U.S. Recreational Boating Market Size

U.S. Recreational Boating Market Size

U.S. Recreational Boating Market size valued at over USD 20 billion in 2017 and is estimated to exhibit approx. 4.5% CAGR from 2018 to 2024.

Increasing disposable income coupled with the rising watercraft sports activities across multiple states is primarily driving the U.S. recreational boating market share over the forecast period. Proliferating marine leisure industry owing to several activities such as sightseeing, swimming, pleasure voyages, entertaining, nature observation, and pleasure crafts voyages are further strengthening the business revenue.

An upward trend in the U.S. recreational boating market size is witnessed owing to the technological developments in excursion boats. Manufacturers are actively investing in R&D to introduce versatile and affordable motorboats with enhanced technical features to attract the youth population thereby boosting the industry demand during the study time frame.

Initiatives by the U.S. government to improve the nautical tourism and enhancing passenger safety in boats are strengthening the customers confidence to adopt the product, thus escalating the market demand

Proliferating boating participation across the nation owing to escalating customer spending for motorised water sports activities including rafting, canoeing, jet skiing, etc is enhancing industry revenue till 2024.
 

Rising safety concerns including fatalities, injuries, damage to lives and property may hamper the market size over the study timeframe. High initial cost of the watercrafts coupled with environmental pollution concerns may further restrict the demand for the nation’s recreational boats. Ignorance of safety guidelines and improper maintenance of boats leading to safety concerns will limit the industry growth. The National Recreational Boating Safety (RBS) Program encourages boating participation and ensures better education about the safety, assistance, and enforcement activities to the public.