The growth trajectory of the U.S. recreational boating market is expected to be rather exponential in the ensuing years, as new products ranging from small fishing boats to large luxury yachts make an entry into this business sphere. Easier maneuverability, compact footprint, and easier parking & towing are expected to augment the personal water boat segment of the U.S. recreational boating market. As per estimates, PWC will account for 11% of the U.S. recreational boating market share by 2024.
Statistics indicate that over 87 million adults participate in recreational boating in the U.S. and engage in travelling by boat, sports activities or fishing. When the country was in the grip of a major economic crisis in the last decade, the U.S. recreational boating industry initially took a hard hit. However, with the return of financial stability, the U.S. recreational boating market has witnessed renewed vigor with 12 million boats being registered and documented in 2017 across the country. Incidentally, outboard boats are the most preferred boats and are anticipated to account for 70% of the U.S. recreational boating market share by 2024, since they are easy to maintain, have maximum cabin space and increased fuel efficiency.
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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 state’s revenue.
Luxury boating, being one of the most popular leisure activities in the United States, has led to the U.S. recreational boating market emerging as a highly profitable industry. In 2018, the National Marine Manufacturers Association (NMMA) announced boat sales in the U.S.to have reached a 10-year high, encouraging boat manufacturers to further expand their production capacity to meet the rising demand. NMMA data shows that unit sales of new powerboats reached 262,000 in 2017 increasing 5% when compared to unit sales in 2016.
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 U.S. recreational boating market took a sharp decline when the country went into a recession in 2008 with consumers having less disposable income to be spent on leisure activities. More recently the Trump administration’s implementation of tariffs has put a dampener on the U.S. recreational boating industry , though between 2012 and 2016, the market experienced a gradual upsurge.U.S. recreational boating industry which supports approximately 650,000 jobs and 35,000 businesses nationwide, is touted to be one of the stalwarts of the American manufacturing sector. With the government of the country emphasizing on the importance of manufacturing and export, the U.S. recreational boating industry is expected to register a CAGR of 4.5% over 2018-2024.
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The players are engaged in mergers and acquisitions to maintain their market share and increase revenue. The U.S. recreational boating industry 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.
Glimpse of Table of Content (ToC)
Chapter 1. Methodology and Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
1.1.4. Scope, definition and forecast parameters
1.2. Data Sources
Chapter 2. Executive Summary
2.1. U.S. recreational boating industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Power trends
2.1.4. State trends
Chapter 3. U.S. Recreational Boating Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Component supplier
3.3.3. Distribution channel analysis
3.3.4. Vendor matrix
3.4. Technology landscape
3.5. Requirements on safety equipment for recreational craft
3.6. Pricing analysis
3.6.1. Cost structure analysis
3.7. U.S. regulatory landscape
3.8. Marine engines
3.9. Dock accessories analysis
3.9.1. Bow guide
3.9.2. Dock corners
3.9.3. Boat lifts
3.9.4. Centering guides
3.9.5. Dock lockers
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