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The recreational boats market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $54.9 billion by 2027
The growth of this market is mainly attributed to the booming tourism industry, growing economic development, growing participation in boating activities, innovation in boat engines, and increasing disposable income.
These trends and the rising adoption of boating in Asian countries, including China, Japan, and Australia, offer manufacturers with new markets to capture over the forecast timespan. However, cyber-attacks & the intangible threat to the cruise industry, and high capital investment are expected to hinder the growth of this market to some extent.
Recreational Boats Market Worth $54 9 billion by 2027 -Exclusive Report Covering Pre and Post COVID-19 Market Analysis by Meticulous Research® - Press Release digitaljournal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from digitaljournal.com Daily Mail and Mail on Sunday newspapers.
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London, Dec. 14, 2020 (GLOBE NEWSWIRE) According to a new market research report titled, Recreational Boats Market by Propulsion (Outboard, Inboard), Boat Size (Up To 20 Ft., 21 To 35 Ft.), Engine Type (Diesel, Electric), Horsepower ( 250, 250 to 500 HP, 500 HP) and Application (Fishing, Sports, Travel & Tourism)– Global Forecast to 2027 , published by Meticulous Research®
, the recreational boats market is expected to grow at a CAGR of 7.8% from 2020 to 2027 to reach $54.9 billion by 2027 from $37.7 billion in 2020.
The growth of this market is mainly attributed to the booming tourism industry, growing economic development, growing participation in boating activities, innovation in boat engines, and increasing disposable income. Additionally, growing water sports activities and growing boat imports in developing nations, such as Thailand, provide significant growth opportunities for recreational boats in the coming years. However, cyber-attacks & the intangibl