U.S. Recreational Boating Market Analysis

U.S. Recreational Boating Market Analysis

The outboard boats segment in the U.S. recreational boating market share will account for over 70% of the volume share by 2024. This growth can be credited to the easier maintenance, and enhanced fuel efficiency, coupled with maximum cabin space availability on the powered boats.

The personal watercrafts (PWC) segment is projected to account for approximately 11% of the revenue share by 2024 owing to the increasing water sports activities across the country. The diversified portfolio of powered boats coupled with easier manoeuvrability, compact footprint, and easier parking & towing facilities is further strengthening the segment share

The engine powered segment of the U.S. recreational boating market size will witness robust growth rate at around 4% over the study time frame. This growth can be attributed to the availability of diversified boat range such as outboard, inboard, and PWCs powered by the engines. Further, the engine options with various fuel alternatives such as diesel, petrol, and ethanol will further support the industry dominance till 2024.

The man-powered boats segment is predicted to generate over USD 28.5 billion by 2024 owing to the availability of affordable boating alternatives. These boats are ideal for water sports and leisure activities such as river rafting, fishing, etc. Further the lower running costs owing to the absence of any fuel will further drive the market size.

The Florida industry was valued at over USD 17 billion in 2017 and is estimated to continue its dominance till 2024. The dominance can be attributed to the stringent government regulation regarding the safety requirements in boats.
 

The Texas region is anticipated to pose over 7% CAGR between 2018 and 2024. This growth can be credited to the presence of enhanced inland water bodies in the state. Mandatory education for people operating PWC and sailboats, coupled with encouraging government policies to promote safety in boats are further contributing to the industry growth rate. The rising disposable income across the state coupled with enhanced tourism and fishing sectors will positively influence the industry growth.