Boating is one of the most dynamic industries in the world and is highly exposed to external economic factors, such as disposable income. Recreational boats are the most popular ones among all types of boats, whose hull is preferably manufactured using two distinct materials: fiberglass and aluminum. Fiberglass boats currently dominate the overall recreational boat market and are even subjected to grow at a higher rate in the foreseen future, driven by their over aluminum boats including corrosion resistance, lightweight, and long life.
The global recreational fiberglass boat market 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, increasing number of fishing participants, increasing number of outboard motorboat sales, increasing HNWI population, and affordability of recreational fiberglass boats are some of the major growth drivers of the recreational fiberglass boat market.
In terms of units, outboard boat 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 in the same period.
Based on the application type, fishing boat is expected to remain the largest segment of the 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.
In terms of region, North America is expected to remain the largest recreational fiberglass boat market during the forecast period with the USA being the growth engine. 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. 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.
Post time: May-19-2021