U.S. recreational boating market to go past $28bn mark by 2024
by Global Market Insights, Inc. 28 Feb 2019 04:04 PST
U.S. recreational boating market to go past $28bn mark by 2024 © Global Market Insights, Inc
The United States recreational boating market is predicted to rise from USD 20 billion in 2017 to around USD 28 billion by 2024, according to a Global Market Insights, Inc. report.
Rising customer spending for leisure activities and nautical tourism are driving the market share. The escalating participation in water sports activities across the country including canoeing, kayaking, fishing, etc. is strengthening the business size over the projected time frame.
Active support from the government to promote excursion boating will positively influence the U.S. recreational boating market growth. Introduction of multiple incentives such as the Boating Infrastructure Grant by the United States Fish & Wildlife Service will expand the production and adoption of boats over the study timeframe. Request for a sample of this research report here
The outboard boats will capture a volume share of over 71% by 2024. The dominance can be credited to the several advantages such as easier maintenance and maneuvering capabilities of these water crafts. The enhanced cockpit space as compared to counter parts will further boost the recreational boating market demand over the forecast time frame.
The engine powered boats will witness growth rate of almost 4% till 2024 due to the increasing penetration of PWCs, inboard, and outboard for recreational boating. These boats are available in multiple engine specification alternatives with a wide range of fuel types including petrol, diesel, ethanol, hybrid, and electric favoring the business growth.
Increasing number of accidents and high initial costs of the boats may hamper the United States recreational boating market. For instance, as per the USCG, in 2017 total causalities accounted for 658 owing to various reasons including drowning, absence of life jacket, collision with other vessels, and grounding, among others. Make an Inquiry for purchasing this report here
Florida recreational boating market will generate approximately USD 3 billion over the forecast timeframe. Stringent government regulations mandating safety equipment in boats enhances consumer confidence for adopting such boats in the state. Further, the boat shows organized across the state to promote next generation technologies will further proliferate the states revenue.
The U.S. recreational boating market participants include Bavaria Yachts, American Sail Inc., Brunswick Corporation, Azimut-Benetti Group, Groupe Beneteau, and Catalina Yachts. The players are engaged in mergers and acquisitions to maintain their market share and increase revenue.
Browse key industry insights spread across 175 pages with 219 market data tables & 11 figures & charts from the report, "U.S. Recreational Boating Market Size By Product (Inboard Boats, Outboard Boats, Inflatable, Sail Boats, Personal Watercrafts), By Power (Engine-Powered, Man-Powered, Sail Propelled), Industry Analysis Report, Country Outlook U.S. (Florida, Minnesota, Michigan, California, Wisconsin, Texas, New York, South Carolina, Ohio, North Carolina), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 2024" in detail along with the table of contents.
Browse Full Table of Contents (ToC) here