Recreational Fiberglass Boat Market Size to reach US$ 9,538.5 million in 2024
January 31, 2020
The next five years for the recreational fiberglass boats seem vigorous with attractive growth opportunities across the world. It is anticipated that the global recreational fiberglass boat market size is projected to depict a healthy growth over the next five years to reach an estimated value of US$ 9,538.5 million in 2024. Continuous increase in new powerboat sales, an increasing number of fishing participants, an increasing number of outboard motorboat sales, increasing HNWI population, and affordability of recreational fiberglass boats are major growth drivers of the recreational fiberglass boat market.
Another factor drawing a consequential interest in the market is an increasing number of merger & acquisition activities in the past couple of years, leading to a greater market concentration. Major boat manufacturers own a large number of brands and have keenly been acquiring other brands in order to gain a larger chunk of the market. For instance, Malibu acquired Cobalt and Pursuit Boats in 2017 and 2018, respectively. Similarly, in 2017, acquisition of Nauticstar, LLC by Mastercraft.
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Recreational Fiberglass Boat Market Insights:
By Boat Type:
The global recreational fiberglass boat market is segmented based on boat type as outboard boats, inboard/sterndrive boats, PWC, and others. In terms of units, the outboard boat segment is likely to remain the most dominant segment over the next five years, whereas, in terms of value, the inboard/sterndrive boat segment is likely to remain the dominant segment in the market over the same period. PWC is likely to be the fastest-growing segment during the forecast period, driven by the USA and Canada.
By Application Type:
Based on the application type, the recreational fiberglass boat market is segmented as fishing, watersports, sailing, and others. The fishing boat segment is likely is expected to remain the largest segment of the global recreational fiberglass boat market. Outboard boats are preferably used for fishing use. The watersports segment is likely to be the fastest-growing application type in the market over the next five years, much of this growth is attributed by the excellent PWC’s growth.
By Power Type:
Based on the power type, the recreational fiberglass boat market is segmented as engine-powered boats and sail-propelled boats. The engine-powered boat is expected to remain the larger as well as the faster-growing segment of the global recreational fiberglass boat market over the next five years. All the major boat types, such as outboard, inboard/sterndrive, and PWC, are powered by the engine only. Sail-propelled boat type is also likely to witness healthy growth in years to come.
By Region:
Based on the regions, North America is expected to remain the largest recreational fiberglass boat market during the forecast period with the USA being the growth engine. The USA is not only the largest market in North America but also the largest market in the world. 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. It is estimated that these above-mentioned economies will continue to drive the region’s demand for recreational fiberglass boats in the coming five years.
Asia-Pacific currently holds a diminutive share of the global recreational fiberglass boat market but is subjected to grow at the highest rate in the coming five years, propelled by China, Japan, and New Zealand. Out of these economies, China is likely to witness the highest growth over the next five years.
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