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North American Recreational Boating Market Revenue to Garner $35 Bn by 2026

Author : Ronak Bora | Published Date : 2021-08-27 

The North America recreational boating market is expected to consolidate its growth projections through the coming years. There is a gradual increase in the popularity of water sports, such as surfing, powerboating, and water skiing, across the region.

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.

Fueled by such favorable scenarios, the North America recreational boating market is likely to surpass a valuation of USD 35 billion by 2026.

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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 recreational boating market, 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 North America 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. 

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.

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Key players in the market include American Sail Inc, Yamaha Motors, Malibu Boats, Grady-White Boats, Brunswick Corporation, and Winnebago Industries.

Table of Contents (ToC) of the report:

Chapter 1   Methodology and Scope

1.1    Research methodology

1.2    List of data sources

1.2.1    Secondary

1.2.2    Primary

Chapter 2   Market Snapshot

2.1    North America recreational boating market snapshot

Chapter 3   North America Recreational Boating Trends

3.1    Industry coverage

3.2    Industry size, 2016 – 2026

3.3    Impact of COVID-19 pandemic

3.4    Value chain analysis

3.4.1    Company product snapshot

3.5    Innovation landscape

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Market drivers

3.7.2    Market restraints

3.8    Industry analysis - Porter's

3.9    Competitive benchmarking, 2019

3.9.1    Strategy dashboard

3.10    PEST analysis

Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1641/north-america-recreational-boating-market

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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