Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Marinas in the US - Industry Research Report" report has been added to ResearchAndMarkets.com's offering.
The outbreak of COVID-19 positively impacted marinas, as consumers eager to spend time outside were buying and renting boats in greater numbers. In the early stages of the pandemic, boating was an activity with low risks of exposure, pushing more people toward it when other entertainment facilities closed. Greater disposable income and leisure time inflated demand for marinas, but a spike in the price of oil in 2021 and 2022 caused revenue to nose-dive. In the last few years, revenue contracted at a CAGR of 1.8% to $6 billion, including a rise of 0.5% in 2024 alone.
Market share concentration for the Marinas industry in the US is low, which means the top four companies generate less than 40% of industry revenue. The average concentration in the Arts, Entertainment, and Recreation sector in the United States is 26%.
Industry Statistics and Trends
- Marinas lost revenue over the last five years thanks to volatile costs and lack of investments. Marinas did not face major pandemic-related losses, as the limitations imposed by the pandemic on other entertainment industries did not impact demand for boating.
- The ages of boat owners have grown among the younger and older markets. Young adults purchase more boats and retirees engage in more boating activities, attracting consumers to marinas.
- Customers like to store their boats near their homes. Marinas located near metropolitan areas benefit from proximity to boat owners.
- Many boat owners like to store their boats close to home. Marinas look to set operation near densely populated areas to reach a broader customer base.
The pandemic resulted in higher boat ownership
Water sports were social distancing-friendly activities, meaning that people could do them during the pandemic with a lower risk of exposure.
Mental health benefits attract new consumers
Outdoor activities have proven to be extremely beneficial for mental health. Boating requires people to remain outside for extended periods of time, forcing them to be in the sun and providing them with significant amounts of vitamin D.
Improving economic conditions will allow for positive momentum
Boats have become highly popular following the pandemic, increasing the number of boats being built and sold. This will turn into a growing need for storage and maintenance services provided by marinas.
Limited locations keep large marinas in check
Marinas benefit from being near metropolitan areas, as boat owners like to store their boats near their homes.
Report Scope:
- Market Estimates from 2014-2029
- Competitive Analysis, Industry Segmentation, Financial Benchmarks
- Incorporates SWOT, Porter's Five Forces and Risk Management Frameworks
Key Topics Covered:
About this Industry
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
Industry at a Glance
Industry Performance
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
Products & Markets
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
Competitive Landscape
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
Major Companies
Operating Conditions
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
Key Statistics
- Industry Data
- Annual Change
- Key Ratios
Jargon & Glossary
For more information about this report visit https://www.researchandmarkets.com/r/bem20e
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