- At $3 billion, Florida has largest U.S. recreational marine market
- Projected to grow 6.5 percent over the next six years
- Victory Marine to build its own boats and trailers to target Florida market
A recent report shows why Victory Marine Holdings Corp. (OTC: VMHG) looks shipshape as it sails into Florida’s $3 billion recreational marine market. Compiled by industry analysts at Global Market Insights, the report (http://nnw.fm/s8PJd) forecasts that the “recreational boating market share in the U.S. will surpass $28.5 billion by 2024.” The drivers of this market expansion can be traced to the rise in disposable income, as the economy grows, and the application of cutting-edge technologies that are making moderately priced pleasure craft as à la mode as more luxurious models. Consumer behavior is playing a part, too. “Rising usage of boats for tourism, leisure, and water sport activities such as kayaking, river rafting, sailing, and racing are expected to significantly enhance the production of pleasure crafts & boats, in turn propelling U.S. recreational boating industry size.”
As Florida is the state with the largest recreational marine market in the U.S., the industry in the Sunshine State is set to float on the rising tide, as is Victory Marine, which has its operations there. Victory Marine markets pleasure craft on behalf of top manufacturers. The company plans to be doing the same for its own proprietary designs soon. Victory Marine is also moving into…
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