The global recreational boating market size was US$ 26,261 million in 2021. The global recreational boating market is forecast to grow to US$ 37,228 million by 2030 by growing at a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2022 to 2030.
Recreational boating is a form of leisure activity of traveling. People go for recreational boating for fun and pleasure. Recreational boating includes sailing, campaigning, fishing, boat racing, and other water sports game like sports fishing, powerboat racing, kayaking, etc.
Factors Influencing the Market
The rising interest of consumers towards recreational water sports activities is forecast to fuel the growth of the global recreational boating market. In addition, the growing popularity of water-based tourism is forecast to drive the recreational boating market forward.
Growing disposable income and rising employment rate will also contribute to the growth of the market. In addition, cost-friendly tourism packages, including recreational boating, will drive the market forward.
The high cost associated with recreational boats may limit the growth of the market. On the contrary, technological advancement in boats & boat engines will offer ample growth opportunities for the recreational boat market. For instance, Kawasaki unveiled eight more additions in the line for 2021. Each model has a normally aspirated or supercharged four-cylinder, four-stroke Kawasaki marine engine. Such advancements will upsurge the demand for recreational boatings in the coming years.
COVID-19 Impact Analysis
The wake of the COVID-19 pandemic had a negative impact on the economy and public health. The hospitality and travel sector were among the most impacted sectors due to the COVID-19 pandemic. One of the biggest impacts witnessed in recent months was the sudden behavioral shift in consumer preferences. In addition, the governments of various countries restricted tourism, which ultimately hampered the growth of the global recreational boating market. In addition, long lockdown periods and challenges associated with manufacturing activities further hampered the growth of the global recreational boating market.
Regional Analysis
Based on the region, the Asia-Pacific recreational boating market is forecast to emerge as the largest market. It is owing to the increasing tourism and rising water sports operations in the region. In addition to that, growing investments in developing markets are forecast to drive the recreational boating market forward. Furthermore, the region is home to one of the prominent tours and travel industries. As a result, it will contribute to the growth of the Asia-Pacific recreational boating market during the forecast period.
Competitors in the Market
Market Segmentation
The global recreational boating market segmentation focuses on Power, Product, Activity, Size, and Region.
By Power Outlook
By Product Type Outlook
By Activity Type Outlook
By Size Outlook
By Regional Outlook
