Leisure Boat Market Forecasts by Global Industry Analysis Report 2030

Leisure Boat Market Growth & Trends

The global leisure boat market size is expected to reach USD 67.27 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2023 to 2030. The increasing popularity of marine and coastal tourism, coupled with the growing inclination toward yachting as a recreational activity, is a primary factor driving the market. Although the ongoing Covid-19 pandemic has proved to be a major hindrance for the market, the gradual re-opening of the economies and upliftment of restrictions are paving the way to bring the market back on track. Besides, the growing urge among the masses to involve in leisure activities in the post-lockdown period further presents bright opportunities for the market over the forecast period.

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

Market Segmentation:

Grand View Research has segmented the leisure boat market report based on type (New Leisure Boat, Used Leisure Boat, Equipment).

Based on Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

North America dominated the market in terms of revenue and accounted for more than 44.8% share of the global revenue in 2022.

The resurgence in the economy post the economic recession, coupled with the availability of affordable credit in the regional market, is resulting in a higher number of boat sales in the region. Besides, the rising demand for recreational watercraft in the U.S. is driving the regional market. The U.S. is witnessing the increasing popularity of marine recreational activities, including boating and cruising. From the overall North American market, the U.S. alone held a share of 58.5% in 2022 owing to the rising boat sales in Florida, California, and New York.

The European market is expected to expand at the highest CAGR in the forecast period.

Surging demand for recreational boats in various countries, including the U.K., France, Germany, Italy, and Spain, is estimated to propel the growth of the regional market. Increasing participation of people in recreational boating activities is also projected to bolster the growth of the regional market. Furthermore, rising recreational boating events and trade shows hosted by manufacturers are supplementing the growth of the market in Europe.

Asia Pacific is anticipated to witness significant growth in the forecast period.

Asia Pacific is anticipated to witness significant growth in the forecast period owing to the major steps taken by the governments of several countries in the region for the development of tourism activities. The market in China is likely to exhibit the highest CAGR of 6.5% in the forecast period. The growth of the market in the country can be attributed to the abundance of water resources, such as the vast coastline, inland lakes, and rivers. Moreover, measures taken by the Government of China to promote yachting as a leisure activity are estimated to trigger the demand for recreational watercraft in the country.

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Key Companies

The key players in the global leisure boat market include – Avon Marine; Azimut Benetti S.p.A.; Baja Marine; Bavaria Yachtbau GmbH; Bombardier Recreational Products (BRP) Inc.; Brunswick Corporation; Farr Yacht Design, Ltd.; Ferretti S.P.A; and Fountain Powerboats, Inc.

In the leisure boating industry, the “gentleman’s agreement” exists whereby firms respect one another’s market niches and follow a “live and let live” strategy. The industry in several countries, like the U.S., has formed an association that deals with issues, such as competition and unwanted behaviors, within the industry. This reduces competition and rivalry within the industry, making the companies operate in a friendly manner. They are focused to provide better and quality leisure to customers. In a bid to strengthen their position in the market, manufacturers adopt strategies, including new portfolio expansion and strategic partnerships and collaborations.

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.

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