North America Recreational Boating Market to grow at 5.5% CAGR from 2020 to 2026: Graphical Research North American Recreational Boating Market size is predicted to surpass USD 35 billion by 2026, according to a latest forecast report by Graphical Research. Strong focus on strategic partnerships and collaborations by market players is supporting the industry growth. Increasing participation in water sports activities, such as powerboating, surfing, and water skiing, is augmenting the demand for recreational boats in North America. According to a report presented by the National Marine Manufacturers Association in 2020, an average of over 12.4 million residents of Canada engages in pleasure boating every year. Recreational boating adds USD 5.6 billion to Canada's GDP with over USD 10 billion in revenues.
A steady growth in the tourism industry in the U.S. and Canada will create growth opportunities for the market. As per the data published by StatCan, in 2019, Canada recorded 22.1 million international tourists compared to 21.1 million in 2018. Similarly, growing support by the government authorities in terms of investments in the tourism industry will improve the recreational boating market statistics. The Canadian government spent USD 11.4 billion on tourism in 2019. Government investments in tourism in Canada increased by 56.4% in the third quarter of 2020. The outbreak of COVID-19 has severely impacted the North America recreational boating market. The countries in the region faced massive economic disruption during the first two quarters of 2020. Manufacturing units witnessed several challenges owing to a steady decline in the availability of skilled labor and raw materials. Disruptions in the supply chain and demand losses decreased the recreational boat sales during the pandemic. The inflatable boat segment will witness a steady growth during the forecast period. These boats are witnessing an increase in demand from applications such as scuba diving excursions, rescue operations, and water sports. These recreational boats are available in a wide variety of models including inflatable kayaks, rubber rafts, rescue boats, and lifeboats. Factors, such as low initial adoption cost and economic operations, will support the industry expansion. Prominent players in the market are Yamaha Motors, Winnebago Industries, Grady-White Boats, American Sail Inc, Malibu Boats, and Brunswick Corporation. These players focus on new product launches to enhance their product portfolio. For instance, in January 2019, Yamaha launched its new F375 XTO outboard model, which aids in enhanced performance of a wide range of boat sizes. This aided the company to enhance its products with features such as Direct Injection fuel delivery system and electric steering.
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Browse key industry insights from this 2020 report North America Recreational Boating Market in detail along with the table of contents at https://bit.ly/33HoKUQ
https://bit.ly/2PYyIhBhttp://bit.ly/3kDAn6V Segmentation of North America Recreational Boating Market:
North America Market, By Product •
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Inboard boats • By horsepower • Below 200 hp • 201 to 500 hp • 501 to 1000 hp • Above 1000 hp Outboard boats • By type • Center console • Express cruiser • Pontoon • Runabout bowrider • Others • By horsepower • Below 200 hp • 201 to 500 hp • 501 to 1000 hp • Above 1000 hp Inflatables • By horsepower • Below 200 hp • 201 to 500 hp
North America Market, By Engine • •
Diesel Gas
The above information is provided on country basis for the following: • •
U.S. Canada
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