Luxury boating, being one of the most popular leisure activities in the United States, has made U.S. recreational boating market a highly profitable industry. U.S. recreational boating market forecast as per research report published by Global Market Insights Inc., is likely to reach $28.5 billion by the year 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 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.
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What will be the contribution of outboard boats in expanding the U.S. recreational boating market share?
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.
Will engine power boats contribute to expand industry size?
Due to the proliferating penetration of inboard, outboard, and PWCs for recreational boating, engine power boats are projected to enhance 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.
How will differently powered engines contribute to the revenue growth of the industry?
In terms of power, the engine powered segment from the U.S. recreational boating market share 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 market trends.
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Which companies will help to augment the industry share?
Some of the 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.
Table of Contents (ToC) of the report:
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. 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. 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
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