APAC Recreational Boating Market size to hit $2 Bn by 2026
Published Date: April 1, 2021 Request a sample
APAC Recreational Boating Market size is projected to exceed USD 2 billion by 2026, according to a latest forecast report by Graphical Research. The increasing demand for water sports activities, such as powerboating, surfing, and water skiing, is proliferating the market growth. According to the report presented by the National Marine Manufacturers Association, around six million Japanese residents go boating every year. Around 32 fishing ports in Japan have been altered to permit private pleasure boat practice. The increasing tourist attraction in several countries including Australia and Japan will create growth opportunities for the recreational boating market. As per the data published by the World Bank, in 2019, Australia recorded 9.4 million international tourists compared to 8.8 million in 2018. Similarly, an increase in government spending will fuel the demand for the travel & tourism sector in Australia and India, augmenting the market revenue. The outbreak of COVID-19 has impacted the recreational boating industry in Asia Pacific as countries in the region have faced massive economic disruption during the first two quarters of 2020. Manufacturing units have witnessed sluggish growth owing to a steady decline in the availability of skilled labor and raw materials. Disruptions in the supply chains and demand losses have decreased the product demand. Browse detailed statistical insights from the report, “Asia Pacific Recreational Boating Market Size By Engine (Diesel, Gas), By Product (Inboard Boats By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1,000 hp, Above 1,000 hp], Outboard Boats By Type [Center Console, Express Cruiser, Pontoon, Runabout Bowrider, Others], By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1,000 hp, Above 1,000 hp], Inflatables [Below 200 hp, 201 to 500 hp]), Research Report, Country Outlook (India, China, Japan, Australia), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 - 2026” along with the table of contents (ToC) @ The outboard boats segment will witness substantial growth through 2026 attributed to technological advancements including joystick docking controls, digital throttle controls, and automatic trim controls in the boats. Joystick docking controls are planned and built to control these boats in severe marine environments with autopilot systems and speed-sensitive controls. Outdoor boats have more interior space, fuel economy, and are lightweight. Technological upgrades in marine automotive will drive the market expansion. Prominent players in the market are Yamaha Motor Corporation, Groupe Beneteau, Porter Inc., Brunswick Corporation, Malibu Boats, and Grady-White Boats. These players focus majorly on business expansion in various geographies. For instance, in July 2018, Groupe Beneteau announced its plan to extend its business operations in Hong Kong. This assisted the company to enhance its service offerings in the region. The APAC recreational boating market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and shipment in units from 2015 to 2026 for the following segments: Asia Pacific Market, By Product Asia Pacific Market, By Engine The above information has been provided for the following countries:
https://www.graphicalresearch.com/industry-insights/1740/asia-pacific-recreational-boating-market