The global recreation market took a huge hit at the time of pandemic. But the pandemic has fundamentally changed the priorities, values, and behavior of consumers either by necessity or by choice. People haven’t stopped traveling but now the emphasis is more on traveling as safely and healthily as possible. But consumers are also much more aware of the environmental and societal impact of their travel choices, building on a trend that predates the pandemic. Travelers in the post-COVID era are looking for sustainable experiences which are a blend of their own need for wellness with that of the planet.
All these changes in consumer preferences and behaviors have caused several demand and supply chain disruptions in travel industry. All these have encouraged analysts at Arizton to publish exhaustive and data-driven insights on these current trends in the industry. Arizton has a dedicated vertical that focuses on consumer goods and retail technology across geographies. These market research reports cover a detailed analysis of the COVID-19-induced supply chain disruptions, innovations in technology, equipment financing, economic impact, and a detailed study of the competitive landscape.
Recreational Boating Market – Global Outlook and Forecast 2021-2026
The recreational boat industry has seen a rise in its new boat sales. Personal watercraft, jet boats, and saltwater fishing boats together accounted for 41% of new boat sales. The phenomenon of buying holiday homes and hotels closer to a water body has driven the demand for tourist vessels in recent years. It is anticipated that the rising demand for luxury will drive the growth of the leisure boat market. The recreational boating market is expected to reach USD 63.53 billion by 2026, growing at a CAGR of 11.02%.
Existing recreational companies and traditional boat providers are entering the market through product development and product line extension. Product diversification is the key for new vendors to enter the market. APAC-based vendors would go for a global launch of their products during the forecast period. The robust wholesale network presence of recreational boat manufacturers is necessary for market growth. Currently, a significant portion of the market revenue is generated via wholesale channels. Vendors need to increase the brick-and-mortar presence of their products to lure more customers and drive sales while implementing online strategies to promote their brand.
Recreational Vehicle Market – Global Outlook and Forecast 2020-2025
The growing demand for camping and outdoor recreational activities among the millennial population is driving the growth of the RV industry. Another key factor driving the popularity of RVs is the cost-saving opportunities that it offers to families. A vacation or holiday using an RV can be 60% cheaper. The global RV market is expected to witness rapid growth after COVID-19. This is because RVs provide a reliable and personal way to travel and is considered as the safest travel alternative during the pandemic while maintaining social distance norms.
The recreational vehicle market is expected to reach USD 59.57 billion in 2025, growing at a CAGR of 7.06% during the forecast period. The commercial use of RVs has witnessed high demand in recent years, mainly driven by the growth of RV rental agencies. The ability to remain competitive in the market depends on the vendor’s ability to provide a continuous and timely introduction of innovative product offerings. The APAC region provides enormous opportunities and is likely to witness the fastest growth during the forecast period. Global brands are increasingly expanding their operations in the underpenetrated markets with rising income and growing young millennial population in the APAC, Latin America, and MEA regions.
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