Recreational boats are also known as pleasure craft boats, which is designed for fun on the water surface. It is used by many individuals for fun and pleasure activities during an outing with friends and family. The recreational boat is used for many activities such as fishing, water sports game, boat racing, campaigning, and sailing, among others. The growing tourism industry is one of the major factor contributing to the growth of the market.According to AMA, the market for Recreational Boats is expected to register a CAGR of 8.8% during the forecast period to 2024. This growth is primarily driven by Rising Disposable Income Has Resulted In Increased Travel and Tourism Activities across the Globe, The Increasing Participation in Leisure Boating Activities across the European and US Regions, Growth of the Asian Yachting Industry and Rising Spending On Recreation and Leisure Activities.
Globally, a noticeable market trend is evident Recreational Boats with New Features and Styling. Major Vendors, such as Groupe Beneteau (France), Brunswick Corporation (United States), Azimut-Benetti Group (Italy), Ferretti S.P.A. (Italy), Marine Products Corporation (United States), Carnival Corporation & plc (United States), Royal Caribbean Cruises Ltd. (United States), Norwegian Cruise Line Holdings Ltd. (United States), MCBC Holdings, Inc. (United States) and Malibu Boats, Inc. (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 21 Jan 2019, Polaris Industries announced the acquisition of the Larson brand of fiberglass sport and fishing boats from Pulaski, Wisconsin yacht manufacturer Marquis-Larson Boat Group. Polaris re-entered the recreational boating industry in May 2018 when it acquired Boat Holdings LLC, representing the Bennington, Godfrey, Hurricane and Rinker brands, for a reported 805 USD Million.
On 28 June 2017, Malibu Boats, Inc. announced a definitive agreement to acquire Cobalt Boats, LLC, a privately held, leading manufacturer and distributor of premium sterndrive and outboard boats for an aggregate purchase price of 130 million USD. Further strengthening Malibu's leading position in the powerboat industry
- Rising Disposable Income Has Resulted In Increased Travel and Tourism Activities across the Globe
- The Increasing Participation in Leisure Boating Activities across the European and US Regions
- Growth of the Asian Yachting Industry
- Rising Spending On Recreation and Leisure Activities
- Recreational Boats with New Features and Styling
- Environmental Pollution Caused By Boating
Technological Advancements in Marine Industry and Growth of Hybrid and Electric Boat Engines
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