Recreational Boating Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Recreational Boating Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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The recreational boating market is projected to grow significantly, increasing from $30.88 billion in 2023 to $33.33 billion in 2024, with a CAGR of 7.9%. This growth stems from economic growth and disposable income, boating tourism, the appeal of waterfront properties, demographic changes, lifestyle preferences, and environmental regulations.
What Is the Future Market Size of the Global Recreational Boating Market and Its Yearly Growth Rate?
The recreational boating market is projected to expand significantly, reaching $44.84 billion by 2028 with a CAGR of 7.7%. This growth can be linked to innovations in rental and sharing services, market expansion, safety and regulatory standards, demographic shifts, and a growing interest in boating tourism. Prominent trends include electric propulsion technology, the incorporation of smart technology, an increase in water sports, innovations in design and aesthetics, and features focused on wellness and comfort.
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What Are The Primary Growth Drivers Of The Recreational Boating Market?
The increasing number of registered recreational boats is set to drive the growth of the recreational boating market. These boats, used for personal, non-commercial purposes, undergo formal registration for identification, safety, and regulatory compliance. The rise in registered boats highlights growing interest in outdoor leisure, water sports, and recreational activities, as well as the convenience of registration for meeting safety and legal requirements.
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Who Are The Top Market Players Contributing To The Growth Of The Recreational Boating Market?
Major companies operating in the market report are Lowe Boats, Yamaha Motor Co Ltd., Polaris Inc., Brunswick Corporation, Groupe Beneteau, Malibu Boats, Ferretti Group, Sea Ray, Mastercraft Boat Holdings Inc., Azimut Benetti Group, Marine Products Corporation, Nitro Boats, Hobie Cat Company Inc., Boston Whaler, Lund Boats, White River Marine Group, Grady-White Boats.
What Emerging Trends Are Affecting The Size Of The Recreational Boating Market?
New product development is a prominent trend in the recreational boating industry. Companies are focused on launching new offerings to bolster this market segment. Introducing new products not only helps expand the product lineup but also attracts new customers and improves market visibility.
How Is the Global Recreational Boating Market 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
Geographical Analysis: North America Emerges as the Recreational Boating Market Leader
North America was the largest region in the recreational boating market in 2023. The regions covered in the recreational boating report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is The Definition And Overview Of The Recreational Boating Market?
Recreational boating pertains to leisure activities involving travel on water in a boat. A recreational boat is defined as any vessel capable of self-propelled movement, primarily used for enjoyment, fishing, or commercial purposes.
The Recreational Boating Global Market Report 2024 from The Business Research Company includes the following key information:
• Market size data for both historical and future periods
• Analysis of both macro and microeconomic factors that have impacted the market over the past five years
• Regional market analysis covering Asia-Pacific, China, Western Europe, Eastern Europe, North America, the USA, South America, and the Middle East and Africa
• Country-specific market analysis for Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Overview of the Global Recreational Boating Market Report: Trends, Opportunities, Strategies, and More
The Recreational Boating Global Market Report 2024 from The Business Research Company is an extensive resource that delivers insights into recreational boating market size, recreational boating market drivers and trends, recreational boating global market major players, recreational boating competitors’ revenues, recreational boating global market positioning, and recreational boating market growth across geographies. This report provides valuable in-depth insights into potential opportunities and strategies. Companies can utilize the information presented to target segments with the greatest growth potential.
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