Leisure Boat Market Is Driven By Rising Disposable Income Of Citizens In Emerging Economies

Leisure Boat Industry Overview

The global leisure boat market size is expected to reach USD 64.08 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.73% from 2022 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.

Leisure Boat Market Segmentation

Grand View Research has segmented the leisure boat market report based on type and region:

Based on the Type Insights, the market is segmented into New Leisure Boat, Used Leisure Boat and Equipment.

• The used leisure boat segment accounted for over 76.5% share of the global revenue in 2021. The large share of this segment is attributed to the fact that the used boat can be procured relatively quickly, thereby eliminating a higher delivery timeline.
• The used boat segment is further divided into motorized and non-motorized boats. The non-motorized boat segment is expected to expand at the highest CAGR over the forecast period owing to factors such as the increasing use of kayaks and canoes in adventurous water sports as well as low prices of non-motorized boats.
• The new leisure boat segment is anticipated to witness considerable growth in the forecast period. Factors including the increasing adoption of advanced technologies, such as smart sensors, Artificial Intelligence (AI), and the Internet of Things (IoT), and the availability of flexible financing options offered by boat manufacturers are fueling the growth of the new leisure boat market.
• The new leisure boat segment is also divided into motorized and non-motorized boats. The motorized boat segment is expected to capture the largest market share over the forecast period. The motorized segment is further divided into personal watercraft, outboard boats, yachts, and others.
• The non-motorized boat segment is categorized into kayaks, canoes, and others. The non-motorized segment is primarily driven by the increasing usage of outboard boats and yachts, which are mainly used in recreational activities. The growing popularity of yachts and the rise in the number of yachting events worldwide are driving the market.
• The monitoring equipment segment is anticipated to expand at a CAGR of 6.6% over the forecast period. The monitoring equipment segment is divided into boat and yacht monitoring solutions, IoT Sensors, telematics solutions, and others.

Leisure Boat Regional Outlook

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

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.

Some prominent players in the 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.

Order a free sample PDF of the Leisure Boat Market Intelligence Study, published by Grand View Research.