Finance fishing boats

The global recreational boat market is expected to grow at a CAGR of 7.48% during the period 2022-2027

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A pleasure boat is used for activities such as cruising, water sports and fishing. Cruising is the most popular and preferable activity in developed regions like North America and Europe.

New York, Aug. 11, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Recreational Craft Market – Global Outlook and Forecast 2022-2027” – https://www.reportlinker.com/p05587798/?utm_source=GNW
The demand and adoption of water activities is high due to many reasons such as increased urbanization and rising standard of living. These existing and future demands can generally be categorized into product, business and energy segments. The established markets of Europe and North America will witness strong demand for recreational boats during the forecast period as the commercial adoption of boats has increased in these regions. This provides many opportunities for vendors over the forecast period. Additionally, the demand for marine infrastructure stems from changing market dynamics, such as a higher number of recreational boat users. The global recreational boating market sees shipments of 1.08 million units in 2027.

TECHNOLOGICAL ADVANCES

Some technological advancements that are expected to affect the future of the recreational boating market are:

Boats with built-in tracking devices: This technology uses GPS to track a boat. Boat monitoring systems are useful in emergency cases, where emergency services can reach the desired location in less time because the exact location is known by GPS. According to Arizton Advisory & Intelligence’s Global Boat Monitoring Market Report, the boat monitoring market exceeded USD 425.18 million in 2021.

Joystick Steering: This technology aims to appeal to the younger generation as it can combine this experience with a game. This system centralizes the helm controls of the boat in one place and allows the controller to be tilted and turned to move the boat in the direction of the boat. water whenever needed.

Autonomous boats are the future of sailing where boaters can enjoy family time while the sailboat navigates a pre-set route. For example, MIT and the Amsterdam Institute for Advanced Metropolitan Solutions demonstrated an autonomous boat named Roboat.

Automatic positioning systems: This system acts as a virtual anchor for the boat. This boat technology uses GPS satellites to maintain a boat’s current position. This system helps boaters explore the surroundings without worrying too much about leaving their boat unattended.

Digital Dashboard and Touchscreen Devices: The introduction of digital dashboards with touchscreens allows users to control the boat by simply touching the screens. Fly-by-wire technology introduced in digital throttles and shifters is more reliable than moving mechanical parts.

MARKET TRENDS

Growing Opportunities in the Electric Boat Industry

With several technological advancements, the electric boat market has seen significant growth over the past few years. Electric boats, especially hybrids where the electric motor doubles as a mechanically rotating generator, are now seeing greater adoption in the leisure sector. Electric propulsion for boats has grown in popularity, inspired by the desire to reduce emissions and noise and because it is cheaper to operate and easier to maintain.

Market factors
Boating demand and consumer interest are increasing as people seek out boating as an outdoor activity, especially as other leisure activities, travel and sports continue to be affected by COVID-19. According to the National Marine Manufacturers Association (NMMA), retail unit sales of new powerboats topped 300,000 units in 2021, for the second year in a row, and a 1% increase in five-year average sales.

Constraints: pollution caused by pleasure boating
Recreational boating has a negative impact on the environment. Motorboats are one of the main reasons causing long term damage to ocean species. It has several harmful effects, such as deterioration of water health, damage to aquatic species, and air pollution. In addition, the chemicals used to clean, protect and operate the watercraft mix with the water, leading to the death of marine life by poisoning.

SECTOR ANALYSIS
• Outboard boats are one of the best selling boats in the North American region. Moreover, with the improvement in technology, the demand for outboard boats has been mainly driven by the performance of the boats. Outboard boats offer various advantages including versatile nature, improved performance, ease of use and diverse options.
• Due to the growth of coastal tourism worldwide, commercial motorboat applications are likely to experience significant growth in demand for outboard motors. The development of high horsepower engines will further promote the use of these engines in touring boats. Motorboats are some of the most widely used boats in the global recreational boating market.
• Developing regions such as APAC have become one of the major regions experiencing a significant increase in passenger numbers. For example, mainland China dominates the Asian market, accounting for approximately 50% of Asian passenger volume in 2021. Several factors are driving the growth of the cruise industry across the globe, including a strong economic recovery and capacity growth. cruise ships.
• Boats 30 to 50 feet have more storage space, which leads to more amenities and larger tanks. The tanks of these boats are sufficient for long-term cruising and allow additional extra tanks needed. Several boats fall into this category: cabin cruisers, express cruisers and performance boats.
• Currently, internal combustion engines (ICEs) are the leading technology in marine propulsion. An internal combustion engine (ICE) is a heat engine in which fuel is ignited to produce heat, producing motion and mechanical energy. The system includes micro-explosions of a compressed air-fuel mixture, high-pressure fuel, and friction between metal parts.

