The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Recreational Fiberglass Boat Market.
It was estimated prior to this unanticipated outbreak that the Recreational Fiberglass Boat Market will reach an estimated value of US$ 9,538.5 million in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Recreational Fiberglass Boat Market Share Analysis
The USA and Canada have been the pioneer markets for recreational boats for many decades. In 2018, roughly 49 million people were fishing participants in the USA, accounting for approximately 16.5% of the total population of the country. Fishing is the most popular boating activity and 2nd most popular outdoor activity in the USA.
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 of recreational boats in the USA yet not reached its peak sales (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 sales of 2008.
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.
Insights by Type of Applications
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.
Insights 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.
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.
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