Europe Recreational Boating Market size crossed USD 14.5 billion in 2019 and is predicted to register a growth of over 5% from 2020 to 2026.
The European market growth is due to rising personal disposable incomes in economies including Germany, France, and the UK. Steady growth in consumer disposable incomes coupled with increasing employment opportunities has contributed to the growth in recreational spending, thereby propelling the market share. According to the data published by Eurostat, in September 2020, the EU-27’s gross household adjusted disposable income was valued at USD 11,534.2 billion in 2018, which was equivalent to nearly three-quarters of the value of GDP.
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The European recreational boating industry has been notable impacted owing to the prevailing situations of COVID-19. The manufacturing plants of various industries faced temporary shutdowns during the first two quarters of 2020. The supply chain of the recreational boating industry went through several disruptions due to restrictions on trade and a ban on international travel between March and June 2020. Manufacturers witnessed a decline in the sales number of boats and engines on account of high financial insecurities among end-users.
The surging demand for pleasure boats in various countries including France, Italy, Germany, Spain, and Finland is expected to support the market. Government authorities and industry associations are taking several initiatives to support recreational boating activities. For instance, in November 2017, the European Network of Outdoor Sports announced the Get WET project to boost individual participation in various water sports events. Through this event, the association encourages participation of young adults in boating and water sports activities along with the required safety measures.
European Market, By Product
The outboard boats segment will witness significant growth during the forecast timeline. The growth can be attributed to technological advancements such as joystick docking controls, digital throttle controls, and automatic trim controls in the boats. Joystick docking controls are designed to control these boats in severe marine environments with autopilot systems and speed- sensors. Outdoor boats have more interior space, fuel economy, and are lightweight compared to inboard boats. Technological upgrades in the marine automotive industry will augment the market growth.
The pontoon boats segmented are flat-deck boats and contain two or more floating hulls or tubes. The cost-effectiveness and simple structure of pontoon boats are significantly contributing to the high market revenues from this segment. These boats are mostly preferred in lakes where entertainment and fishing activities are popular. The big deck space in these boats enhances comfort, seating space, storage space, and luxury.
European Market, By Engine
The diesel segment is anticipated to dominate the Europe recreational boating market share through 2027. The significant share of diesel recreational boats is attributed to the fuel efficiency and high torque offered by diesel engines. Diesel fuel engines can accommodate more energy per gallon compared to gas fuel engines, reducing the cost of operating these boats. The ample availability of diesel outboard engines for recreational boating will support the market.
Competitive Industry Landscape
Key players operating in the market are Bavaria Yachtbau, Groupe Beneteau, Malibu Boats, Yamaha Motors, and Brunswick Corporation. These players are majorly focusing on new product launches to enhance their product portfolio and expand their business operations. For instance, in November 2019, Brunswick Corporation launched the 320 Sundancer Coupe outboard boat. The boat is equipped with a 350 HP identical outboard engine, which can be operated by using joysticks with added engine options.