Rise in water-based tourism and increase in interest toward recreational water sport activities have boosted the growth of the global recreational boating market
PORTLAND, Ore., June 21, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Recreational Boating Market by Power (Engine Powered, Man Powered and Sail Propelled), Product Type (Inboard Boats, Outboard Boats, Inflatable, Sail Boats and Personal Watercrafts), Activity Type (Watersports & Cruising and Fishing) and Size (Less Than 30 Ft, 30 to 59 Ft, 60 to 79 Ft, 80 to 99 Ft, More Than 100 Ft and Full Custom): Global Opportunity Analysis and Industry Forecast, 2020–2027". As per the report, the global recreational boating industry was pegged at $29.0 billion in 2019, and is expected to reach $35.4 billion by 2027, growing at a CAGR of 5.1% from 2020 to 2027.
Growth in water-based tourism and rise in interest toward recreational water sport activities drive the growth of the global recreational boating market. However, high initial & ownership cost and environmental concerns hinder the market growth. On the contrary, rise in number of high-net worth individuals and technological advancements in boats and boat engines are expected to create lucrative opportunities for the market players in the future.
The Covid-19 pandemic put a strain on the supply chain across the globe. The engine and boat manufacturing companies faced huge losses during the first and second quarter of 2020. The prolonged lockdown across Europe and Asian countries resulted in loss of production.
However, the market witness recovery during the second quarter of 2020 as demand for recreational activities spiked.
By power, the engine powered segment held the lion's share in 2019, accounting for nearly three-fourths of the global recreational boating market. Moreover, the segment is estimated to register the highest CAGR of 5.6% during the forecast period, owing to rise in innovation in recreational boat engines and surge in collaboration for development of advanced boats equipped with improved engines.
The personal watercrafts segment to manifest the highest CAGR through 2027
By product type, the personal watercrafts segment is projected to manifest the highest CAGR of 8.0% from 2020 to 2027, due to change in lifestyle, improvement in living standards, surge in disposable income, and increase in spending on leisure. However, the inboard boats segment held the largest share in 2019, contributing to nearly two-fifths of the global recreational boating market, owing to growth of activities such as short- and long-distance leisure cruise travel and recreational sports.
Europe, followed by North America, held the largest share
By region, the global recreational boating market across Europe, followed by North America, dominated in terms of revenue in 2019, accounting for more than half of the market, due to increase in demand for luxury cruisers and rise in coastal & maritime tourism coupled with surge in boating participation by adults. However, the market across LAMEA is anticipated to portray the highest CAGR of 7.4% during the forecast period, owing to increase in high net worth individual population in Latin America and Middle East and marine attraction.
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