Recreational Boating Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Recreational Boating Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
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LANDON, GREATER LANDON, UK, November 9, 2023 /EINPresswire.com/ — The global recreational boating market is projected to expand from $28.71 billion in 2022 to $31.04 billion in 2023, at a robust compound annual growth rate (CAGR) of 8.1%. Despite the disruptions arising from the Russia-Ukraine conflict and the enduring effects of the COVID-19 pandemic, the market is on course for substantial growth, with estimates indicating a further surge to $44.04 billion by 2027, with a CAGR of 9.1%.
Driver: Cruise with the Tourism Surge
The flourishing tourism industry is expected to be a major driver for the growth of the recreational boating market. The interconnected nature of the tourism sector with hospitality, transportation, and leisure activities plays a pivotal role in catering to the needs of travelers, driving the demand for recreational boating experiences. Reports suggest a significant uptick in the global tourism industry, with projections indicating a rise to USD 512 billion by 2028, coupled with an estimated 1.5 billion international tourist arrivals recorded globally, underlining the resilience and prominence of the tourism sector. Consequently, the expanding tourism industry fuels the growth of the recreational boating market.
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Players: Leading the Fleet
Major players in the recreational boating market include Azimut Benetti Group, Brunswick Corporation, Groupe Beneteau, Sunseeker International Limited, Hobie Cat Company Inc., White River Marine Group, Yamaha Motor Co. Ltd., American Sail Inc., Marine Products Corporation, Mastercraft Boat Holdings Inc., Polaris Inc., Ferretti, Princess, MacGregor, Hunter, Maverick Boat Group Inc. (Malibu Boats), Baja Bound Insurance Services Inc., Catalina Yachts, Grady-White Boats Inc., Chaparral Boats Inc. (Marine Products Corporation), Edenton Boatworks LLC, Baja Marine, Bayliner, Mahindra & Mahindra Ltd., Carnival Corporation & plc, Royal Caribbean Cruises Ltd, and Norwegian Cruise Line Holdings Ltd.
Trends: Riding the Wave of Innovation
New product development stands as a significant trend gaining traction in the recreational boating market. Companies are actively introducing new products to cater to the demands of the market, broaden their product portfolios, and expand their market presence. For example, Sunseeker, a UK-based luxury motor yacht manufacturer, launched its new 100 yacht model in June 2021, featuring a range of industry-first features and entertainment options, including a spacious flybridge and a luxurious king stateroom with private access to the bow terrace.
Segments: Navigating the Market Segments
The global recreational boating market is segmented as follows:
1. Boat Type: Yachts, Sailboats, Personal Watercrafts, Inflatables, Other Boats
2. Engine Placement: Outboards, Inboards, Other Engine Placements
3. Material Type: Aluminum, Fiberglass, Steel, Other Materials
4. Boat Size: Up to 20 Ft., 21 Ft. to 35 Ft., 36 Ft. to 50 Ft.
5. Activity Type: Cruising, Water Sports, Fishing
Region: Charting the Course Across Continents
North America claimed the largest share of the recreational boating market in 2022. The global recreational boating market analysis report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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Recreational Boating Global Market Report 2023 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Recreational Boating Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on recreational boating market size, recreational boating market drivers and trends, recreational boating market major players, competitors’ revenues, market positioning, and market growth across geographies. The recreational boating market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Article originally published on www.einpresswire.com as Global Recreational Boating Market Sets Sail