Reportlinker.com announced that a new market research report on the global recreational boating industry shows the global market is expected to slowly grow during the next few years.
According to Lucintel research, in 2009 the global pleasure boat market shipment was $18.21 billion. The market was forecast to drop to $18.16 billion in 2010, a marginal drop attributable to uncertainty and slow recovery in the global economy.
The global boat market is expected to grow to $27.8 billion by 2015, with a compounded annual growth rate of 8.9 percent during the next five years (2010-2015), according to this new research from Lucintel.
“The Europe and Asia Pacific region will provide the future growth for the boat market, as sales will be bolstered by continued economic growth in these regions,” according to a statement from Reportlinker.com. “In the boating industry there is ongoing shift in product mix toward larger and expensive boats.”