Global Recreational Boating Market Size Expected To Reach $63 Billion In 2026

- FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., March 16, 2022 /PRNewswire/ -- Rising consumer expenditure on leisure boating activities owing to increasing disposable income in Europe and North America is driving the industry growth. Technological advancements in leisure boats are expected to augment the industries. Boat manufacturers are integrating joystick piloting to improve maneuverability of the vessel and enhance recreational boating operations. Companies are investing in smart technologies, such as IoT & AI, for developing connected boat solutions to enhance boating experience. According to GM Insights the Recreational Boating Market size surpassed USD 35 billion in 2020 and is anticipated to grow at over 6.5% CAGR between 2021 and 2027. It said: "The growing popularity of outdoor activities along with increasing participation of adult population in recreational boating and water-based sports is likely to spur the market revenue. A steady increase in fishing activities and rising investment in the rental boat sector will propel the demand. Prominent industry players are collaborating with rental communities to support the rental recreational boating market." Active stocks in the markets this week include Boatim, Inc. (OTCQB: BTIM), MarineMax, Inc. (NYSE: HZO), OneWater Marine Inc. (NASDAQ: ONEW), Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), Pingtan Marine Enterprise Ltd. (NASDAQ: PME).

Another report from Arizton added: "The global recreational boating market size to reach USD $63.53 billion in 2026, growing at a CAGR of over 11.02% during the period 2020-2026. The leisure boat market is undergoing several transformations. The marine industry is witnessing an increasing appeal among end-users for advanced and innovative features such as joystick docking controls, automatic trim controls, and digital throttles and shifts. Consumers have less time developing driving skills with the hectic lifestyle and compiling practical experience on the water with the hectic lifestyle. Thus, their reliance on automatic controls is growing at an unprecedented rate. The increasing focus on artificial intelligence is the critical technology process that is likely to be implemented in the marine industry. Artificial intelligence can be used to grow corals that are more immune to high sea temperatures and improve salinity and other variables. In the shipping industry, artificial intelligence makes things easier by impeccably incorporating new shipping logistics and communication technology to develop the business model within the industry. North America and Europe are likely to lead the recreational boat during the forecast period, growing at CAGRs of 10.97% and 9.45%, respectively through 2026."

Boatim, Inc. (OTCQB:BTIM) BREAKING NEWS: Boatim Now Serves Over 20,000 Businesses and Showcases Over $1 Billion in Worldwide Boat and Yacht Inventory - Boatim, Inc. is pleased to announce that the Boat International Marketplace now serves over 20,000 boating businesses. The International Marketplace includes hard-to-find marinas and service providers, giving boaters direct access to the information, services, and goods they need, in one easy to navigate site, with over $1 billion in boat and yacht inventory. In addition to becoming the definitive directory and international marketplace for the recreational boating industry, Boatim is now offering customized branded websites to boat manufacturers, dealers, service providers, marinas, and everything boat related. In doing so, Boatim provides small businesses a competitive advantage that they have not had before in the boating industry. 

In addition to the newest service offered by Boatim, the company has launched its "Women in Boating" series on Boatim.com. As a company dedicated to being "everything boat, everywhere" Boatim strives to include not only every business, but every member of the recreational boating community. CEO Joseph Johnson has said that, "by giving all professionals a voice, highlighting their careers and hobbies, and encouraging others to go boating, we are advancing the industry."

While Boatim continues to build digital tools that are disrupting the leisure boating industry, Boatim has also dedicated resources to help the victims of the conflict in Ukraine. Boatim is currently working with artists and other professionals on a project to raise funds for those affected by the tragedy. CONTINUED… Read this entire release and more news for Boatim at: https://investor.boatim.com/

Other recent developments in the markets include:

MarineMax, Inc. (NYSE: HZO), the world's largest recreational boat and yacht retailer, recently announced record results for its first quarter ended December 31, 2021.

Revenue increased 15% to a record $472.7 million for the quarter ended December 31, 2021 from $411.5 million in the comparable period last year. The revenue growth was due to contributions from recent strategic acquisitions and strong same-store sales growth of 9%, driven by increased unit sales. The 9% same-store sales growth was on top of over 20% growth in the comparable quarter last year. Given the Company's significant geographic and product diversification, accretive acquisitions which have generally had a higher gross margin profile and a solid demand environment, net income increased 52% to $35.9 million and earnings per diluted share grew 53% to $1.59. This compares to earnings per diluted share of $1.04 in the comparable period last year.

OneWater Marine Inc. (NASDAQ: ONEW) recently announced that it has reached an agreement to acquire Denison Yachting, which will expand the Company's presence into the superyacht category and ancillary yacht service offerings, in addition to yacht brokerage and new boat sales. The transaction is expected to close in the Company's fiscal third quarter.

"We are thrilled to welcome Bob Denison and his team into the OneWater family, which expands and strengthens our presence in the superyacht and yacht categories," said Austin Singleton, Chief Executive Officer for OneWater. "As we move through the second fiscal quarter, we continue to capitalize on record demand and a growing backlog. Orders at the Miami Boat show were off the charts for both OneWater and Denison, which underscore our combined position as the premier marine retailer of choice from superyachts and yachts to traditional boat sales, parts and service. We look forward to enhancing our leadership position in the market in the coming years."

Odyssey Marine Exploration, Inc. (NASDAQ: OMEX), a global subsea mineral exploration and development company, recently reported results for the third quarter ended September 30, 2021, and provided an update on current projects and future plans.

"We remained focused on three major areas in the third quarter: increasing the value of our mineral portfolio, improving our balance sheet, and preparing for a strong showing in the hearing of our NAFTA action against Mexico scheduled to take place in January," reported Mark Gordon, Odyssey's Chairman and Chief Executive Officer.

Pingtan Marine Enterprise Ltd. (NASDAQ: PME) recently announced that each of the following proposed resolutions submitted for shareholder approval has been duly adopted at its annual general meeting of shareholders held in Fuzhou on December 23, 2021: The election of XingAn Lin and Lin Lin as Class C directors to the Board of Directors and to serve for a three-year term to expire at the 2024 annual general meeting or until a successor is duly elected and qualified.

The ratification of the appointment of Wei, Wei & Co, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2021. Pingtan is a fishing company engaging in ocean fishing through its subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd.

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