a new report on "Recreational Boating" which gives which gives the growth and the demand for Recreational Boating Market.
Online PR News – 04-June-2010 – – Recreational Boating to 2014
US demand to rise more than 12% annually through 2014
US demand for recreational boating products -- including boats and separately sold propulsion systems and accessories -- saw an extremely sharp downturn in 2008 and 2009. Sales fell by more than half in value terms over the two-year period, as consumers cut spending on luxury items and financial firms tightened lending requirements. The market is expected to grow sharply from the depressed 2009 level, increasing more than 12 percent annually to $11.4 billion in 2014. Gains will be supported by strong growth in disposable personal income and an expected loosening in credit markets. In addition, the market will benefit from above average population growth in the 55-64 age bracket, which is a key end user of large, highpriced recreational boating products. Industry efforts to increase interest in boating among women, minorities and other nontraditional boat buyers will also support demand. ( http://www.bharatbook.com/detail.asp?id=141401&rt=Recreational-Boating.html )
Market to remain below 2004 levels through 2019
Despite the positive factors, the gains in the market will not be sufficient to recover to demand levels seen before the 2008 and 2009 downturns. For instance, demand for recreational boating products is expected to remain below the 2004 level for much of the next decade in value terms and the number of new boats purchased will not reach the 2004 level even by 2019. Demand will be limited by the expense of boating, including high prices for gas, slips and boat storage. In addition, growth will be restrained by the increasing share of the population that is retired and therefore may have to live on fixed incomes that may not allow them to purchase new boats. Also, while the industry will attempt to reach out to nontraditional demographic sectors, especially faster growing groups such as minorities and immigrants, many people in these groups do not yet see themselves as part of the “boating lifestyle” and thus often choose other leisure activities.
Demand for boats to exhibit strongest recovery
Demand for boats will see the strongest recovery, following especially sharp declines in 2008 and 2009, with growth rebounding 15 percent per annum to $8 billion in 2014. Among the various types of boats, the large powerboat segment will post the strongest gains, rising more than 17 percent annually. However, like the overall market, neither powerboats nor the larger boat segment will recover to pre-decline levels. The powerboat segment will benefit from the ease of operation, as well as technological advances such as pod drive propulsion systems and increasingly sophisticated electronic packages that can not only improve the performance and maneuverability of the boat, but also raise the initial purchase price.
Southern region, especially Florida, to grow the fastest
Of the four US Census regions (Northeast, Midwest, South and West), the South offers the best prospects for growth due in large part to factors such as warmer climate and above average population growth of those age 45 and older. On a statewide basis, Florida will continue to account for the largest share of recreational boating demand in 2014, and is also expected to post the fastest gains following extremely rapid declines in 2008 and 2009. California, Texas, North Carolina and New York are also important boating product markets.
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