The Recreational Boating Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Recreational Boating Global Market Report 2024, The recreational boating market size has grown strongly in recent years. It will grow from $30.88 billion in 2023 to $33.33 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to economic growth and disposable income, boating tourism and leisure activities, popularity of waterfront properties, demographic changes and lifestyle preferences, environmental regulations and green practices.
The recreational boating market size is expected to see strong growth in the next few years. It will grow to $44.84 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to innovations in rental and sharing services, market expansion and globalization, safety and regulatory standards, demographic changes and lifestyle trends, rising interest in boating tourism. Major trends in the forecast period include electric propulsion technology, integration of smart technology, rise in water sports and activities, innovations in design and styling, wellness and comfort features.
The growing tourism industry will propel the growth of the recreational boating market. The tourism sector, sometimes known as the travel industry, is associated with individuals travelling to other regions, either locally or globally, for leisure, social, or business reasons. It is inextricably linked to the hotel, hospitality, and transportation industries, and much of it revolves around keeping visitors happy, amused, and well-equipped during their time away from home. For instance, in 2021, according to the report published by Invest India, The travel and tourism industry is predicted to rise to USD 512 billion by 2028. Therefore, the growing tourism industry drives the growth of the recreational boating market.
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The recreational boatings market covered in this report is segmented –
1) By Boat Type: Yachts, Sailboats, Personal Watercrafts, Inflatables, Other Boats
2) By Engine Placement: Outboards, Inboards, Other Engine Placements
3) By Material Type: Aluminum, Fiberglass, Steel, Other Materials
4) By Boat Size: Up to 20 Ft., 21 Ft. to 35 Ft., 36 Ft. to 50 Ft.
5) By Activity Type: Cruising, Water Sports, Fishing
Major companies operating in the recreational boat market are adopting a strategic partnership approach to enhance their technological offerings. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities who work together to achieve shared goals aligned with their individual strategic objectives. For instance, in September 2023, GOST (Global Ocean Security Technologies), a US-based marine security systems company, partnered with Boat Fix, a US-based recreational boating telematics company. With this partnership, these companies aim to enhance the technological offerings for the marine industry. GOST will be offering its existing and future customers the GOST 24/7 alarm, anti-theft, and customer support services, in addition to next-level monitoring, alarm management, and vessel recovery for recreational boats.
The recreational boating market report table of contents includes:
1. Executive Summary
2. Recreational Boating Market Characteristics
3. Recreational Boating Market Trends And Strategies
4. Recreational Boating Market – Macro Economic Scenario
5. Global Recreational Boating Market Size and Growth
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26. South America Recreational Boating Market
27. Brazil Recreational Boating Market
28. Middle East Recreational Boating Market
29. Africa Recreational Boating Market
30. Recreational Boating Market Competitive Landscape And Company Profiles
Top Major Players:
- Lowe Boats
- Yamaha Motor Co Ltd
- Polaris Inc
- Brunswick Corporation
- Groupe Beneteau
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