Sellbyville, DE -- (SBWIRE) -- 02/11/2019 -- Recreational Boating Market is estimated to exhibit around 6% CAGR with USD 230 billion by 2024. Travel and tourism activities have witnessed an upsurge across the globe owing to increased disposable income, majorly contributing to the industry revenue generation over the forecast timeframe. These boats are increasingly being used in various leisure activities such as motorized water sports, campaigning, sailing, and boat racing. This has resulted in increased production, further propelling the recreational boating market share from 2017 to 2024.

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Most recreational boat categories, including the likes of pontoons, PWC, saltwater fishing boats, outboard-powered runabouts, and ski boats have now been witnessing a consistency in demand. It therefore, comes as no surprise that outboard recreational boating market size has been forecast to be pegged at $135 billion by 2024. One of the pivotal driving factors for this exceptional growth is the cost effectiveness of the product and easy maintenance. Not to mention, these boats have increased usable space with their engines mounted on a highly convenient position, further helping toward impelling outboard recreational boating industry share.

Besides hybrid boats, man-powered boats are also ecofriendly considering that they involve no engines at all. Indeed, man powered recreational boating industry size is anticipated to register a CAGR of 4% over 2017-2024. However, the growing popularity for man-powered boats could be attributed more to the rising demand for boating adventure sports like river rafting and kayaking rather than concerns for the environment. Besides, man-powered boats are witnessing greater demand from a growing populace of health-conscious consumers who view recreational boating as a very potent fitness regime.

North America, driven by U.S. recreational boating industry will account for highest volume share of over 50% by 2024. Well established marine industry along with rising number of boating participants in countries such as U.S. and Canada will primarily support the regional dominance. Moreover, presence of established industry participants across the region will further contribute towards the high revenue generation.

Europe will grow significantly, exhibiting more than 5% CAGR over the next eight years owing to high production, resulting in increasing product exports. Moreover, availability of skilled and cost-effective labor force will propel the recreational boating market growth in the region.

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Recreational boating industry has also recently witnessed the emergence of beacons – small tech devices that can deliver information about a boat to the customer's smartphone as he walks around the boat. BoatGod is the example of one such beacon that can turn a yacht into a smart home by receiving data from all onboard devices and managing them. Incidentally, BoatGod also supports augmented reality and helps the skipper navigate during bad visibility or erratic weather and has generated waves of anticipation in recreational boating market.

Ferretti, Brunswick, Sunseeker, MacGregor, Beneteau, Malibu Boats, American Sail Inc., Azimut Benetti, and Hunter are among the noticeable participants in the recreational boating market. Other prominent players include Hobie Cat Corporation, Princess Cruise, Catalina Yachts, and Bavaria Yachtbau. Mergers and acquisitions is among the key strategies implemented by the manufacturers to capture maximum recreational boating market share.

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