According to the research report titled ‘U.S. Recreational Boating Market Size By Product (Inboard Boats, Outboard Boats, Inflatable, Sail Boats, Personal Watercrafts), By Power (Engine-Powered, Man-Powered, Sail Propelled), Industry Analysis Report, Country Outlook (Florida, Minnesota, Michigan, California, Wisconsin, Texas, New York, South Carolina, Ohio, North Carolina), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024’, available with MarketStudyReport, U.S. recreational boating market is anticipated to witness a robust growth rate over the forecast timeframe 2018-2024.
 

Rising consumer spending on nautical tourism and leisure activities are the primary factors driving the U.S. recreational boating market growth. Increasing participation in water sports activities including kayaking, canoeing, fishing is also expected to expand the industry remuneration scope over the projected timeframe.
 

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Moreover, rising government support with introduction of multiple incentives, such as Boating Infrastructure Grant by United States Fish & Wildlife Service, for the promotion of excursion boating will positively influence the market outlook.
 

On the downside, increasing incidence of accidents and high initial costs of boats may hamper industry development in the upcoming years, claims the study.
 

Based on product type segmentation of the U.S. recreational boating industry, outboard boats are poised to account for more than 71% of total revenue by 2024, owing to easy maintenance, increased cockpit space, and enhanced maneuvering capabilities of these watercrafts.
 

Moving on to power, engine powered boats are slated to witness 4% CAGR through 2026, due to growing demand for PWCs (personal watercrafts), inboard boats, and outboard boats in the region.
 

Considering the regional scope, Florida recreational boating market is touted to generate USD 3 billion in revenues over the forecast timeframe. Rising consumer trust in adopting such boats, and stringent laws mandating installation of safety equipment are driving the market growth in this state. Additionally, boat exhibitions held across the state to promote next-generation technologies will boost the revenue further.
 

Speaking of the competitive landscape, Bavaria Yachtbau GmbH, Groupe Beneteau, Azimut-Benetti Group, Brunswick Corporation, American Sail Inc., Princess Yachts Limited, MacGregor Yacht Corp., Hobie Cat Co., Marlow Hunter, LLC, Mahindra & Mahindra Ltd., and Catalina Yachts are some major players in U.S. recreational boating business sphere.