A competitive rundown of US recreational boating market, global industry valuation to cross USD 28.5 billion by 2024
Publisher : Fractovia | Published Date : 2018-08-31Request Sample
US recreational boating market is expected to tread along a lucrative roadmap in the years ahead, given the rising prevalence of water-based recreational activities such as camping, sailing, fishing, cruising, and boating. Reliable statistics indicate that more than 87 million US adults participate in the recreational boating activities every year, and there were more than 11.87 million recreational boating vessels registered in the United States in 2015. Analysts claim that the changing consumer lifestyles and rising disposable incomes of the middle-class population have been inherently impacting the U.S recreational boating industry share, which was pegged at USD 20.5 billion in 2017.
U.S. Recreational Boating Market, By Product, 2017 & 2024, (Units)
As the presence of a robust economy continues to bolster the boating expenditures and new boat sales, the overall capital expenditure and manufacturing optimism are likely to be at its best - marking one of the strongest periods on record for the US recreational boating industry expansion. The growth trajectory of US recreational boating market is further expected to register healthy gains as the industry players are thriving to bring new technologies, products, and collaboration across all the segments. Enumerated below are some recent initiatives that are bound to proliferate the commercialization matrix of the United States recreational boating industry.
Azimut Benetti Group to launch manufacturing operation in Georgia
The world’s leading yacht manufacturer Azimut Benetti Group has recently made it to the headlines for starting its operation in Georgia. Presumably, its entry marks significant contribution in the regional economy, while also revolutionizing the boat building industry. Reports claim that Azimut Benetti, a leader in boat production has the most expensive sales network in the boating market across the globe, with 138 sites in 68 countries.
The agreement is also poised to benefit the country with substantial rise in visitors and tourists interested in water & sport activities, in turn fueling the US recreational boating market. The operations in Georgia are also expected to witness advancements in electric seats, large frameless windows, and walnut interiors that will allow passengers to focus more on the recreational activities.
Brunswick completes acquisition of Power Products
According to reports, Brunswick Corporation has recently completed its $910 million acquisition of Power Products’ Global Marine & Mobile business, that includes the specialty vehicle, industrial power, global marine, and transportation aftermarket products of Power Products. For the record, Power Products, is a leading provider of battery and electrical products for the specialty and recreational vehicles market.
With this acquisition, Brunswick is expected to add a highly attractive, broad, and complementary product portfolio for the US recreational boating market space. Reports state that the new portfolio of Brunswick will include Blue Sea Systems, Czone, Marinco, Del City, Mastervolt, Ancor, BEP, Park Power, Progressive Industries, ProMariner, and Lenco Marine under its global Mercury Marine P&A business.
Crestliner introduces new Sprint pontoon
Crestliner, an Otsego-based manufacturer of premium fishing, utility, fish & sport, and hunting boats has recently announced that it will be adding the new Sprint Series to its popular pontoon line-up. The Sprint is ideal for novice boaters and comes nearly a year after the company’s comeback in the pontoon market with the successful Rally Series. Considering the rising level of interest in the pontoons for relishing water sports and other activities such as fishing and cruising, Crestliner is expected to draw notable remuneration from the expanding United States recreational boating market. Reportedly, the Sprint Series will be available in three sizes ranging from 16, 18, and 20 feet, and will come in two layouts - Fish & Cruise and Cruise.
Besides from the significant contribution made by the leading companies, US recreational boating industry trends are also likely to transform with considerable government support to upgrade and maintain boating infrastructure. The US Fish and Wildlife Service, for instance, has announced grants worth USD 14 million in 2015 to maintain the boating infrastructure & support the manufacturers. Driven by such supportive initiatives and escalating product demand, the US recreational boating industry is certain to take a deeper dive in terms of the revenue landscape. A presumption validating the same is of Global Market Insights, Inc., that claims the US recreational boating market size to register a CAGR of 4.5% over 2018-2024.
