Recreational Boat Market to Reach Around $60 Billion by
, 2022-08-08 15:15:00,
Chicago, Aug. 08, 2022 (GLOBE NEWSWIRE) — According the Arizton’s latest research report, recreational boat market is expected to grow at a CAGR of over 7.4% during 2022-2027. Marine and ocean tourism are some of the fastest-growing areas of the global tourism industry. In the global economy, tourism is the major contributor, witnessing an increase in global GDP contribution of 6% in 2021 as compared to 2020. In the past years, tourism has grown progressively and is likely to continue to increase to 1.8 billion tourist arrivals by 2030. In recent years, the growing marine tourism industry has supported the growth of the recreational boat market. In the US, states such as California, Florida, and New York are the major tourist attractions in the country. These states attract millions of both national and international tourists every year.
Recreational Boat Market Report Scope
| Report Attributes | Details |
| MARKET SIZE (2027) | $60 Billion |
| MARKET SIZE (2021) | $38.3 Billion |
| MARKET SIZE-VOLUME (2027) | 1.08 million Units |
| CAGR (2022-2027) | Over 7.4% |
| BASE YEAR | 2021 |
| FORECAST YEAR | 2022-2027 |
| MARKET SEGMENTS | Type, Power, Activity, Boat Size, Engine Type, and Region |
| GEOGRAPHIC ANALYSIS | North America, Europe, APAC, Middle East & Africa, and Latin America |
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Increasing Participation in Leisure Boating Activities in Europe
The leisure boating industry in Europe has witnessed impressive growth over the past five years. Countries such as Belgium, Croatia, and many others have witnessed significant growth in the recreational boat market. For instance, Belgium has several water sports centers that support almost any type of water-related recreation. It is home to over 20 marinas. Inland lakes and waterways are used intensively for a variety of water sports, such as cable waterskiing, wakeboarding, dinghy sailing, windsurfing, jet-skiing, rowing, and kayaking, among others. Belgian authorities are aggressively involved in the growth and modernization of various clubs and marinas.
Key Insights
- Inboard recreational boat segment accounted for majority share of the global market in 2021 and is expected to grow with an 8.88% CAGR during the forecast period.
- Engine powered boat segment dominates the global recreational boat market in 2021 and is expected to add around $20 billion revenue during the forecast period.
- Cruising segment dominated the market with a share of 85.05% in 2021.US is expected to generate an incremental revenue of over $10 billion…
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