More Information @ https://bit.ly/2yauPLN Rising disposable income has resulted in increased travel and tourism activities across the globe, primarily driving the industry growth.
Global Recreational Boating Industry Statistics, Analysis & Forecast To 2024: Global Market Insights, Inc. The Latest Research Report on “Recreational Boating Market”, Europe will grow significantly, exhibiting more than 5% CAGR over the next eight years owing to high production, resulting in increasing product exports. Moreover, availability of skilled and cost-effective labor force will propel the recreational boating market growth in the region. Recreational Boating Market to surpass USD 230 billion by 2024; according to a new research report by Global Market Insights, Inc. North America recreational boating market will account for highest volume share of over 50% by 2024. Well established marine industry along with rising number of boating participants in countries such as U.S. and Canada will primarily support the regional dominance. Moreover, presence of established industry participants across the region will further contribute towards the high revenue generation. Travel and tourism activities have witnessed an upsurge across the globe owing to increased disposable income, majorly contributing to the industry revenue generation over the forecast timeframe. These boats are increasingly being used in various leisure activities such as motorized water sports, campaigning, sailing, and boat racing. This has resulted in increased production, further propelling the recreational boating market share from 2017 to 2024. Continuous improvement in economic conditions, specifically in developing countries has led to increased expenditure on fun & leisure activities. High preference of consumers owing to provision of the benefits such as incorporation of high-end and advanced features in these boats, will positively influence the industry growth. Furthermore, continuously ageing boat fleet is likely to instigate the demand for advanced outboard engine boats, further strengthening the product penetration. However, lack of financial access coupled with export barriers owing to high tariffs, will pose a threat to recreational boating market participants over the next eight years. 1 | P a g e