The changing dynamics in Ski and Wake Boat Market with covid-19 impact assessment
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 Ski and Wake Boat Market.
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 Ski and Wake Boat Market.
It was estimated prior to this unanticipated outbreak that the Ski and Wake Boat Market will reach US$ 1.94 billion in 2024. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Ski and Wake Boat Market Insights
The performance of recreational boating industry is highly dependent upon the performance of the USA’s market, as the country is the largest demand generator of recreational boats globally. The recreational boat market has been marking positive growth since 2010 and is anticipated to cross the peak figure of 2008 very soon. Major players are resorting to inorganic growth strategies in order to position themselves better in the market, which, in turn, is leading to a greater market concentration.
The global ski and wake boat market size is projected to grow at a healthy rate over the next five years to reach US $ 1.94 billion in 2024 . Increasing number of participants in outdoor activities, growing new powerboat sales, increasing HNWI population, and increased affordability of recreational boats are major growth propellers of the ski and wake boat market.
Ski and Wake Boat Market Share Analysis
Insights by Boat Type
The market is segmented based on boat type as wakeboard boat, wakesurf boat, and ski boat. Wakeboard boat is expected to remain the growth engine of the market during the forecast period. Decrease in fuel prices, attractive boat layout, and new designs of boats are the key factors propelling the demand for wakeboard boats in the industry.
Insights by Type of Hull Material
Based on the hull material type, the market is segmented as fiberglass boats and aluminum boats. Fiberglass boat is likely to remain the larger and the faster-growing segment of the market in the coming five years. The demand for fiberglass boat type is largely driven by the materials' excellent properties such as excellent strength-to-weight ratio, incombustibility, high electrical insulating property, and low susceptibility to moisture.
Regional insights
Based on regions, North America is expected to remain the largest ski and wake boat market during the forecast period with the USA being the growth engine. The country is expected to maintain its supremacy not only in the North American market, but also in the global market as well. All major recreational boat manufacturers have a widespread presence in all the major markets in the USA in order to better penetrate the market. Europe also holds a considerable share in the market with France, Germany, and the UK being the key demand generators in the region. Asia-Pacific is a relatively small market, but will exhibit excellent growth rate in years to come, largely driven by New Zealand, Australia, and China.