The new report by Expert Market Research titled, 'Global Recreational Boating Market Report and Forecast 2021-2026', gives an in-depth analysis of the global recreational boating market, assessing the market based on its segments like type, power source, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
- Historical Market Size (2020): USD 27 Billion
- Forecast CAGR (2021-2026): 3.5%
- Forecast Market Size (2026): USD 33 Billion
Changes in boat technology, increased boat size, an increase in the number of high-net-worth individuals, a growing economy, a growing tourism industry, and boat engine innovation are all bringing more people to recreational boating. This growing interest in recreational boating is fueling the global recreational boating market. The recreational boating industry currently accounts for a small portion of the global leisure industry, but it is expected to grow in the coming years.
Furthermore, growing fishing activities, as well as increased investment in the rental boat industry, are boosting market demand. To tap the rental recreational boating sector, industry players are partnering with boat rental communities, these steps are expected to significantly contribute to the growth of the recreational boating industry over the forecast period.
Industry Definition and Major Segments
A recreational boat is a vessel built for non-commercial use or to lease or rent to another person for non-commercial use. These boats are made 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 technology features such as the Global Navigation Satellite System, making them an effective vehicle for rescue operations.
Explore the full report with the table of contents@ https://www.expertmarketresearch.com/reports/recreational-boating-market
Based on type, global recreational boating market can be divided into:
- Outboard Boats
- Inboard Boats
- Personal Watercraft Boats
- Sail Boats
- Rigid Inflatable Boats
Based on power source, global recreational boating market can be divided into:
- Human Powered
- Sail Powered
- Engine Powered
By application, the market can be divided into:
- Water sports and Cruising
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The global recreational boating industry is fueled by manufacturers' growing technologies and attractive features. The presence of the Global Navigation Satellite System (GNSS), a popular technology for traffic management and surveillance, also helps the market. The addition of marine technologies to pleasure crafts would drive market growth in the coming years. The recreational boating market is benefiting from increased government programs in the Asia Pacific. The government's investment in boating infrastructure development is a significant driver of market growth in the country.
Also, the efforts of major players in the industry to expand their portfolios through mergers and acquisitions will bolster market growth throughout the forecast period.
Key Market Players
The major players in the market are Brunswick Corporation, Marine Product Corporation, Azimut Benetti Group, Sunseeker International Limited, Bennington Marine LLC, White River Marine Group and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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