based on regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
4 Latin America
5 Middle East and Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The global boating industry is fueled by growing technologies and attractive features from manufacturers. The presence of Global Navigation Satellite System (GNSS), a popular technology for traffic management and monitoring, is also helping the market. Adding marine technologies to recreational boats would drive the growth of the market in the coming years. The recreational boating market is benefiting from the increase in government programs in Asia-Pacific. Government investment in the development of nautical infrastructure is an important driver of market growth in the country.
Moreover, the efforts of major players in the industry to expand their portfolios through mergers and acquisitions will support the growth of the market throughout the forecast period.
Main market players
Major market players include Brunswick Corporation, Marine Product Corporation, Azimut Benetti Group, Sunseeker International Limited, Bennington Marine LLC, White River Marine Group and others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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