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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