According to the research report titled ‘Recreational Boating Market Size By Product (Inboard Boats By Horsepower [Below 200 hp, 201 to 500 hp, 501to 1,000 hp, Above 1,000 hp], Outboard Boats By Type [Center Console, Express Cruiser, Pontoon, Runabout Bowrider], 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]), By Engine (Diesel, Gas), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021-2027’, available with MarketStudyReport, global recreational boating market is projected to grow considerably over 2021-2027.
 

Global recreational boating market growth is mainly fueled by flourishing tourism sector, and rising government expenditure on the development of the same. Besides, growing popularity of water sports, fishing, and leisure activities is adding to the market progression.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/1002541/
 

In recent years, technological advancements aimed at enhancing boat mechanics, design, and propulsion systems for racing events and other water-based recreational activities have further contributed to the boom in the industry.
 

Key industry players are constantly pursuing various approaches in order to tap into emerging areas and improve their position. For instance, in June 2021, Brunswick Corporation, a leading luxury yacht manufacturer, announced the acquisition of Navico, a global marine electronics and sensor company. Brunswick obtained industry-leading brands from Navico, boosting its broad product portfolio, ranging from power management systems to maritime equipment.
 

Likewise, Correct Craft, a leader in the marine sector, in January 2021, revealed the expansion of its brands Watershed Innovation, Ingenity, Nautique Boats, and Supreme Boats, at two new manufacturing locations in Central Florida and Georgia.
 

Based on product type, outboard boats segment held over 70% of worldwide recreational boating industry share in 2020 and is expected to expand considerably through 2027, owing to surging demand for technologically integrated outboard engines in leisure boats.
 

As per engine type, diesel segment accounted for sizeable share of the overall market in 2020 and is projected to grow substantially over the next six years.
 

Geographically, Middle East & Africa industry is predicted to amass notable returns by the year 2027, creditable to positive outlook of the domestic tourism industry across the region.
 

Speaking of competitive arena, Marine Products Corporation, Malibu Boats, Groupe Beneteau, Grady-White Boats Inc., Correct Craft, Brunswick Corporation, and Bavaria Yachtbau GmbH are among the major firms operating in global recreational boating marketplace.