Asia Pacific Recreational Boating Market size surpassed USD 1.5 billion in 2019 and is expected to witness over 4.5% CAGR from 2020 to 2026.
The APAC industry growth is owing to the rising personal disposable income in countries including China, Australia, and India. Rising disposable incomes in these countries are supporting consumers to increase their expenditure on marine leisure activities, thereby propelling the market share. According to the data published by the National Bureau of Statistics of China, in 2020, the personal disposable income increased to USD 6,352.7 compared to USD 6,130.1 in 2019. Furthermore, the presence of key players such as Groupe Beneteau, Brunswick Corporation, Yamaha Motor Corporation, Porter Inc., Grady-White Boats, and Malibu Boats in the region.
The Asia Pacific recreational boating industry has been significantly impacted due to the prevailing situations of COVID-19. Manufacturing plants of various industries have temporarily been shut down due to the pandemic. The manufacturing of boats has been affected and the sales number has also decreased due to the emergence of the COVID-19 pandemic. However, the market is expected to witness steady growth, which is subjected to the revival of global economic conditions in 2021.
Growing consumer participation in marine recreational activities is providing lucrative growth opportunities for the market. The market surge can be credited to the presence of plenty of water resources including rivers, inland lakes, and vast coastline. Furthermore, initiatives taken by various governments in the region to promote leisure activities will propel the demand for recreational boating.
Based on product, the inflatable boat segment will witness high growth rate through 2026. These boats are used for short-distance travels or rescue operations. Inflatable boats are used majorly for kayaking, scuba diving excursions, and other recreational purposes. These recreational boats are available in a wide range including Inflatable kayaks, rubber rafts, rescue boats, and lifeboats. The adoption of inflatable boats for rescue operations and recreational activities will drive the industry growth.
The pontoon boats segment will observe massive growth during the forecast timeline. These boats contain one or more tubes or floating hulls and are flat-deck boats. The cost-effectiveness and simple structure of pontoon boats are significantly contributing to the high market revenues in this segment. These are mostly preferred in the lakes where fishing and entertainment activities are popular. The large deck space in these boats adds to more seating space, comfort, luxury, and storage space, propelling the market expansion.
The diesel engine segment is anticipated to grow substantially between 2020 and 2026 attributed to the fuel efficiency and high torque offered by these engines. Diesel fuel engines can accommodate more energy per gallon compared to gas, making them easily affordable and economical. The ample availability of diesel outboard engines for recreational boats will support the market size.
Key players operating in the Asia Pacific recreational boating market are Groupe Beneteau, Brunswick Corporation, Yamaha Motor Corporation, Porter Inc., Grady-White Boats, and Malibu Boats. These companies are majorly focusing on strategic partnerships to enhance their business operations and reach in the market. For instance, in March 2021, Yamaha Motor Corporation entered into a strategic partnership with Siren Marine. The partnership assisted Yamaha Motor Corporation to adopt Siren Marine’s connected boat technology.