Outboard boat market to reach $9 billion by 2028, according to
Selbyville, Del., Jan. 25, 2022 (GLOBE NEWSWIRE) —
The outboard boat market is expected to surpass $9 billion by 2028, as reported in a research study by Global Market Insights Inc. The market is expected to witness significant expansion owing to the increase in water sports events and the growth of the marine tourism industry globally. The proliferation of boat dealers and distributors and rental companies creates strong opportunities for market growth.
Outboard Boats Market was negatively affected in 2020 and 2021 due to the COVID-19 outbreak. To mitigate the transmission of the virus, the majority of governments have imposed strict lockdowns in all countries. Due to these blockages, boat production facilities, R&D centers and distribution offices have been closed several times in 2020 and 2021. In addition, the demand for outboard boats has decreased significantly due to restrictions. on water sports activities during the pandemic. The market is expected to witness steady growth post-pandemic owing to supportive government initiatives to promote maritime tourism and new boat launches by market players.
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The market demand for pleasure craft is increasing in Asia-Pacific due to supporting government initiatives to develop the marine industry. Countries like India, Australia and Sri Lanka are focusing on using digital media to promote recreational activities in the region. For example, in May 2021, the Commercial Section of the Sri Lankan High Commission organized “Development of Recreational Boating Industry in Sri Lanka”, an online workshop supported by Singapore. Various experts related to the outboard boat market from several countries, such as Thailand, Hong Kong, Singapore and Sri Lanka, attended the workshop and presented their ideas on the commercial promotion of recreational boats.
Industry players are emphasizing on expanding business operations to increase their share of the outboard boat market. For example, in July 2020, Waterline Systems, Inc. expanded into North Carolina by setting up a 70,000 square foot manufacturing facility in Hubert. This facility mainly consists of tools and equipment needed for in-house boat building. With this expansion, the company has significantly increased its boat building, storage, refit and service capabilities.
Browse key industry information spread across 180 pages with 223 market data tables and 21 report figures and graphs, “Outboard Boat Market by Type (Pleasure Boat [Pontoon, Bowrider, Express Cruiser, Center Console]Rigid Inflatable Boat, Utility Boat, Water Taxi), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share and Forecast, 2022-2028 » in detail with the table of contents:
Some of the key findings of the Outboard Boats Market report include:
- Remarkable boat innovations and booming water sports activities are driving the growth of the market in North America. Industry players are focusing on marketing and government support initiatives for water sports which will further drive the growth of the outboard boat market.
- The presence of several established players in the market and the rise of leisure activities are fueling the sales of outboard boats in Europe. The proliferation of yacht clubs and associations and the frequent scheduled water sports events by the clubs will aid in the growth of the market.
- Rising consumer disposable incomes and government initiatives to promote the maritime tourism sector are creating strong opportunities for market expansion in Asia Pacific. The growing popularity of water recreation and water sports will further improve the statistics of the industry.
- The shift in consumer attention to advanced recreational boats and the proliferation of boat rental companies in Latin America are accelerating boat sales. Additionally, government initiatives to promote tourism in Brazil and Mexico will propel the market growth in the region.
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Partial chapters of the table of contents (TOC) of the report:
Chapter 2 Executive Summary
2.1 360° Summary of Outboard Boats Market, 2017- 2028
2.1.1 Trade trends
2.1.2 Type trends
2.1.3 Regional trends
2.1.9 Regional trends
Chapter 3 Industry Overview
3.1 Industry Segmentation
3.2 Impact of COVID-19 on the Power Boats Market Landscape
3.3 Industry Ecosystem Analysis
3.4 Technology and innovation landscape
3.5 Regulatory landscape
3.5.1 ISO standards
3.5.2 North America
3.5.5 Latin America
3.6 Price Analysis
3.7 Electric Propulsion Boats Analysis
3.8 Industry impact forces
3.8.1 Drivers of growth
3.8.2 Industry Pitfalls and Challenges
3.9 Analysis of growth potential
3.10 Porter’s analysis
3.11 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services; offering syndicated and custom research reports as well as growing consulting services. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.