Dublin, Aug. 29, 2022 (GLOBE NEWSWIRE) — The “Recreational Craft Market – Global Outlook and Forecast 2022-2027” report has been added to from ResearchAndMarkets.com offer.
Global Boat Monitoring Market Report, The boat monitoring market crossed USD 425.18 million in 2021 and is expected to see shipments of 1.08 million units in 2027.
The established markets of Europe and North America will witness strong demand for recreational boats during the forecast period as the commercial adoption of boats has increased in these regions. This provides many opportunities for vendors over the forecast period. Additionally, the demand for marine infrastructure stems from changing market dynamics, such as a higher number of recreational boat users.
TECHNOLOGICAL ADVANCES
Boats with built-in tracking devices: This technology uses GPS to track a boat. Boat monitoring systems are useful in emergency cases, where emergency services can reach the desired location in less time because the exact location is known by GPS.
Joystick Steering: This technology aims to attract the younger generation as it can combine this experience with a game. This system centralizes the helm controls of the boat in one place and allows the controller to be tilted and turned to move the boat in the direction of the boat. water whenever needed.
Autonomous boats are the future of sailing where boaters can enjoy family time while the sailboat navigates a pre-set route. For example, MIT and the Amsterdam Institute for Advanced Metropolitan Solutions demonstrated an autonomous boat named Roboat.
Automatic positioning systems: This system acts as a virtual anchor for the boat. This boat technology uses GPS satellites to maintain a boat’s current position. This system helps boaters explore the surroundings without worrying too much about leaving their boat unattended.
Digital Dashboard and Touchscreen Devices: The introduction of digital dashboards with touchscreens allows users to control the boat by simply touching the screens. Fly-by-wire technology introduced in digital throttles and shifters is more reliable than moving mechanical parts.
MARKET TRENDS
With several technological advancements, the electric boat market has seen significant growth over the past few years. Electric boats, especially hybrids where the electric motor doubles as a mechanically rotating generator, are now seeing greater adoption in the leisure sector. Electric propulsion for boats has grown in popularity, inspired by the desire to reduce emissions and noise and because it is cheaper to operate and easier to maintain.
MARKET FACTORS
Boating demand and consumer interest are growing as people seek out boating as an outdoor activity, especially as other leisure activities, travel and sports continue to be affected by COVID-19. According to the National Marine Manufacturers Association (NMMA), retail unit sales of new powerboats exceeded 300,000 units in 2021, for the second year in a row, and a 1% increase in five-year average sales.
SECTOR ANALYSIS
Outboard boats are one of the best-selling boats in the North American region. Moreover, with the improvement in technology, the demand for outboard boats has been mainly driven by the performance of the boats. Outboard boats offer various advantages including versatile nature, improved performance, ease of use and diverse options.
Due to the growth of coastal tourism around the world, commercial motorboat applications are expected to experience significant growth in demand for outboard motors. The development of high horsepower engines will further promote the use of these engines in touring boats. Motorboats are some of the most widely used boats in the global recreational boating market.
Developing regions such as APAC have become one of the major regions experiencing a significant increase in passenger numbers. For example, mainland China dominates the Asian market, accounting for approximately 50% of Asian passenger volume in 2021. Several factors are driving the growth of the cruise industry across the globe, including a strong economic recovery and capacity growth cruise ships.
30 to 50 foot boats have more storage space, which leads to more amenities and larger tanks. The tanks of these boats are sufficient for long-term cruising and allow additional extra tanks needed. Several boats fall into this category: cabin cruisers, express cruisers and performance boats.
Currently, internal combustion engines (ICE) are the leading technology in marine propulsion. An internal combustion engine (ICE) is a heat engine in which fuel is ignited to generate heat, producing motion and mechanical energy. The system includes micro-explosions of a compressed air-fuel mixture, high-pressure fuel, and friction between metal parts.
