The global Recreational Boat Market is poised for substantial growth, anticipating a noteworthy Compound Annual Growth Rate (CAGR) of 6% during the forecast period from 2021 to 2027. Key drivers fueling this surge include the expanding tourism sector and rising levels of personal disposable income. Notably, advancements in autonomous maritime technology are set to further elevate the demand for recreational boating, making it accessible to a broader audience, including less experienced leisure boaters. The market’s resilience and integration are reinforced by the presence of numerous players, ensuring a steady supply to meet the burgeoning global demand for recreational boats.
Access Sample PDF Here- https://univdatos.com/get-a-free-sample-form-php/?product_id=23320
Luxury Unleashed: Groupe Beneteau’s Grand Turiamo 45 Takes the Seas
Highlighting the industry’s dynamism, Groupe Beneteau launched the Grand Turiamo 45 luxury boat in June 2021. Boasting high-class interiors and dynamic control, this 14.78-meter vessel with 900 liters fuel capacity and 2X 440 CV/HP engine power exemplifies the commitment of market players to innovation and elevated consumer experiences.
Overcoming Challenges: Recreational Boating Bounces Back Post-COVID-19
The recreational boating industry faced significant setbacks in the wake of the COVID-19 pandemic, experiencing substantial losses in the first and second quarters of 2020. Disrupted supply chains and production schedules posed challenges. However, as lockdowns eased and logistics stabilized toward the end of 2020, the market reopened with normal sales. Personal boating emerged as a safe tourism option during the pandemic, contributing to the industry’s rebound.
Market Giants Paving the Waves
Key players such as Brunswick Corporation, Groupe Beneteau, Mastercraft Boat Holdings Inc., Malibu Boats Inc., Polaris Inc., Azimut Benetti S.p.A., Sunseeker International, Bombardier Recreational Products Inc., Ferretti S.p.A., and Marine Products Corporation are instrumental in shaping the recreational boat market. Strategic initiatives, including new product launches, expansion strategies, partnerships, mergers, and acquisitions, underscore their commitment to meeting evolving consumer demands.
Diverse Boat Types: Personal Watercraft Takes the Lead
Within the market, personal watercraft is poised to witness the fastest growth. This surge is fueled by increasing global participation in water sports activities. The availability of diverse water sporting equipment, coupled with the expansion of e-commerce, particularly in the APAC and Americas regions, contributes to the buoyancy of the recreational boat industry.
Empowering High Power Ranges: 51 – 150 KW Category Leads the Charge
In the power range category, the 51 – 150 KW segment is set to witness significant growth. Stringent emission regulations and investments in energy-efficient and high-power recreational boats drive this trend. The shift in lifestyle, a rise in High Net Worth Individuals (HNWIs), and the growing popularity of yacht tourism contribute to the steady demand for high-powered luxury yachts.
North America’s Sailing Success: Dominating the Market Dynamics
North America emerges as a dominant force in the Recreational Boat Market, securing a considerable share in 2020. The region is poised for substantial growth with a considerable CAGR during the forecast period. Factors such as high consumer income levels, increasing awareness of outdoor recreational activities, and supportive policies foster a thriving market environment.
In essence, the global recreational boat market is not just sailing; it’s cruising toward a future defined by innovation, accessibility, and a renewed zest for outdoor leisure experiences.