The Leisure Boat Market: Charting the Course

Leisure Boat Industry Overview

 

The global leisure boat market size was valued at USD 42.30 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The rising disposable income of citizens and the flourishing tourism sector in emerging economies, such as Brazil and China, are some of the key factors escalating market growth.

 

Furthermore, the growing participation of people in recreational and competitive boating activities worldwide is estimated to provide an upthrust to the growth. Besides, advancements in technologies leading to the introduction and adoption of connected boats are projected to fuel growth over the forecast period. The market consists of boat manufacturers, engine manufacturers, independent dealers, service providers, and equipment manufacturers.

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

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.

 

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 connect. Moreover, the integration of such technologies aids owners to improve boat safety and security, thereby increasing their inclination toward surfing into deep waters.

 

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 has 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 over the forecast period.

 

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• The global light-duty truck steering system market size was estimated at USD 1.42 billion in 2023 and is projected to grow at a CAGR of 2.2% from 2024 to 2030. The market growth is primarily driven by the increasing demand for light-duty trucks in various industries such as logistics, construction, and agriculture.

• The global automotive active safety system market size was estimated at USD 13.86 billion in 2023 and is expected to grow at a CAGR of 18.2% from 2024 to 2030. In the automotive industry, active safety involves Advanced Driving Assistance Systems (ADAS) that aid drivers in minimizing the severity of accidents or preventing them by managing braking, steering, and propulsion.

Leisure Boat Market Segmentation

 

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

Leisure Boat Type Outlook (Revenue, USD Million, 2017 – 2030)

• New Leisure Boat
• Used Leisure Boat

Leisure Boat Product Outlook (Revenue, USD Million, 2017 – 2030)

• Motorized
o Personal Watercraft
o Outboard Boats
o Yacht
o Others
• Non-motorized
o Kayaks
o Canoes
o Others

 

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

• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Spain
• Asia Pacific
o China
o Japan
o India
o Singapore
o South Korea
• South America
o Brazil
• Middle East & Africa

 

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Key Companies profiled:

• 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.