GEOGRAPHICAL ANALYSIS
There has been noticeable new sales demand in established markets such as Europe and North America. However, rental demand for nautical services remains strong. On the other hand, emerging markets such as APAC, Middle East & Africa and Latin America are still developing markets.
In the past two years, these markets have gained a significant share of the global market. North America was the largest market for pleasure craft in 2021, with a revenue share of 46.24%. In the United States, demand for pleasure craft accounted for a revenue share of 91.72% in 2021.
In APAC, Japan is one of the developed markets for pleasure craft, while countries like China, India and South Korea are still developing their markets in terms of demand. Additionally, the global market has witnessed intense competition in recent years with respect to new product launches and product pricing.
COMPETITIVE LANDSCAPE
The global recreational boat market is fragmented and the degree of fragmentation is expected to accelerate during the forecast period. There are a significant number of global and domestic providers in all geographies.
Competition between these key players has intensified in recent years. Market concentration in developed countries such as the United States and other Western European countries is high, while the market is growing in developing economies such as China and India owing to the entry of several international brands into these countries.
Competition between suppliers is based on product offerings and prices. Vendors are using new business models and focusing on expanding the portfolio of their established products to drive growth. The focus on yachts is shifting heavily towards luxury goods, which will likely provide ample opportunities for sellers over the forecast period.
Main suppliers
- Azimut-Benetti Group
- Bombardier Recreational Products (BRP)
- Brunswick Society
- Ferretti
- Beneteau Group
Other Important Suppliers
- Albemarle Boats
- Marine Bass
- Bavaria Yachts
- Bertram Yachts
- Princess Yachts
- Boston Whaling Boats
- Catalina Yachts
- Proper craftsmanship
- Custom Welding Boats
- Duckworth Boats
- Explorer Industries
- Fountain motor boats
- Godfrey
- Grady-White Boats
- Grand Banks Yachts
- HanseYachts
- Large caliber
- hobie
- lund
- malibu
- Marine Products Company
- Marlow Hunter
- Maverick boat group
- MCBC Holdings
- Asia Pacific Companies
- Carry
- sun seeker
- thunder jet
- viking yacht
- White River Marine Group
- Yamaha
- Zodiac Marine & Pool
Main topics covered:
1 Research methodology
2 research objectives
3 Research process
4 Scope and coverage
4.1 Market definition
4.2 Base year
4.3 Scope of the study
4.4 Market Segments
5 Report assumptions and caveats
5.1 Main caveats
5.2 Currency conversion
5.3 Market Derivation
6 The market at a glance
7 premium previews
7.1 Market Overview
7.2 Technological advances
7.3 Market Dynamics: Key Trends, Drivers and Restraints
7.4 Sector analysis
7.5 Geographical analysis
7.6 Competitive Landscape
7.7 About the report
8 Presentation
8.1 Overview
8.2 Presentation of the pleasure boat
8.3 Technological Advancements in Recreational Boating
8.4 The dawn of electric and hybrid motors
8.5 Luxury market
8.6 Impact of Covid-19
9 Opportunities and Market Trends
9.1 Advances in marine technology
9.2 Expected Growth in Consumer Confidence
9.3 Growing Opportunities in Electric Boat Industry
9.4 Growth of Marine Tourism Industry
10 Market Growth Catalysts
10.1 Growing Demand for Outboard Motor Boats
10.2 Increasing participation in recreational boating activities in Europe
10.3 Rise in spending on luxury goods and services
10.4 Boat Market Growth
11 Market Constraints
11.1 Environmental pollution caused by boating
11.2 Concept of rental services and used boats
11.3 Inability to attract millennials
12 Value chain analysis
12.1 Value chain overview
13 Market Landscape
13.1 Market Overview
13.2 Market Size and Forecast
13.3 Key Factors Impacting the Recreational Boats Market
13.4 Superyacht order book
13.5 Five forces analysis
For more information on this report, visit https://www.researchandmarkets.com/r/9pi1gn
