The latest market report published by Credence Research, Inc. “Global Recreational Boat Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The recreational boat market has been expanding steadily over the past several years and is predicted to do so again between 2023 and 2030 at a CAGR of 6.80%. In 2022, the market was valued at USD 16.9 billion, and in 2030, it is anticipated to grow to USD 26.7 billion.
One of the primary drivers of the global recreational boat market is the increasing popularity of tourism and water activities. As more individuals engage in leisure activities such as boating and cruising, the demand for recreational boats is expected to rise. Additionally, technological advancements in boat design and features are attracting consumers. However, the market faces challenges such as environmental concerns, high ownership costs, and strict emission regulations for recreational boats.
The competitive landscape of the global recreational boat market is highly competitive, with key players such as Groupe Beneteau, Brunswick Corporation, Marine Products Corporation, and Yamaha Motors Co. Ltd. focusing on product innovation, expanding distribution channels, and strategic acquisitions.
India Recreational Boat Market Major Challenges: In the ever-expanding landscape of India’s recreational boat market, there are several major challenges that industry players must navigate with caution. Firstly, the lack of adequate infrastructure and marinas across the country poses a significant hurdle for boating enthusiasts and manufacturers alike. The limited number of well-equipped docking areas restricts potential growth and access to water bodies suitable for recreational boating activities. Moreover, stringent government regulations surrounding licensing and permits further impede the sector’s development by creating bureaucratic hurdles that can discourage both domestic and foreign investors.
The market segmentation includes boat types such as yachts, sailboats, personal watercraft, inflatables, and others. Based on boat size, the market is segmented into <30 feet, 30-50 feet, and >50 feet. Engine placement includes outboards, inboards, and others. Engine types consist of Internal Combustion Engine (ICE) and electric. Power range segments include up to 100 kW, 100-200 kW, and above 200 kW. The market is also segmented by activity type, power source, and distribution channel.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Recreational Boat Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Route of Administration and Application
- Major nations in each region with their import/export statistics
- The global Recreational Boat Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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