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(Transportation-News.com, June 25, 2019 ) The Recreational Boats Market is projected to grow from USD 26.7 billion in 2019 to USD 33.7 billion by 2027, at a CAGR of 3.02%.
Changes in technology, increase in boat size, increase in high net worth population, rising economy and growing tourism are some of the major factors for the growth of the market.
Key Market Players:
The recreational boats market is dominated by Brunswick (USA), Groupe Beneteau (France), Azimut Benetti (Italy), Sunseeker International Limited (UK), Ranger boats (USA), Tracker Boats (USA), Lund Boats (USA), Marine Product Corporation (USA), Bennington Marine LLC (USA), Hobie Cat Company (USA), Ferretti Group (Italy), Bavaria Yachtbau (Germany), Godfrey Pontoon Group (USA), Catalina Yachts (USA), and Mahindra Odyssea (India). The key strategies adopted by major companies to sustain their position in the market are new product development activities and mergers & acquisitions.
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Key Questions addressed by the report:
1. What is the current market scenario and how is it expected to change in the future?
2. What could be the estimated shares of the following regions in the recreational boat industry in 2018, and what would be the CAGR of the market in these regions during the forecast period from 2019 to 2027?
3. Which countries are the major contributor to the market and what would be the CAGR of the market in these countries during the forecast period from 2019 to 2027?
4. What are the drivers, restraints, opportunities, and challenges for the growth of this market across the globe?
5. What are the key strategies adopted by the players? Which new advancements are the game changers? How are companies mapped as per the Micro Quadrant?
6. What factors will impact the revenue of companies?
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Outboard boats are estimated to be the fastest growing segment during the forecast period
Outboard boats are expected to grow due to many advantages like low cost of maintenance, better deck area, better engine accessibility, and varied power of engines which can be fitted to the boats. Activities like fishing, cruising, and watersports can be conducted using the outboard/pontoon boats. The demand for outboard boats is more in markets like North America, Europe, Australia, New Zealand, etc.
Engine powered boats are expected to have the largest market in the future
There are many engine powered boats classified based on fuel type (diesel, gasoline, hybrid, electric, etc.) Engine powered boats are comparatively faster than sailboats and human-powered boats. Engine powered boats can be driven in all weather conditions and are much stable. Activities like cruising and fishing can be conducted on such type of boats. North America is expected to be the largest market for engine powered boats in terms of value.
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Asia Oceania is the fastest growing market in the world
Asia Oceania is the fastest growing market in the recreational boating industry. China and Australia hold the maximum market share for recreational boats. The rise in the per capita income in the developing countries and the increase in the number of people who can invest in recreational activities have resulted in the growing demand for recreational boats. There has been high demand for imported boats in the region, specifically from the countries like the USA, France, the UK, Germany, etc., which will further instigate the growth of recreational boats in the region.
MarketsandMarkets™
Mr. Shelly Singh
1-888-600-6441
newsletter@marketsandmarkets.com
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