U.S. Recreational Boating Market Share to Significantly Expand Through 2024
The size of U.S. recreational boating market was registered at USD 20 billion in the year 2017 and is anticipated to cross USD 28 billion by 2024. Between the period 2018-2024, the market is expected to register a CAGR of 4.5%.
Personal water boats are popular among water sports enthusiasts in the U.S. and during a survey of campers in 2015, it was found that 22% indicated canoeing or kayaking to be their favorite recreation activity and a further 13% selected either motor boating, jet skiing or water sports. Easier maneuverability, compact footprint, and easier parking & towing are expected to augment the personal water boat segment of the U.S. recreational boating industry. As per estimates, PWC will account for 11% of the U.S. recreational boating market share 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% by 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.
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. Surveys depict that most affluent Americans own such leisure boats – around 10.3% of U.S. households with an income over $200,000 reported owning a boat in 2015.
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.
Incidentally this is the highest level of boat sales registered in the U.S. in the past 10 years – a fact that provided a boost to the U.S. recreational boating industry. As per estimates, total marine expenditure in 2017 amounted to $39 billion which included spending on not only new boats, but trailers, engines, services and accessories. Boat manufacturers also responded to the demand with the building of new plants and expanding production capacity. In 2017 the U.S. recreational boating market size was valued at $20.5 billion and is expected to depict a commendable upsurge in the years ahead.
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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Some Point from Table of Contents:
Chapter 4. U.S. Recreational Boating Market, By Product
4.1. U.S. recreational boating industry 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. U.S. recreational boating 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
5.4.1. Market estimates and forecasts, 2013 – 2024
5.4.2. Market estimates and forecast, by state, 2013 – 2024
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