According to Verified Market Research, the Global Boat Market was valued at USD 30.56 Billion in 2019 and is projected to reach USD 42.04 Billion by 2027, growing at a CAGR of 7.06% from 2020 to 2027.
As transportation choices are becoming more and more personalized tourism and traveling industry has gain pace. Many rideshare car companies are coming up with attractive offerings. Along with this, increasing international trade by exporting products in developing countries is also propelling market growth.
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What is Boat?
Boats are defined as the vessels that are used as a mode of transportation as well as for recreational purposes. The boats are different from ships in terms of various factors such as size, construction & design, operational areas, cargo capacities, navigation technology, and many others. In terms of operational areas, boats are operable in smaller or restricted water areas and include ferrying and towing vessels, sail vessels, paddle vessels, and others.
Boats are generally used for personal, leisure, sports activities, military use, and rescue operations. The boats are available in a large range of types and sizes. Boats can vary in proportion and manufacture methods with their intended purpose, available raw materials, or local traditions. The boats are primarily classified into Unpowered or man-powered boats and are available in a large range of types and sizes. Fishing boats are built exclusively for fishing purposes and are used in both salt and freshwater bodies. Pleasure craft is designed for use in recreational boating that includes ski boats, pontoon boats, and sailboats. Houseboats offer the luxury of living on the water.
Global Boat Market Outlook
There has been an increase in the popularity of recreational boating activities among tourists of all the age groups owing to the increasing number of boating events and trade shows taking place in different parts of the world. According to the National Marine Manufacturers Association (NMMA), it was reported that retail unit sales of new powerboats were up by an estimated 4 % in 2018, therefore helping to boost the global boat market. However, stringent government rules and regulation requirements might hinder the growth of the boating industry. Many regulatory requirements are difficult to meet while designing boats for different purposes and these can potentially affect the market growth over the forecast period.
With the advent of technological advancement, the marine industry has witnessed an increasing appeal of technologically-advanced features in different boat types. Some of the latest trends existing in the market include the autonomous boats in the pipeline, adoption of IoT technology, initiatives of attracting millennials towards boating, and commercialization of hybrid leisure boats provide a great opportunity for the boat market. Growing demand for personalized leisure boats equipped with advanced technologies, such as GPS tracking, automated handling, and infotainment systems, is expected to boost the sales of boats. With changing lifestyle and technological advancement, companies are offering customization of design, cabin décor, and integrated electronics.
Global Boat Market: Segmentation Analysis
The Global Boat Market is segmented on the basis of type, power, application, and geography.
Global Boat Market by Type
Based on Type, the market is bifurcated into Outboard, Inboard, PWC, and Others. Outboard accounted for the largest market share in 2019 followed by Inboard. An outboard motor is a self-contained unit that is designed to be on the outside of the transom which includes a gearbox, engine, and a propeller. These types of motors do not only provide propulsion but also provide steering control. Outboard boats are common for the propelling of small crafts and as a result of this, these types of boats are usually used for recreational purposes.
Global Boat Market by Power
On the basis of Power, the Global Boat Market has been segmented into Engine-Powered Boats and Sail-Propelled Boats. Engine-Powered Boats accounted for the largest market share in 2019. In general, either an inboard engine or an outboard motor is fixed to a marine vessel. The engine-powered boats are considered to be the most convenient watercraft as the engine efficiently powers the boats and offers a convenient ride to the passenger. Also, such engines help to attain high speed in boats which are optimal for performing various recreational, watersports, and outdoor activities.
Global Boat Market by Application
On the basis of Application, the Global Boat Market has been segmented into Fishing, Watersports, Sailing, and Others. Fishing accounted for the largest market share in 2019. Fishing boats are available in various types and sizes that are used on both the salt and the freshwater bodies. The common qualities that fishing boats have include durability, stability, and strength to survive various kinds of waterways. Aluminum fishing boats are also widely known for their lesser weight and good durability.
Global Boat Market by Geography
On the basis of regional analysis, the Global Boat Market is classified into North America, Europe, Asia Pacific and Rest of the world. North America dominated the Global Boat Market in 2019, followed by Europe. North America holds a prominent share in the global recreational boating market. The region is experiencing an increase in the retail unit sales of new powerboats, marine products, and services. North America is also concentrated with major players in the boating industry. The outdoor recreation industry accounts for approximately 2.2% of United States GDP and supports 4.6 million jobs across the United States.
Global Boat Market Competitive Landscape
The “Global Boat Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Bombardier Recreational Product Inc., Groupe Beneteau, Brunswick Corporation, Malibu Boats Inc., Marine Products Corporation, and Others.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis.
Boat Market Share Insights
Key Developments by Major Key Players in the market are as given below.
|COMPANY NAME||KEY DEVELOPMENT||DESCRIPTION|
|BOMBARDIER RECREATIONAL PRODUCT INC.||Acquisition||The company acquired 80% shares of Telwater Pty, Ltd.Telwater is known for manufacturing aluminum boats and trailers under various brand names such as – Quintrex, Stacer, and Savage.Bombardier Recreational Product (BRP) also acquired Triton Industries, Inc. which manufactures pontoon boats under the brand name Manitou.|
|BRUNSWICK CORPORATION||Product Development||One of the brands of Brunswick named Sea Ray launched SLX-R 400e Outboard model with boat electrification feature and high-performance propulsion for the marine industry.|
|GROUPE BENETEAU||Acquisition||The Group acquired a shipyard in Poland named Delphia Yachts which holds specialization in producing yachts of 7 and 15m in length.|
Boat Market Report Scope
|UNIT||Value (USD Billion)|
|KEY COMPANIES PROFILED||Bombardier Recreational Product Inc., Groupe Beneteau, Brunswick Corporation, Malibu Boats Inc., Marine Products Corporation, and Others.|
|SEGMENTS COVERED||The Global Boat Market is segmented on the basis of type, power, application, and geography.|
|CUSTOMIZATION SCOPE||Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.|
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