Aquatic recreational activities have increasingly become a trend in recent years, fueled new growth opportunities in recreational boating market. Numerous water recreational activities such as duck hunting, skin diving, water skiing, and fishing are gaining tremendous popularity. The prevalence of water recreational activities has inherently surged lately, due to rising disposable income and increasing urbanization. Consequently, this has generated prominent growth opportunities for Recreational Boating Market manufacturers.
According to a research report conducted by Global Market Insights., Inc., the recreational boating market is expected to surpass USD 63 billion by 2026.
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Increasing demand of inflatable boats for rescue operations is another key application area that may drive the demand for recreational boats. These crafts play a pivotal role in emergency response conditions such as vessel catastrophes, calamities, and refinery accidents. They are also gaining prominence in the tourism sector for rescuing people from adverse events such as drowning.
To aid the military in recuse operations, manufacturers are also rolling out inflatables boats equipped with highly resistant fabric, intercommunication valve systems, and fast inflation kit. Taking an instance to highlight the same, in Nov. 2017, ZODIAC MILPRO introduced inflatables boats to aid underwater and airdrop military operations.
Studies estimate that North America could offer lucrative growth opportunities to the companies operating in the recreational boating market. Water sports activities, being one of the most popular recreational activities in North America, have helped recreational boat sales to grow at an exponential rate.
Private and public authorities in the region are investing heavily to create recreational boating infrastructure. Taking May 2019 for an instance, the U.S. Fish and Wildlife Service’s BIG (Boating Infrastructure Grant) program contributed USD 20 million to construct needed amenities and facilities for boating.
Apart from this, the advent of technologically advanced boats, increasing disposable income along with growing national tourism infrastructure have impelled individuals to opt for recreational activities, offering new business strides for recreational boat manufacturers in North America.
The emergence of high-tech boats highlights the deep commitment of industry participants towards improving existing recreational boat portfolio. Groupe Beneteau, Yamaha Motor Corporation, Brunswick Porter Inc., Brunswick, Malibu Boats, Maverick Boat Group, Inc., Correct Craft and Grady-White Boats, Inc., are some of the These companies are engaged in developing advanced boats.
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In Jan. 2020, Grady-White Boats introduced outboard boats equipped with joysticks and gas-powered engines to offer exceptional customer experience. Manufacturers are also partnering with dealers, rental service providers, and distributors to strengthen their market share. Participating in events and product launches is helping firms expand and strengthen their business reach. In Jan 2020, leading recreational boats manufacturers participated in Toronto International Boat Show, Canada to showcase their advanced recreational boat portfolio.
Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.1. Definitions & forecast parameters
1.1.2. Methodology and forecast parameters
1.2. Data Sources
Chapter 2. Recreational Boating Market Summary
2.1. Recreational Boating industry 360° synopsis, 2016 – 2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Engine trends
2.1.4. Regional trends
Chapter 3. Recreational Boating Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2016 – 2026
3.3. Industry ecosystem analysis
3.3.1. Raw material supplier
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
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