Pune, India, May 02, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America recreational boating market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 35 billion by 2026.
The market growth is gradual increase in the popularity of water sports, such as surfing, powerboating, and water skiing, across the region.
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A 2020 report published by the National Marine Manufacturers Association found that an average of more than 12.4 million Canadian residents engage in pleasure boating per year. Additionally, rising disposable income in the leading markets across the U.S. and Canada is projected to propel market growth through the coming years.
Below are some key trends that will boost the overall market outlook through the assessment period:
- Escalating expenditure on recreational activities
Notably, recreational boating contributes USD 5.6 billion to Canada’s GDP with revenue exceeding USD 10 billion. Increasing expenditure on recreational activities in North America, backed by the region’s booming travel sector, is estimated to impel market adoption over the analysis period.
In September 2020, the Bureau of Economic Analysis (BEA) presented data that indicated a 0.6% increase in disposable personal income from August 2020. Rising disposable income and the subsequent higher spending capacity of consumers in the U.S. and Canada would significantly drive the growth of the market through the coming years.
- Expansion of North American tourism sector
The tourism industry across the region has witnessed steady growth, which is anticipated to create substantial growth opportunities for the recreational boating market in the forthcoming years. A 2019 data report by StatCan found that Canada hosted over 22.1 million foreign tourists, approximately a million more compared to the 2018 figures of 21.1 million. Now, with vaccination drives allowing the opening up of travel restrictions, the numbers are slated to steadily return to normal.
Additionally, an increase in governmental support through investments towards the tourism sector has also been witnessed in the past few years. In 2019, the Canadian government spent over USD 11.4 billion on the tourism industry.
- Rising focus on post pandemic economic recovery
The COVID-19 pandemic has severely affected the North America recreational boating market. Countries across the region saw massive economic disruption in the first half of 2020. Manufacturing units faced numerous challenges due to supply chain disruptions and the gradual decline in the availability of feedstocks and skilled labor. Decreasing spending capacity of consumers was a key contributor to the declining unit shipments of recreational boats during 2020.
However, the tourism sector in the region is estimated to exhibit substantial growth dependent on the global economic recovery in 2021. Notably, government investment in the Canadian tourism sector rose by 56.4% in the third quarter of 2020, which is estimated to massively support the growth of the regional tourism sector.
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- Surging consumer interest in marine recreational activities
An increasing consumer interest in marine recreational activities is creating profitable growth pockets for the North America recreational boating market. A remarkable rise has been recorded in boat club memberships, indicating towards a positive growth impetus for the industry in the coming years.
For instance, in December 2020, Florida-based Freedom Boat Club announced that it was opening its 250th location in the United States. The club had seen a 61% hike in new member signups since 2018. Consequently, a healthy rise in demand for boats from such membership clubs is outlining a lucrative revenue graph for the market through the following years.
Key players in the market include American Sail Inc, Yamaha Motors, Malibu Boats, Grady-White Boats, Brunswick Corporation, and Winnebago Industries.
Browse Related Report:
Europe Recreational Boating Market Size By Engine (Diesel, Gas), By Product (Inboard Boats By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1,000 hp, Above 1,000 hp], Outboard Boats By Type [Center Console, Express Cruiser, Pontoon, Runabout Bowrider, Others], By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1,000 hp, Above 1,000 hp], Inflatables [Below 200 hp, 201 to 500 hp]), Research Report, Country Outlook (UK, Germany, France, Italy, Spain, Norway, Sweden, Finland), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020-2026
https://www.graphicalresearch.com/industry-insights/1701/europe-recreational-boating-market
Asia Pacific Recreational Boating Market Size By Engine (Diesel, Gas), By Product (Inboard Boats By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1,000 hp, Above 1,000 hp], Outboard Boats By Type [Center Console, Express Cruiser, Pontoon, Runabout Bowrider, Others], By Horsepower [Below 200 hp, 201 to 500 hp, 501 to 1,000 hp, Above 1,000 hp], Inflatables [Below 200 hp, 201 to 500 hp]), Research Report, Country Outlook (India, China, Japan, Australia), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026
https://www.graphicalresearch.com/industry-insights/1740/asia-pacific-recreational-boating-market
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
