The Global Leisure Boat Market size is expected to reach $61.7 billion by 2030, rising at a market growth of 5.2% CAGR during the forecast period.
Yacht offers a cozy and luxurious setting for people and families to enjoy holidays, weekend getaways, or day outings. Therefore, the yacht segment acquired $16,795.3 million revenue in 2022. Two elements that have significantly increased the popularity of recreational boating are the growing adult fascination with boating and the rising levels of disposable money. Furthermore, customers are choosing boats that are equipped with IoT (Internet of Things) technologies more frequently. As a result, it can enhance the connectivity of boat entertainment systems, which is crucial for recreational vehicles.
A yacht operator can remotely monitor battery levels, potential leaks or water entering the boat using water detectors and bilge alarms, potential incursions, and smoke alarms using these IoT systems. The market will rise in the next years due to more technological advancements making boats safer against damage and accidents. Some of the factors impacting the market are Expanding tourism sector raising the demand, Significant growth prospects to be opened up in untapped marketplace due to online availability, and Leisure boats' effect on the environment.
The market has expanded significantly, especially considering the booming tourism sector. The market has demonstrated tremendous potential over the previous ten years, with particular product categories like pontoons, cruises, and water sports boats recording significant sales growth. Sales of second-hand boats and personal watercraft have also surged, giving consumers and businesses that lease seasonal equipment an opportunity to offer memorable vacations. The online market for boat development has significantly changed how leisure boats are sold. Before now, boat manufacturers mainly sold their products at boat fairs and dealerships, restricting their reach to particular geographic areas. The global expansion of online boat sales has given manufacturers access to new markets. As a result, the market is expected to develop due to the increase in demand for pontoons and water sports boats and demand for boats on online marketplaces.
However, boating-related activities, including inappropriate and improper fueling, organizing, and repair, as well as irresponsible maintenance, provide environmental dangers by deteriorating water quality and harming animals & marine habitats. Releases of oil and fuel can harm marine ecosystems, affect marine life, and deteriorate water quality. Pollution standards and limitations severely restrict worldwide demand for leisure boats. The market must comply with these standards as the emphasis on sustainability and environmental conservation grows to ensure long-term growth and reduce environmental impact.
On the basis of type, the market is segmented into new leisure boat and used leisure boat. In 2022, the used leisure boat segment dominated the market with the maximum revenue share. This is supported by the fact that a second-hand boat may be acquired very fast, eliminating the need for a longer delivery timetable. These are usually less expensive since the value has declined due to prior ownership and usage. The fact that old boats can sometimes remain in good condition and available for purchase encourages consumers to choose them.
Based on product, the market is classified into motorized, and non-motorized. The non-motorized segment recorded a remarkable revenue share in the market in 2022. Non-motorized leisure boats are gaining popularity as environmental conservation concerns increase because of their low ecological impact. These boats don't require fuel-powered engines, which reduce noise and carbon dioxide emissions, allowing users to enjoy along with not effecting the environment.
Under the motorized type, the market is further segmented into personal watercraft, outboard boats, yacht, and others. In 2022, the yacht segment registered the highest revenue share in the market. A yacht is a boat used for both leisure and sports. Yachts usually come with facilities and equipment for a variety of water sports. Jet skis, water skis, wakeboards, paddleboards, snorkeling, and diving equipment may all fall under this.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 41.4 Billion |
| Market size forecast in 2030 | USD 61.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 5.2% from 2023 to 2030 |
| Number of Pages | 213 |
| Number of Table | 340 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Product, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share in the market. The region has experienced increased boat sales due to the economy's recovery from the recent recession and the accessibility of appropriate financing. Additionally, the regional market is being driven by the United States' growing demand for recreational boats. Boating and cruising are two examples of marine leisure pursuits that are becoming increasingly popular in the United States. The boat has experienced increased sales in North America, particularly in Florida, California, and New York.
Free Valuable Insights: Global Leisure Boat Market size to reach USD 61.7 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Bombardier Recreational Products (BRP) Inc., Brunswick Corporation, Marine Products Corporation (Chaparral Boats, Inc.), Ferretti S.p.A., Avon Marina, Azimut Benetti Group, Fountain Powerboats Group (Iconic Marine Group), Bavaria Yachtbau, Farr Yacht Design Ltd. and Sunseeker International (Wanda Group).
By Product
By Type
By Geography
The Market size is projected to reach USD 61.7 billion by 2030.
Expanding tourism sector raising the demand are driving the Market in coming years, however, Leisure boats' effect on the environment restraints the growth of the Market.
Bombardier Recreational Products (BRP) Inc., Brunswick Corporation, Marine Products Corporation (Chaparral Boats, Inc.), Ferretti S.p.A., Avon Marina, Azimut Benetti Group, Fountain Powerboats Group (Iconic Marine Group), Bavaria Yachtbau, Farr Yacht Design Ltd. and Sunseeker International (Wanda Group).
The expected CAGR of this Market is 5.2% from 2023 to 2030.
The Motorized segment acquired the maximum revenue in the Market by Product in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $54 billion by 2030.
The North America market dominated the Market by Region in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $26.1 billion by 2030.
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