Sellbyville, DE -- (SBWire) -- 10/10/2018 --Florida recreational boating market size will generate approximately USD 3 billion over the forecast timeframe. Stringent government regulations mandating safety equipment in boats enhances consumer confidence for adopting such boats in the state. Further, the boat shows organized across the state to promote next generation technologies will further proliferate the state's revenue.
Active support from the government to promote excursion boating will positively influence the U.S. recreational boating market growth. Introduction of multiple incentives such as the Boating Infrastructure Grant by the United States Fish & Wildlife Service will expand the production and adoption of boats over the study timeframe.
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Rising customer spending for leisure activities and nautical tourism are driving the U.S. recreational boating market share. The escalating participation in water sports activities across the country including canoeing, kayaking, fishing, etc. is strengthening the business size over the projected time frame.
U.S. Recreational Boating Market for outboard boats will capture a volume share of over 71% by 2024. The dominance can be credited to the several advantages such as easier maintenance and maneuvering capabilities of these water crafts. The enhanced cockpit space as compared to counter parts will further boost the U.S. recreational boating market demand over the forecast time frame.
The engine powered boats will witness growth rate of almost 4% till 2024 due to the increasing penetration of PWCs, inboard, and outboard for recreational boating. These boats are available in multiple engine specification alternatives with a wide range of fuel types including petrol, diesel, ethanol, hybrid, and electric favoring the business growth.
Increasing number of accidents and high initial costs of the boats may hamper the country's recreational boating market size. For instance, as per the USCG, in 2017 total causalities accounted for 658 owing to various reasons including drowning, absence of life jacket, collision with other vessels, and grounding, among others.
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The U.S. recreational boating market participants include Bavaria Yachts, American Sail Inc., Brunswick Corporation, Azimut-Benetti Group, Groupe Beneteau, and Catalina Yachts. The players are engaged in mergers and acquisitions to maintain their market share and increase revenue. For instance, in 2018, Brunswick Corporation acquired Power Product's Global Marine & Mobile business which is valued at around USD 910 million. This acquisition will complement company's existing portfolio with eleven new brands strengthening their position in marine and transportation aftermarket business.
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Recreational Boating Market in Florida Worth over $3 Billion by 2024: American Sail, Azimut-Benetti, Groupe Beneteau, Brunswick, Ferretti and 8 Others
Active support from the government to promote excursion boating will positively influence the U.S. recreational boating market growth.