Quick Summary:
Exploring the untapped potential of marine and coastal recreation, the global leisure boat market is expected to display remarkable growth, propelled by the booming popularity of marine tourism and the emerging trend of yachting as a leisure activity. As societies weave aquatic experiences into their recreational norms, boat manufacturers landscape is evolving steadily, investing significantly in research and development, to bring to the forefront, leisure boats that deliver unparalleled performance, safety and premium extravagance.
Diving further into the demographics, the millennial and younger generations spearhead this shift in the market dynamics. Driven by their penchant for distinctive leisure experiences and exploratory travels, these age groups are fuelling the demand for leisure boats. Additionally, the progressive growth of the world economy and the rise in individuals' disposable income are also nudging the demand for recreational boats, further paving the way for expansion in the market. Consequently, the surge in the number of High-Net-Worth Individuals (HNWIs) is another notable factor inspiring the market's advancement, as these individuals possess a notable propensity towards expenditure on leisure activities.
The steady embrace of state-of-the-art technology in boat building and the persevering efforts of several governments to endorse tourism activities in their national plan, are additional factors fostering growth in this market. Thus, nations blessed with ample natural resources, such as vast coastlines and significant inland water bodies, are consciously initiating efforts to accentuate recreational boating activities to heighten their economy and tourism portfolios. As such, the leisure boat industry presents immense market potential, spurred forward by the rising global disposable income, embracing aquatic experiences as a norm, and encouraging initiatives by several governments globally.
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 Report Highlights
- Leisure boats are projected to witness a strong growth in demand owing to the initiatives taken by governments worldwide for the development of coastal and marine tourism and the rising disposable income of citizens in emerging economies
- Sports yachts are expected to witness greater demand in developed countries owing to the active participation of people in marine sporting events as well as recreational boating activities
- Boat manufacturers are increasingly organizing boat shows worldwide to attract a greater number of potential boat buyers, and thereby expand their customer base
- By type, the used leisure boat segment held the largest revenue share of over 80.3% in 2022 owing to the prompt and easy availability and relatively lower cost
- North America held the largest revenue share of more than 44.4% in 2022 owing to the greater demand for recreational activities across the region, especially in the U.S.
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Report Attribute | Details |
---|---|
No. of Pages | 120 |
Published | June 2023 |
Forecast Period | 2022 - 2030 |
Estimated Market Value ( USD | $ 42.3 Billion |
Forecasted Market Value ( USD | $ 63.48 Billion |
Compound Annual Growth Rate | 5.3% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |
Table of Contents
Companies Mentioned
- 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.
Methodology
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