Recreational Boat Market Projected to reach $23.6 Billion by 2027

1. Recreational Boat Market Projected to reach $23.6 Billion by 2027 The global recreational boat market size is projected to grow from USD 16.4 Billion in 2021 to USD 23.6 Billion by 2027, at a CAGR of 6.2%. Recreational boat manufacturers are investing considerable amounts in research and testing of new technologies for use in recreational boats. The ongoing trend of growing demand of recreational boats along with the growing tourism industry and increasing disposable income levels of people will boost the recreational boat market. The growth of the market is influenced by the increasing demand for recreational boating due to growing tourism sector, increasing disposable income levels as well as investments in autonomous marine technology. The Recreational boat market is dominated by established players such as Brunswick corporation (US), Groupe Beneteau (France), Malibu Boats (US), Polaris Inc. (US) and MasterCraft Boat Company (US). The recreational boat market in North America is expected to be the largest and fastest-growing across the world due to high demand for leisure boating and water-sports in the region. US is expected to be a fast-growing market in the region with government helping grow the recreational boat market over the years. However, Emission regulations could limit the growth rate of the market in both these countries by reducing recreational boating demand in the coming years. Canada also has a high demand due to recreational boating being a traditional pastime in the region. Mexico is also a fast-growing market with recreational boating gradually finding its place in the country. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=227150980 The recreational boating market in Europe will grow at a fast pace in the coming years due to the renewed enthusiasm for recreational boating and the growing demand across these countries. Europe has some of the world’s top boat manufacturers and is also the region with the largest number of boat manufacturers in the world. The regions enthusiasm for recreational boating has been historically high with recreational boating being one of the top leisure activity in the region. The growth of cruise tourism and watersports have also increased the demand in the region. France will be the largest market in terms of volume while UK will be the fastest-growing market as most cruise operators in the region are from UK.

2. The Asia Oceania recreational boat market will grow at a fast rate. China will be the largest market with gradual demand for recreational boating in the country. Australia and New Zealand will also have a high demand for water sports and leisure boating across their beaches. Japan will have a strong demand for recreational boating with top players like Yamaha, Kawasaki, etc. developing some of the world’s top watersports boats. South Korea and New Zealand will have a strong demand in both watersports and fishing segments due to their high demand for these boats. India will also have a fast-growing demand for cruising and watersports with rise in water tourism in the country. Key Market Players: The Recreational boat market is dominated by established players such as Brunswick corporation (US), Groupe Beneteau (France), Malibu Boats (US), Polaris Inc. (US) and MasterCraft Boat Company (US). These companies have been developing new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the recreational boat market. Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=227150980