Segmentation by type
• Outboard boats
• Inboard/sterndrive boats
• Personal watercraft boats (PWC)
• Superyachts
• Other boats

Segmentation by power
• Motor boats
• Sailing boat
• Human-powered boats

Segmentation by activity
• Cruise tourism
• Nautical sports
• Fishing

Segmentation by boat size
• Boats from 30 to 50 feet
• Boats over 50 feet

Segmentation by engine type
• Ice and electric
• Hybrid

GEOGRAPHICAL ANALYSIS
There has been noticeable new sales demand in established markets such as Europe and North America. However, rental demand for nautical services remains strong. On the other hand, emerging markets such as APAC, Middle East & Africa and Latin America are still developing markets. In the past two years, these markets have gained a significant share of the global market. North America was the largest market for pleasure craft in 2021, with a revenue share of 46.24%. In the United States, the demand for pleasure boats accounted for a revenue share of 91.72% in 2021. In APAC, Japan is one of the developed markets for pleasure boats, while countries like China, India and South Korea are still developing their markets. in terms of demand. Additionally, the global market has witnessed intense competition in recent years with respect to new product launches and product pricing.

Segmentation by region
• North America
o United States
o Canada
• Europe
o Italy
o Netherlands
o United Kingdom
o Germany
o France
o Poland
o Spain
o Norway
• APAC
o Japan
o China
o Australia
o New Zealand
o India
o South Korea
o Malaysia
• Middle East and Africa
o South Africa
o WATER
• Latin America
o Mexico
o Brazil
o Argentina

COMPETITIVE LANDSCAPE

The global recreational boat market is fragmented and the degree of fragmentation is expected to accelerate over the forecast period. There are a significant number of global and domestic providers in all geographies.

The main suppliers on the market are:
• Azimut-Benetti Group
• Bombardier Recreational Products (BRP)
• Brunswick Society
• Ferretti
• Beneteau Group

Competition between these key players has intensified in recent years. Market concentration in developed countries such as the United States and other Western European countries is high, while the market is growing in developing economies such as China and India owing to the entry of several international brands into these countries. Competition between suppliers is based on product offerings and prices. Vendors are using new business models and focusing on expanding the portfolio of their established products to drive growth. The focus on yachts is shifting heavily towards luxury goods, which will likely provide ample opportunities for sellers over the forecast period.

Main suppliers
• Azimut-Benetti Group
• Bombardier Recreational Products (BRP)
• Brunswick Society
• Ferretti
• Beneteau Group

Other Important Suppliers
• Albemarle Boats
• Baja Marine
• Bavaria Yachts
• Bertram Yachts
• Princess Yachts
• Boston Whalers
• Catalina Yachts
• Correct trade
• Custom welding boats
• Duckworth Boats
• Explorer Industries
• Fountain motor boats
• Godfrey
• Grady-White Boats
• Grand Banks Yachts
• HanseYachts
• Large caliber
• Hobby
• Lund
• Malibu
• Marine Products Company
• Marlow Hunter
• Maverick boat group
• MCBC Holdings
• Asia Pacific Companies
• Carrier
• Sun Seeker
• Thunder roll
• Viking Yacht
• White River Marine Group
• Yamaha
• Zodiac Marine & Pool

ANSWERS TO KEY QUESTIONS
1. HOW BIG IS THE GLOBAL RECREATIONAL BOAT MARKET?
2. WHAT IS THE GROWTH RATE OF THE GLOBAL PLEASURE BOAT MARKET?
3. WHO ARE THE KEY PLAYERS IN THE RECREATIONAL BOATING MARKET?
4. WHAT ARE THE GLOBAL RECREATIONAL BOAT MARKET GROWTH FACTORS?
5. WHAT ARE THE LATEST TRENDS IN THE WORLD MARKET FOR PLEASURE BOATS?
6. WHICH REGION HAS THE LARGEST SHARE OF THE PLEASURE BOAT MARKET?
Read the full report: https://www.reportlinker.com/p05587798/?utm_source=GNW

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