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.
The tourism industry has changed drastically over the last few years with the increasing popularity of marine and coastal tourism activities. The world economy is witnessing healthy growth and markets, such as the U.S., are witnessing growth in the per-capita income of the individuals, which, in turn, 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.
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 growing popularity of yachts and the rise in the number of yachting events worldwide are driving the 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 monitoring equipment segment is divided into boat and yacht monitoring solutions, IoT Sensors, telematics solutions, and others. The use of Smartphone apps with IoT facilitates the overall control of the boat through predictive maintenance, emergency alerts, and notifications.
Leisure Boat Regional Outlook
• North America
• Europe
• Asia Pacific
• Latin 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.
Some prominent players in the global 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.
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