U.S. Recreational Boating Market Growth Analysis & Forecast Report | 2021-2024
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.
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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.
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.
The NMMA listed Florida as the state leading the number of registrations in 2017 followed by Minnesota, Michigan, California and Wisconsin with significant growth in the registration of recreational boats in the states of Oregon, Ohio and California. Unsurprisingly the Great Lakes region also accounted for a major portion of the registrations with most boats per capita.
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.
The Bureau of Economic Analysis boasts of valid data to support the growth of the U.S. manufacturing industry. Estimates by the organization claim that U.S. manufacturing gross output increased to $6.228 trillion in the fourth quarter of 2017. The strong economy of the country is indeed bolstering the boating expenditure and new boat sales in the country as manufacturer optimism and capital spending continues to hit a record high. 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.
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Data Tables
TABLE 1 U.S. recreational boating industry 360º synopsis, 2013 - 2024
TABLE 2 U.S. recreational boating market, 2013 - 2017, (Units)
TABLE 3 U.S. recreational boating industry, 2018 - 2024, (Units)
TABLE 4 U.S. recreational boating industry, 2013 - 2017, (USD Million)
TABLE 5 U.S. recreational boating market, 2018 - 2024, (USD Million)
TABLE 6 U.S. recreational boating estimates by state, 2013 - 2017 (Units)
TABLE 7 U.S. recreational boating estimates by state, 2018 - 2024 (Units)
TABLE 8 U.S. recreational boating estimates by state, 2013 - 2017 (USD Million)
TABLE 9 U.S. recreational boating estimates by state, 2018 - 2024 (USD Million)
TABLE 10 U.S. recreational boating industry estimates by product, 2013 - 2017 (Units)
TABLE 11 U.S. recreational boating industry estimates by product, 2018 - 2024 (Units)
TABLE 12 U.S. recreational boating industry estimates by product, 2013 - 2017 (USD Million)
TABLE 13 U.S. recreational boating market estimates by product, 2018 - 2024 (USD Million)
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