Leisure Boat Market Size, Trends To 2030

(MENAFN- Straits Research) A leisure boat is a leisure activity marine vessel primarily used for pleasure and tourism. Sailboats, runabouts, towboats, cabin cruisers, jet boats, and watercraft are popularly motorized or non-motorized recreational boats. People commonly utilize them for boating, sailing, fishing, and campaigning. Since boating allows individuals to enjoy themselves while maintaining a social distance, it has become one of the most popular forms of recreation in various regions and countries, increasing the number of people purchasing boats.
The luxurious and spacious cabins of the leisure boat are constructed from premium materials such as wood, plastic, aluminum, and coated fabrics. In addition, it features advanced propulsion systems and a variety of amenities for overnight guests. Adults' growing interest in boating and rising discretionary income are two factors that have contributed to recreational boating's significant rise in popularity. These factors encourage a broader range of recreational participation, including recreational boating.
The rapid expansion of the tourism industry and the introduction of technologies such as the internet of things and intelligent connected devices are driving the growth of the leisure boat market. Due to the low and affordable prices of various recreational boats, boating has become an increasingly popular pastime. The increasing number of people with significant wealth has led to a rise in money spent on leisure activities. In addition, the expansion of trade shows and boating events and the increase in the number of people participating in these events have significantly contributed to the market's growth.
Market Dynamics
Growing Popularity of Connected Boats to Drive the Market for Leisure Boats
Recreational boat owners are preoccupied with safety and security. When boats are moored and left unattended, particularly during the winter, they risk becoming unmoored and drifting away. To overcome these challenges, boat manufacturers are investing in Internet of Things (IoT) technology to reduce the number of boats that suffer internal damage and sink. The incumbents in the leisure boat market are aggressively adopting new technologies to provide superior products and maintain their competitiveness in light of the market's intensity.
Increasing demand for alternative modes of transportation and lodging also contributes to the growth of the recreational boat market. Diverse forms of recreation have been adopted as a result of individuals' fluctuating spending habits. Recreational boating is gaining popularity as a pastime. People are finding recreational boating to be increasingly enjoyable and exciting. The boating industry is an emerging source of revenue for yacht caterers, clothing stores, chandlers, and boat builders, among others. These factors are anticipated to stimulate market growth.
Regional Insights
By 2030, North America will hold the largest share of USD 28,367 million, growing at a CAGR of 4.2%. North America is home to a significant number of both large and small boat manufacturers. The region is expanding due to the region's high demand for various types of recreational boats. The impact of coronavirus has also increased the number of individuals who participate in boating activities.
According to the NMMA, the number of people purchasing their first boat in 2020 was approximately 415,000. In addition, the COVID-19 outbreak was observed to have a positive impact on the leisure boat market throughout the region, particularly in the United States. According to the region's manufacturers and retailers, there was a significant increase in the number of boats sold after the second quarter of 2020.
Europe will increase swiftly at a CAGR of 5.7% and reach a total value of USD 27,186 million during the forecast period. The significant amount of boat and yacht production in the region is one of the most critical factors contributing to the expansion of the market. It is anticipated that an increase in recreational boating participation will also contribute to the regional market's growth.
In addition, Europe has the most lucrative yachting industry compared to other world regions. The growth of the market is aided by an increase in the number of high-net-worth individuals residing in the area and the number of individuals participating in fishing and other watersports. In addition, the region is renowned for hosting numerous trade shows and recreational boating events, both of which contribute to the regional market's growth.
Key Highlights

The global leisure boat market was valued at USD 42,803 million in 2021. It is expected to expand at a CAGR of 4.7% to reach USD 64,713 million during the forecast period (2022–2030).
In the new leisure boat type, the motorized segment will hold the largest share of USD 11,190 million at a CAGR of 5.2% by 2030.
In the used leisure boat type, the motorized segment will hold the largest share of USD 42,318 million at a CAGR of 4.5% during the forecast period.
In the equipment type, the boat and yacht monitoring solutions segment is estimated to reach USD 1,872 million at a CAGR of 6.4% by 2030.

Competitive Players in the Global Leisure Boat Market
Significant players in the leisure boat market are

Avon Marine
Yamaha Motor Co. Ltd.
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.

Market News

In 2022, Azimut Benetti Group launched a 67-meter custom yacht M/Y "Calex,” designed for a Californian owner.
In 2022, Bavaria Yachtbau GmbH premiered its new BAVARIA SR36 at the Palma International Boat Show.
In 2021, Azimut Benetti Group unveiled the first B. Now 50M with a length of 50, 58, 66 and 72 meters.

Global Leisure Boat Market: Segmentation
By Type

New Leisure Boats

Motorized: Personal Watercraft, Outboard Boats (Pontoon Boat and Others), Yachts (Superyacht, Flybridge Yacht, Sport Yacht, Long-Range Yacht, and Others), and Others
Non-Motorized: Kayaks, Canoes, and Others


Used Leisure Boats

Motorized: Personal Watercraft, Outboard Boats (Pontoon Boat and Others), Yachts (Superyacht, Flybridge Yacht, Sport Yacht, Long-Range Yacht, and Others), and Others
Non-Motorized: Kayaks, Canoes, and Others


Equipment

Boat and Yacht Monitoring Solutions
IoT Sensors (Water Detection Sensor, Voltage Meter, Temperature and Motion Sensor, and Others)
Telematics Solutions
Others



By Regions

North America
Europe
Asia-Pacific
South America
The Middle East and Africa

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