Leisure Boat Market Forecast: Growth, Technology, and Design Innovations
The global leisure boat market size is expected to reach USD 63.48 billion by 2030, registering a CAGR of 5.3% during the forecast period, according to a new report by Grand View Research, Inc. The growth is driven by the increasing popularity of marine and coastal tourism, as well as the growing inclination toward yachting as a recreational activity. As more and more people seek unforgettable experiences on the water, manufacturers are investing in research and development to provide boats that offer unmatched performance, safety, and luxury.
Further, the rising popularity of leisure trips and visiting unexplored destinations by millennials and younger generations are propelling the market growth. Although the ongoing COVID-19 pandemic has been a major hindrance to the industry’s growth, the gradual re-opening of economies and the upliftment of restrictions are paving the way to bring the market back on track. Additionally, the growing urge among people to involve themselves in leisure activities in the post-lockdown period presents bright opportunities for the market over the forecast period.
The tourism industry has undergone significant changes in recent years due to the increasing popularity of marine and coastal tourism activities. As per the research conducted by GVR, coastal and marine tourism represents at least 50% of total global tourism and constitutes the largest economic sector for most small island nations and coastal economies. The world economy is witnessing healthy growth, and markets such as the U.S. are witnessing growth in the per-capita income of individuals, which has resulted in a rise in the disposable income of consumers. Moreover, there has been a rise in the number of High-Net-Worth Individuals (HNWIs), which is expected to drive consumers to spend more on leisure activities, thus boosting demand for recreational boats.
The increasing number of boat shows and water sporting events are attracting a large number of boaters worldwide. The leading manufacturers are sponsoring boat shows and events, which is enhancing the popularity of leisure boats. North America is poised to remain the most prominent region in terms of revenue generation during the forecast period. The rising demand for recreational watercraft is driven by factors such as improving economic conditions and the rising disposable income of consumers in the region. The U.S. is anticipated to witness significant growth over the forecast period. Demand in the country is majorly driven by factors such as the increasing number of high-net-worth individuals and the growing popularity of water sports and fishing activities.
Furthermore, there are changes taking place in boat building, such as the adoption of IoT technology that enables appliances, physical structures, vehicles, smartphones, wearable devices, and heavy equipment to be connected to each other, while facilitating an exchange of information through a single network. The connected boat provides enhanced safety, security, and accuracy, while also improving the efficiency of the boat by digitalizing and optimizing various functions.
Measures taken by various governments to promote tourism activities in their countries are also boosting market growth. Countries with rich natural resources, such as vast coastlines and large inland water bodies, are undertaking initiatives to promote recreational boating activities to increase their tourism business. Countries such as the U.S. have a vast coastline, a highly developed infrastructure, and a large population that participates in leisure boating activities, thus opening new growth opportunities for the market. Additionally, the French government is encouraging yacht manufacturers by providing them support in various forms, thus enabling them to invest in expanding their yacht maintenance and construction capacities.
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
- Personal Watercraft
- Outboard Boats
- Yacht
- Others
- Non-motorized
- Kayaks
- Canoes
- Others
Leisure Boat Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Singapore
- South Korea
- South America
- Brazil
- Middle East & Africa
Key Players in the Leisure Boat Market
- 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.
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