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Recreational Boating Market - Hybrid and Electric Boat Engines to Boost Revenues | Arizton

	 Global Recreational Boating Market Insights, Growth Analysis 2023

Global Recreational Boating Market Insights, Growth Analysis 2023

The global recreational boating market is anticipated to generate revenues of over $50 billion by 2023, growing at a CAGR of around 4% during 2017-2023.

Rising use of electric and hybrid inboard engines is expected to contribute to the increasing sales of inboard/sterndrive engines”
— Sayani, Analyst

CHICAGO, IL, UNITED STATES, September 19, 2018 /EINPresswire.com/ -- Ariztonā€™s recent market research report on the global recreational boat market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by power (engine-powered, man-powered, and sail-propelled), by product (outboards, inboards/sterndrives, personal watercraft, sailboats/yachts, inflatable boats, and others), by geography (North America, Europe, APAC, Latin America, and MEA), and offers detailed competitive analysis.

The global recreational boating market is anticipated to generate revenues of over $50 billion by 2023, growing at a CAGR of around 4% during 2017-2023.

The increasing investment in product innovation and development will boost revenues for various vendors operating in the global market. The rapid growth in travel and tourism industries across Europe, America, and APAC will augment the evolution of the global recreational boating market.

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The top 3 drivers and trends propelling the growth of theglobal recreational boating market are discussed below:

Increasing Participation in Leisure Boating Activities in Europe and the US

The increasing participation in leisure boating activities across the European and the US regions will boost the demand for superior systems in the global recreational boating market. The US and Europe are the biggest markets for recreational boating. In 2017, about 3.9 million people in the UK, i.e., about 7.4% of the total UK adult population, participated in core boating activities. The increase in consumer confidence and stable economic development across various countries will propel the transformation of the global recreational boating market during the forecast period. In 2017, the participation in motorboating and canoeing was the highest in the global market. The growing participation in water-based leisure activities such as water sports activities, sea angling, and coastal walking will create lucrative opportunities for leading players operating in the global market. The British Marine, the Royal Yachting Association,and British Canoeing are trying to encourage more people to try water activities. These efforts will help attract a lot of enthusiasts to the recreational boating market over the next few years. Various boating companiesare devising new strategies to attract young boaters and Hispanics, and convert active to boaters to owners in the global market.

Technological Advancements in Marine Industry

The rapid technological advancement is positively impacting the growth of the global recreational boating market. Several manufacturers are leveragingthe latest technology to make modern boats more appealing to the younger generation and boost their global market share. The extensive use of new designs andlightweight materials, coupled with automation of core boat functions are examples of some of the latest innovations used in a modern recreational boat in the market. The use of joystick steering that centralizes the helm controls of the boat in a single location and allows to tilt and twist the controller to move the boat in the watereasily, thereby, augmenting the growth of the global recreational boating market. The manufacturers are using technology such asGPS satellites to maintain the current position of a boat that lets vendors integrate automatic positioning systems and built-intracking devices in boats in the global market. The introduction of digital dashboards with touchscreen displays enableusers to control the boat by just touching the screens. The fly-by-wire technology introduced in digital throttles and shifts are more reliable than moving mechanical parts and will contribute to the development of the global recreational boating market.

Growth of Hybrid and Electric Boat Engines

The growing development and use of hybrid and electric boat engines will contribute to the transformation of the global recreational boating market. The increasing consumer awareness about the harmful effects of marine pollution and the stringent environmental norms is encouraging the manufacturers to make electric and hybrid engines for recreational boats in the global market.The availability of instant torque is the main advantage of an electric engine over a gas or diesel engine and will help reduce carbon emissions in the global recreational boating market.Electric engines also help save a lot of space in boats as they are smaller than large combustion engines. Additionally, lesser moving parts in electric engines help to reduce maintenance costs,and these engines also include GPS, displays battery level, and estimates the distance that can be traveled, while also keeping track of the speed in the market. These systems are designed to promote ease of use and convenience for the consumers in the global recreational boating market.

For more information on recreational boating market,click here.

The major segments discussed in the report are

Market Segmentation by Product
Outboards
Inboards/Sterndrives
Personal Watercraft
Sail Boats/Yachts
Inflatable Boats
Others

Market Segmentation by Power

Engine-Powered
Man-Powered
Sail-Propelled

Market Segmentation by Geography

North America
US
Canada

Europe
Italy
Germany
France

APAC
Australia
China
Japan

Latin America
Brazil

MEA
South Africa
UAE

Key Vendor Analysis

The global recreational boat market has a diverse structure and level of competition across different geographies. The US is the most lucrative region, and domestic manufacturers are exporting their products to other countries across the global market. Various players are competing on the basis of prices and product differentiation in the global recreational boating market. The presence of global and domestic players in the European market will boost revenues in the region. The increasing number of imports, exports, domestic consumption, and growing disposable income will create lucrative opportunities for leading vendors in the APAC market. The expansion of businesses and distribution network in emerging nations will propel the growth of the global recreational boat market.

The major vendors in the global recreational boat market are:

Brunswick Corporation
Groupe Beneteau
Azimut-Benetti Group
Sunseeker International
Ferretti

Other prominent vendors in the global recreational boat market include

Princess Yachts
Marine Products Corporation
MCBC Holdings Inc
Malibu Boats Inc.
HanseYachts
BAVARIA Yachtbau
Bertram Yachts
Boston Whaler Boats
Chaparral Boats
Grady-White Boats
Lund Boat Company
Sea Ray
White River Marine Group
Yamaha Motor Corporation
Viking Yacht
Grand Banks Yachts
Porter
Maverick Boat Group Inc.
Correct Craft
Baja Marine
Pacific Asian Enterprises
Albemarle Boats
Marlow Hunter
Catalina Yachts
Hobie Cat Corporation
Zodiac Marine & Pool SAS
Bombardier Recreational Products Incorporated
Fountain Powerboat Industries Incorporated
Godfrey Marine
Thunder Jet
Explorer Industries
Custom Weld
Duckworth Boats
High Caliber

Click here for more details: https://www.arizton.com/market-reports/recreational-boat-market

Jessica Shirley
Arizton Advisory and Inteligence
+1-312-465-7864
email us here

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