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Recreational Boating Market revenue is projected to observe significant growth through 2026 owing to rising disposable incomes along with increasing expenditure on leisure activities. Over the past few years, a renewed interest has been observed among masses regarding skin diving, fishing, water skiing, canoeing, surging, kayaking, boat rowing, etc.The global recreational boating market demand is slated to exceed USD 63 billion by 2026. Rapid urbanization along with rise in disposable incomes across APAC and North American countries is resulting in increased spending on recreational activities. Expanding tourism sector across tropical countries will boost recreational boating demand over the coming years.
Growing demand for inflatable boats
Inflatable boats are gaining high significance in rescue operations and short distance travels. Rise in number of calamities, refinery accidents and vessel catastrophes may fuel the need for inflatable boats. Moreover, increasing emphasis on implementing preventive measures against drowning, especially across the tourism sector, may drive inflatable boats demand.
Players in the recreational boats business are increasingly working on developing drowning preventive boats that would be help at the time of water sports casualties or mishaps. They are progressively introducing inflatable boats equipped with highly resistant fabric, fast inflation kit for military & rescue operations and intercommunication valve system. For instance, in 2017, ZODIAC MILPRO developed inflatable boats that were designed specifically for underwater and airdrop military operations.
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Investments to support recreational boating activities
Introduction of high-performance boats that come with better engine capacities has encouraged individuals towards recreational boating activities. In order to boost tourism sector, various private and public authorities across the globe are making huge investments for the development of recreational boating infrastructure.
For instance, in 2019, the U.S. Fish and Wildlife Service’s BIG (Boating Infrastructure Grant) program announced its contribution of around USD 20 million to develop recreational boating associated facilities and amenities.
Introduction of electric & hybrid-powered boats
To sustain in the competitive scenario, manufacturers in the recreational boating industry are focusing on technological advancements, innovation strategies as well as maintaining public relations. They are indulged in developing new products to enhance customer experience.
Introduction of boats equipped with electric & hybrid-powered propulsion systems, joystick control and bow thruster for better maneuverability has advanced the recreational boating landscape. For instance, Grady-White Boats, in 2020, announced plans to launch outboard boats equipped with joystick and gas-powered engines for enhanced consumer experience.
Rising per capita income across North America
Demand for recreational boating across North America is estimated to gain major traction over the projected timeline on account of increasing millennial population base along with increasing interest of people in recreational activities like water sports.
Rising disposable income coupled with developed nautical tourism infrastructure across the region will create robust growth opportunities for businesses in the recreational boating sphere. However, negative impact of the COVID-19 pandemic may restrain the over tourism industry.
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