Global Marketing Insights, Inc. recently released a U.S. Recreational Boating Market report. According to the report, North America dominated the global recreational boating industry market in 2016 in terms of revenue at $16.60 billion. Now, the market in the U.S. is in a good place to pass $28.5 billion by 2024.
U.S. Recreational Boating Market Growth
There is growth across the market and the country. The report covers the boating market across different product types, power landscapes and regions, as well as the growth potential, price trends, competitive market share and forecasts. Boat use is rising in tourism, leisure and watersports, and this increased usage is expected to enhance production as well as increase the growth of the industry at large. The outboard boat market is one that’s expected to grow by 2024 thanks to cockpit space availability, improved maneuverability and maintenance. It’s forecast to amount to more than 70 percent of the volume share from 2018 through 2024.
As far as regions go, Florida’s market is projected to record a year-over-year growth of 6.5 percent over the same period. The report also offered a list of key players in the industry based on their product portfolios, strategic outlooks and analyses of their strengths, weaknesses, opportunities and threats. The companies included boating manufacturers, engine manufacturers, boatlift manufacturers and dealers -- including ShoreMaster, LLC.
What Is Contributing to the Growth
Increased boat use is just part of the equation. There are many factors involved in the growth of the boating industry.
Tourism
Marine and coastal tourism are on the upswing as the economy grows. Consumers have higher disposable incomes as they recover from the 2008 economic crisis, and the number of high-net-worth individuals around the world is increasing, which means increased sales. The U.S. has a long coastline, developed infrastructure and a large leisure-boating population that present new growth opportunities for manufacturers. Governments also are catching on to the increased number of people participating in recreational boating activities and as a result, are creating initiatives to encourage tourism and educate citizens about boating.
Shows and Events
Large numbers of boaters are headed toward boat shows and water-sporting events. Top boat manufacturers sponsor these events, which helps boost the popularity of leisure boats. Many people participating in boating activities like these are expected to boost the market further, especially in European and North American countries.
Technology
The Internet technology that helps devices on land connect with one another is being used to make networks on leisure boats. Boats, smartphones, wearable devices, equipment, structures and appliances can be connected to digitize and optimize various features and lead to improved safety, security, accuracy and efficiency. Developments in new boating materials and research and development expenditures by boat manufacturers also give customers more and better options.
Your Boating Future
ShoreMaster® should continue to be a major player in the boating industry’s forward momentum as it products continue to define waterfronts with its superior craftsmanship, support, selection, design and value. Get in touch with ShoreMaster® click here.
