U.S. Recreational Boating Market Growth Trends & Projections 2021-2024
U.S. recreational boating market from the engine powered segment will demonstrate a substantial growth rate of around 4% over 2018-2024 owing to the growing usage of engines in various boats such as outboard boats, PWCs, and inboard boats. Engines powered by petrol, diesel, and ethanol fuels offer options to consumers which are helping to surge the U.S. recreational boating industry revenue share. Strict regulations imposed by the U.S. Environmental Protection Agency will further lead to the introduction of electric and hybrid boats which will also play a major role in shaping U.S. recreational boating industry trends.
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The dominance of outboard boats in the U.S. recreational boating market can be credited to the various advantages such as maneuvering capabilities and easier maintenance of these watercrafts. The improved cockpit space in comparison with other counterparts will further offer boost to the recreational boating demand by 2024. Outboard boats are predicted to attain a volume share of more than 70% by 2024.
Due to the proliferating penetration of inboard, outboard, and PWCs for recreational boating, engine power boats are projected to enhance U.S. recreational boating market outlook. These boats are available in multiple engine specification substitutes with a broad range of fuel types including diesel, petrol, ethanol, electric, and hybrid. Favoring the augmentation of engine power boats revenue share will further accelerate the U.S. recreational boating market growth. Engine powered boats are forecasted to observe growth rate of around 4% till 2024.
The growth of Florida recreational boating industry can be attributed to the proliferating government initiatives which have been mandated with the aim of educating and encouraging the participation of consumers for recreational boating. The rules imposed by Florida Fish and Wildlife Conservation Commission to mandate minimum safety equipment on boats will further impact U.S. recreational boating market share. Boat shows throughout the state such as Charlotte County Boat Show, Bonita Springs Boat Show and Fort Myers Boat Show offers platform for U.S. recreational boating industry participants to demonstrate latest technology in boats and invite boat riders. Such efforts by government authorities and participation of people will help in expansion of U.S. recreational boating market size. Florida recreational boating market has been forecasted to exhibit more than 6.5% CAGR over 2018-2024.
Some of the U.S. recreational boating market participants are American Sail Inc., Bavaria Yachts, Brunswick Corporation, Groupe Beneteau, Catalina Yachts, and Azimut-Benetti Group. The industry majors are involved in mergers and acquisitions to uphold their market share and expand revenue. For instance, in the year 2018, Brunswick Corporation acquired Power Products Global Marine & Mobile business which is estimated at almost $910 million. This purchase will complement company’s current portfolio with eleven latest brands reinforcing their position in transportation and marine aftermarket business.
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Partial Chapter of the Table of Content
Chapter 4. U.S. Recreational Boating Market, By Product
4.1. Market share by product, 2017 & 2024
4.2. Inboard
4.2.1. Market estimates and forecasts, 2013 – 2024
4.2.2. Market estimates and forecast, by state, 2013 – 2024
4.3. Outboard
4.3.1. Market estimates and forecasts, 2013 – 2024
4.3.2. Market estimates and forecast, by state, 2013 – 2024
4.4. Inflatables
4.4.1. Market estimates and forecasts, 2013 – 2024
4.4.2. Market estimates and forecast, by state, 2013 – 2024
4.5. Sail boats
4.5.1. Market estimates and forecasts, 2013 – 2024
4.5.2. Market estimates and forecast, by state, 2013 – 2024
4.6. Personal watercrafts
4.6.1. Market estimates and forecasts, 2013 – 2024
4.6.2. Market estimates and forecast, by state, 2013 – 2024
Chapter 5. U.S. Recreational Boating Market, By Power
5.1. market share by power, 2017 & 2024
5.2. Engine powered
5.2.1. Market estimates and forecasts, 2013 – 2024
5.2.2. Market estimates and forecast, by state, 2013 – 2024
5.3. Man powered
5.3.1. Market estimates and forecasts, 2013 – 2024
5.3.2. Market estimates and forecast, by state, 2013 – 2024
5.4. Sail propelled
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