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.
Gather more insights about the market drivers, restrains and growth of the Global 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. 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.
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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Leisure Boat Market Segmentation
Grand View Research has segmented the leisure boat market report based on type and region:
Leisure Boat Type Outlook (Revenue, USD Million; 2017 – 2030)
- New Leisure Boat
- Motorized/power boats
- Non-motorized boats
- Used Leisure Boat
- Motorized/power boats
- Non-motorized boats
Leisure Boat Regional Outlook (Revenue, USD Million; 2017 – 2030)
- North America
- Asia Pacific
- South America
- Middle East & Africa
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.
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