Turismo
Recreational Boating Market to Reach $35.4 Billion, Globally, by 2027 at 5.1% CAGR: Allied Market Research
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Growth in water-based tourism and rise in interest toward recreational water sport activities drive the growth of the global recreational boating market. However, high initial & ownership cost and environmental concerns hinder the market growth. On the contrary, rise in number of high-net worth individuals and technological advancements in boats and boat engines are expected to create lucrative opportunities for the market players in the future.
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By power, the engine powered segment held the lion's share in 2019, accounting for nearly three-fourths of the global recreational boating market. Moreover, the segment is estimated to register the highest CAGR of 5.6% during the forecast period, owing to rise in innovation in recreational boat engines and surge in collaboration for development of advanced boats equipped with improved engines.
By product type, the personal watercrafts segment is projected to manifest the highest CAGR of 8.0% from 2020 to 2027, due to change in lifestyle, improvement in living standards, surge in disposable income, and increase in spending on leisure. However, the inboard boats segment held the largest share in 2019, contributing to nearly two-fifths of the global recreational boating market, owing to growth of activities such as short- and long-distance leisure cruise travel and recreational sports.
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By region, the global recreational boating market across Europe , followed by North America , dominated in terms of revenue in 2019, accounting for more than half of the market, due to increase in demand for luxury cruisers and rise in coastal & maritime tourism coupled with surge in boating participation by adults. However, the market across LAMEA is anticipated to portray the highest CAGR of 7.4% during the forecast period, owing to increase in high net worth individual population in Latin America and Middle East and marine attraction.
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