South Korea Recreational boats Market Report Regional Data Analysis...

South Korea Recreational boats Market Report Regional Data Analysis By Production Revenue Price And Gross Margin

Posted 2024-04-24 11:21:34

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South Korea Recreational boats Market Overview

Report highlights South Korea Recreational boats Market Information By Type, Boat Size, Engine Placement, Engine Type, Power Range, Material Type, Activity Type, Power Source, and Region - Forecast till 2032"; The South Korea Recreational boats Market will surge from USD 19.3 billion in 2023 to USD 32.7 billion by 2032, with a 6.80% CAGR from 2023 to 2032.

The emergence of new water bodies as tourist hotspots, strong government support, and a concurrent rise in overall tourism are key factors boosting the market for recreational boats. The market size is also increased by the expansion in disposable money, notably in Asian economies where the majority of the young population lives.

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Market Competitive Landscape:

· Azimut Benetti Group

· Bass Pro Group

· Bombardier Recreational Products

· Brunswick Corporation

· Bryton Marine Group

· Groupe Beneteau

· Hobie Cat Company

· Marine Products Corporation

· Polaris Inc

· Sunseeker International

· White River Marine Group

· Yamaha Motor Co. Ltd.

Market Drivers:

Jet skiing, boat racing, rowing, rafting, kayaking, canoeing, sailing, power boating, and other water sports are examples of recreational activities that include the water. Globally, the growth of recreational boating facilities has been impacted by customers' increasing interest in water sports and increased engagement across all age groups. In addition, water sports are growing in popularity due to their numerous health advantages as well as the thrill or adrenaline rush, they provide when exercising.

Moreover, it has been noted that among fans of water sports, artificial water bodies for kayaking and rafting are becoming more and more popular. The market for recreational boats is also being supported by the increased popularity of motorized water sports like jet skiing, sailing, and yachting. The promotion of water sports has also recently received active attention from a number of government agencies. Initiatives have been launched in a number of nations to promote the construction of water sports facilities and leisure boating.

A lot of cruise builders are also making investments in land-based private islands, which enables cruise companies to extend the aboard experience by providing passengers with exclusive beach time. In addition, the natural scenery of nations with sea or ocean borders draws a sizable number of visitors from abroad each year, especially from the wealthy sector of society. These nations are also popular choices for some business meetings and promotional occasions when luxury ships are rented. Additionally, the recreational boating industry is experiencing tremendous growth because of supportive government initiatives and programs to raise public awareness of the benefits of water tourism.

Restraints

Recreational boat construction necessitates enormous facilities and qualified laborers due to their sheer size and complexity, which significantly raises the cost of initial boat manufacturing. Furthermore, one of the most obvious expenses related to a boat is the cost of the engine that is included in it. High-performance engines are needed for recreational boats, and the boat's overall price will depend on the horsepower.

Market Segmentation

Yachts, sailboats, personal watercraft, inflatables, and others are included in the South Korea Recreational boats Market segmentation, with respect to boat type.

There are three boat size categories in the recreational boat market: 30 feet and under, 30 feet to 50 feet, and >50 feet. In 2022, the market was led by the 30-foot category.

Outboards, Inboards, and other types are included in the segmentation of the South Korea Recreational boats Market, depending on the type.

ICE and Electric are two of the engine types included in the South Korea Recreational boats Market segmentation. In 2022, the electric sector dominated the industry.

Up to 100 kW, 100-200 kW, and Above 200 kW are the power ranges covered in the MRFR report.

Aluminum, Fiberglass, Steel, and Others are included in the South Korea Recreational boats Market segmentation by Material Type. In 2022, the market was dominated by the steel sector.

Cruising+water sports, & Fishing are included in the South Korea Recreational boats Market segmentation by Activity Type.

Engine Powered, Boat Shows, & Online Sales are included in the South Korea Recreational boats Market segmentation by Power Source.

Regional Insights

Since 2022 (45.80%), the market for recreational boats in North America has been in the lead. Boating enthusiasts flock to well-known tourist destinations in North America like Florida, California, and the Great Lakes. Other market drivers include boating infrastructure and rental services. Although the U.S. recreational boat market will maintain its dominance in the area, the Canadian market will grow at the quickest rate over the coming years.

South Korea Recreational boats Market Segmentation

Recreational boats Type Outlook