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Recreational Fiberglass Boat Market to Reach US$ 9.5 Billion in 2024, Says Stratview Research
Boating is one of the most dynamic industries in the world and is highly exposed to external economic factors, such as disposable income. Recreational boats are the most popular ones among all types of boats, whose hull is preferably manufactured using two distinct materials: fiberglass and aluminum. Fiberglass boats currently dominate the overall recreational boat market and are even subjected to grow at a higher rate in the foreseen future, driven by their over aluminum boats including corrosion resistance, lightweight, and long life.
The last five years were quite promising with almost recovery of recreational boat sales after the steep decline in 2009 due to economic turmoil; however, the sales in the USA has not yet reached its peak (279,800 boats in 2008 in the USA ) but it is anticipated that the year 2019 would be iconic for the industry as the sales of recreational boats in the USA is likely to cross its peak of 2008.
As per Stratview Research, Continuous increase in new powerboat sales, increasing number of fishing participants, increasing number of outboard motorboat sales, increasing HNWI population, and affordability of recreational fiberglass boats are some of the major growth drivers of the recreational fiberglass boat market.
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In terms of units, . PWC is likely to be the fastest-growing segment during the forecast period, driven by the USA and Canada .
Based on the application type, . Outboard boats are preferably used for fishing use. The , much of this growth is attributed to the excellent growth of PWC.
In terms of region, with the USA being the growth engine. All the major boat manufacturers have their presence in the region to tap the market potential. High outboard activity, especially fishing, is the major driver for the demand for recreational fiberglass boats in the country. Canada is a relatively small market but is likely to witness healthy growth in years to come. Europe also holds a considerable share in the market with France , Germany , Spain , and Sweden being the key demand generators in the region. , propelled by China , Japan , and New Zealand .
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. Development of high-performance and valuable recreational fiberglass boat, setting up or expansion of distribution network in unpenetrated markets, regional expansion, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market.
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights on the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
This report studies the global recreational fiberglass boat market and has segmented the market in four ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the four ways in which the market is segmented:
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