Leisure Boat Market to Grow at Steady Rate till 2030

Posted on 2022-05-26 by researchinsights in Automotive // 0 Comments

Leisure Boat Industry Overview

The global leisure boat market size was valued at USD 42.57 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.73% from 2022 to 2030. .

The rising disposable income of citizens and flourishing tourism sector in emerging economies, such as Brazil and China, are some of the key factors escalating the market growth. Furthermore, the growing participation of people in recreational and competitive boating activities worldwide is estimated to provide an upthrust to market growth. Besides, advancements in technologies leading to the introduction and adoption of connected boats are projected to fuel market growth over the forecast period. The market consists of boat manufacturers, engine manufacturers, independent dealers, service providers, and equipment manufacturers.

The market is expected to pose promising growth prospects throughout the forecast period owing to the combination of factors such as the multitude of investments made, and research undertaken by the prominent players in the industry to develop and upgrade their portfolios. Manufacturers are also focusing on developing modern boat layouts to attract the interest of customers, especially in the Gen-Z category. Additionally, the growing awareness among customers regarding the benefits offered by integrating technologies in conventional boats is expected to fuel market growth in the coming years. Manufacturers are increasingly integrating advanced technologies, such as IoT, AI, and smart sensors, into the boats for providing users with features, such as GPS tracking, automatic controls, and smart connections. Moreover, the integration of such technologies aids owners to improve boat safety and security, thereby increasing their inclination toward surfing into deep waters.

Gather more insights about the market drivers, restrains and growth of the Global Leisure Boat market

Recreational boating activities are gaining popularity among tourists owing to the increasing number of boating events and trade shows hosted in different parts of the world. Growing marine and coastal tourism have significantly attracted tourists from numerous countries across Europe and North America. Additionally, Asia Pacific countries such as China and Australia are witnessing new growth opportunities in the market owing to the increasing per capita income of people in these countries. The rising demand for recreational boating in countries, including Japan, China, and Australia, is further propelling the regional market growth.

The measures taken by the governments of various countries for the development of marine tourism have boosted the growth of the market. Initiatives such as increasing investments in the tourism industry, developing infrastructure, and changing regulations are expected to have a positive impact on the tourism industry in the coming years. Outboard boats and yachts are widely used by boaters for personal boating activities across the world and the trend is expected to continue in the forecast period.

COVID-19 has taken a toll on the tourism sector worldwide with complete restrictions imposed on international travel. The entire supply chain was disrupted in the first two quarters of 2020 with several manufacturing plants closed and businesses experiencing a labor shortage. The COVID-19 also had an impact on the exports and imports leading to the shortage of equipment and sub-assemblies required for boat building. This consequently led to significant waiting times for new customers as manufacturers were focused on ensuring the product deliveries of pending orders. Along with the sales of boats, the revenue generated through services also took a hit as small third-party vendors had to shun their businesses due to the financial crisis arising out of lockdown restrictions. However, the gradual movement toward re-opening the economies, coupled with the prolonged restrictions on the movement of people, has resulted in developing an urge among the individuals to indulge themselves in recreational activities. Therefore, the market is anticipated to recover slowly in the forecast period.

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Sailboat Market – The global sailboat market size was valued at USD 5.84 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 2.4% from 2021 to 2028. The growth can be attributed to continuous research and development initiatives and a rise in the number of virtual trade shows.
U.S. Recreational Vehicle (RV) Awnings Market – The U.S. recreational vehicle awnings market size was estimated at USD 1.20 billion in 2017 and is expected to register a CAGR of 4.2% from 2018 to 2025. Increasing demand for and sale of the product on account of the rising affinity of U.S. consumers for outdoor recreational activities, including camping, is expected to boost market growth over the forecast period.

Leisure Boat Market Segmentation

Grand View Research has segmented the global leisure boat market based on Type, and region:

Leisure Boat Type Scope (Revenue, USD Billion; 2017 – 2030)

New Leisure Boat
- Motorized/Power Boats
  - Personal watercraft
  - Outboard boats
  - Yachts
    - Yacht Type
      - Super Yachts
      - Flybridge Yachts
      - Sport Yachts
      - Long Range Yachts
      - Others
    - Yacht Length
      - Up to 20 ft.
      - 20-50 ft
      - Above 50 ft.
    - Other
  - Non-motorized boats
    - Kayaks
    - Canoes
    - Others
  - Used Leisure Boat
    - Motorized/Power Boats
      - Personal Watercraft
      - Outboard Boats
      - Yachts
        
        Yacht Type
        
        Super Yachts
        
        Flybridge Yachts
        
        Sport Yachts
        
        Long Range Yachts
        
        Others
        
        Yacht Length
        
        Up to 20 ft.
        
        20-50 ft
        
        Above 50 ft.
        
        Other
      - Non-motorized Boats
        
        Kayaks
        
        Canoes
        
        Others
      - Equipment
        
        Boat and Yacht Monitoring Solutions
        
        IoT Sensors
        
        Water Detection Sensors
        
        Voltage Meters
        
        Temperature And Motion Sensors
        
        Others
        
        Telematics Solutions
        
        Others

Leisure Boat Regional Outlook (Revenue, USD Billion; 2017 – 2030)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Market Share Insights

July 2020, Azimut Benetti Group announced the launch of a new yacht model under the Magellano collection.
July 2020, Bavaria Yachtbau GmbH announced the launch of Bavaria Vida 33, the first-day cruiser with an outboard engine.

Key Companies profiled:

Some prominent players in the global leisure boat market include

Avon Marine
Azimut Benetti Group
Baja Marine
Bavaria Yachtbau GmbH
Bombardier Recreational Products (BRP) Inc.
Brunswick Corporation
Chaparral Boats, Inc.
Farr Yacht Design, Ltd.
Ferretti S.P.A.
Fountain Powerboats, Inc.

Order a free sample PDF of the Leisure Boat Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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