U.S. recreational boating market is expected to tread along a lucrative roadmap in the years ahead, given the rising prevalence of water-based recreational activities such as camping, sailing, fishing, cruising, and boating. Reliable statistics indicate that more than 87 million US adults participate in the recreational boating activities every year, and there were more than 11.87 million recreational boating vessels registered in the United States in 2015. Analysts claim that the changing consumer lifestyles and rising disposable incomes of the middle-class population have been inherently impacting the U.S. recreational boating market share, which was pegged at USD 20.5 billion in 2017.
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U.S. Recreational Boating Market for 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 demand over the forecast time frame.
U.S. recreational boating market for 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.
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.
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Rising customer spending for leisure activities and nautical tourism are driving the U.S. recreational boating 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.
The agreement is also poised to benefit the country with substantial rise in visitors and tourists interested in water & sport activities, in turn fueling the US recreational boating market. The operations in Georgia are also expected to witness advancements in electric seats, large frameless windows, and walnut interiors that will allow passengers to focus more on the recreational activities.
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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.