The Global recreational boating market is anticipated to contribute over USD 135 billion by 2024 from outboard boat product. Shifting consumer preference owing to benefits including more space along with more interior stowage in the boats is instigating strong product demand. Cost effectiveness, less maintenance and high reliability will result in segment growth over the forecast timeframe.
Outdoor water activities have lately emerged as a popular means of recreation, generating lucrative growth prospects for recreational boating market. Tourists and locals residing alongside water bodies have long since been involved in water-based recreational activities such as fishing, camping, boating, etc.
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The emergence of highly upgraded products reflects the deep commitment of participants in recreational boating market toward the improvisation of existing boating infrastructure. These companies have also been influenced by the shifting trends toward the adoption of sustainable technologies, that has had an impact on product design and development. In recent times, with customers ruling the roost, the development of core consumer-centric products has been making robust inroads in this vertical. Powered by a high-income user base, in conjunction with earnest companies striving to innovate unique products, recreational boating market size has been forecast to surpass a revenue collection of USD 230 billion by 2024.
Global recreational boating market is anticipated to exceed USD 230 billion over the forecast timeframe. Increasing promotional activities of tourist’s sports coupled with travel & tourism industry growth are primary factors boosting recreational boating industry share during forecast time frame. Rising disposable income has resulted in an upsurge of traveling and adventure sports.
North America recreational boating market will witness high growth owing to developed water sports industry and increasing number of sailing, leisure, and sports activities. Prominent marine industry particularly in the U.S. and Canada coupled with active participation in the region will positively stimulate industry over the forecast time frame.
Europe recreational boating market is likely to register significant growth. over the study timeframe. Manufacturers are focusing on rising boat production particularly in the country including Italy will significantly contribute business growth. Companies in the region are focusing on increasing international trade by exporting products in developing countries to improve product visibility and achieve superior profit margins. Availability of skilled labor force to deliver better quality boats are the key factors propelling recreational boating industry share during forecast time frame.
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Manufacturing companies are focusing on technological advancements by implementing Global Navigation Satellite Systems (GNSS) for the crew & passenger safety. National Oceanic and Atmospheric Administration (NOAA) of U.S. Department of Commerce is providing safety technology now COAST, a web mapping portal utilized in real-time coastal observations, forecast, and warnings for pilots of recreational and commercial boats. Incorporating these systems are highly benefited for the fishing vessel for control, search and rescue activities along with waterways traffic management and overall sea surveillance supporting recreational boating market.
Major Table of Content: –
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. Recreational boating industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Power trends
2.1.4. Regional trends
Chapter 3. Recreational Boating Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Raw material supplier
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
3.4. Technology landscape
3.5. Requirements on safety equipment for recreational craft
3.6. Pricing analysis
3.6.1. Regional pricing
220.127.116.11. North America
3.6.2. Cost structure analysis
3.7. Regulatory landscape
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