A motorboat, speedboat or powerboat is a boat that is exclusively powered by an engine. Some powerboats are fitted with inboard engines, others have an outboard motor installed on the rear, containing the internal combustion engine, the gearbox and the propeller in one portable unit. An inboard-outboard contains a hybrid of an inboard and an outboard, where the internal combustion engine is installed inside the boat, and the gearbox and propeller are outside. There are two configurations of an inboard, V-drive and direct drive. A direct drive has the powerplant mounted near the middle of the boat with the propeller shaft straight out the back, where a V-drive has the powerplant mounted in the back of the boat facing backwards having the shaft go towards the front of the boat then making a V towards the rear.
The powerboat market share is segmented by power, type, application, and region. Based on power, the market is classified into engine powered, man powered, and sail propelled. Based on type, the market is categorized into inboard boats, outboard boats, inflatable, sail boats, and personal watercrafts. Based on application, the market is segregated into watersports & cruising and fishing.
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COVID-19 scenario analysis:
- Boats and engine manufacturing companies have faced huge losses during the first & second quarter of 2020 due to disrupted supply chains and production schedules.
- COVID-19 outbreak resulted in nationwide lockdowns and a temporary halt of production facilities to prevent further spread.
- However, the power boating market started gaining traction soon during the second quarter of 2020, and outboard-powered boats started witnessing a spike in demand for recreational purposes.
- Also, as government of different provinces have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall Powerboat market opportunity globally.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
The factors such as growing interest toward recreational water sport activities and rising water-based tourism are anticipated to drive the power boating market growth. However, high initial & ownership cost of recreational boats and environmental concerns associated with recreational boating are expected to hinder the market growth. Further, technological advancement in boats & boat engines and growing high net-worth population are some of the factors expected to offer lucrative opportunities for the market growth during the forecast period.
The global powerboat market trends are as follows:
New product launches to flourish the market
Market players are introducing twin turbocharged engines offering high torque and power, thereby supporting the demand for boats equipped with high horsepower engines. Moreover, ongoing technological advancements of outboard recreational boats, such as improvement in propulsion systems, joystick docking control, automatic trim controls, and digital throttle controls, strengthen the product demand. In addition, the introduction of outboard boats equipped with such advanced features is increasing the adoption of outboard boats for racing events.
Growing interest of consumers toward water sporting activities
The rising popularity of sport fishing and motorized watersports, such as jet skiing, sailing, and yachting activities and growing interest of consumers toward water sporting activities coupled with improved participation among all age groups have influenced the development of recreational boating facilities across the globe.
Innovation in boat engines, such as direct-injection technology, VTEC system, selective gear rotation system, four-stroke technology, and electronic fuel injection capability, increases engine power and drives the demand for power boats.
Engine manufacturers are developing high powered and low polluting engines to meet consumer demand and reduce emissions from boating activities. Additionally, the launch of two and four-stroke engines with direct injection technology that offers increased fuel economy, low emissions, and more power is promoting the demand for advanced power boats.
Key benefits of the report:
- This study presents the analytical depiction of the global powerboat market size along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the powerboat market share.
- The current market is quantitatively analyzed from 2020 to 2028 to highlight the powerboat market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the Powerboat industry.
- The report provides a detailed global powerboat market analysis based on competitive intensity and how the competition will take shape in coming years.
- The current Powerboat market forecast is quantitatively analyzed to benchmark the financial competency.
Questions answered in the research report:
- What are the leading market players active in the powerboat market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?