Recreational Fiberglass Boat Market to grow beyond US$ 9,538.5 million by 2024
February 17, 2020
Recreational Fiberglass Boat Market Overview:
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.
Report Overview:
This strategic assessment report on the Recreation Fiberglass Boat Market is based on the rigorous study of more than 50 boat manufacturers located worldwide. The report identifies the current as well as estimates the future penetration of fiberglass boats in various recreational boat types in order to understand the current and future potential of recreational fiberglass boat in the boating industry. The report provides a complete market assessment for the trend period of 2013 to 2018 and the forecast period of 2019 to 2024. It also provides a panoramic view of competitive landscapes. The report is constructed with the purpose to list down all the crucial market insights for the market participants for making the effective decision making.
Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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Recreational Fiberglass Boat Market Segment Insights:
Outboard boat: The growth engine
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.
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Dominance of: The Fishing Boat Segment
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.
A highly/moderately/fragment consolidated Market
The supply chain of this market comprises raw material suppliers, component suppliers, recreational fiberglass boat manufacturers, distributors, and end users. Some of the key recreational fiberglass boat manufacturers are Groupe Beneteau, Brunswick Corporation, White River Marine Group, Bombardier Recreational Product Inc., Malibu Boats, Marine Products Corporation, Mastercraft, Kawasaki, and Yamaha Motor Company Ltd. 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 key players to gain a competitive edge in the market.
Regional Hegemony of North America
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.
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