Leisure Boat Market, 58% of Growth to Originate from North America, Technavio

NEW YORK, June 3, 2024 /PRNewswire/ -- The global leisure boat market size is estimated to grow by USD 22.93 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 5.58% during the forecast period.

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Region Outlook

1. North America
2. Europe
3. APAC
4. South America
5. Middle East and Africa

1. North America - North America is estimated to contribute 58%. to the growth of the global market. The Leisure Boat Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.  The geographic landscape of the leisure boat market is marked by the presence of various manufacturers and service providers.

Notable entities include Farr Yacht Design, Ferretti, Sunseeker International, and Malibu Boats. These companies cater to diverse segments, with Farr Yacht Design focusing on high-performance sailboats, Ferretti on luxury yachts, Sunseeker International on motorized leisure boats, and Malibu Boats on the Gen-Z category. Independent dealers and third-party vendors play a crucial role in the market, offering new and used leisure boats to boating enthusiasts.

Brands like Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Groupe Beneteau, and MasterCraft Boat Co. dominate the scene. The competitive landscape is shaped by factors like budgets, boat options, and technological advancements. Motorized leisure boats are increasingly popular, with onboard entertainment systems, GPS navigation, and tourism driving demand. Rising international tourism and the advent of autonomous marine technology are further boosting the market.

Manufacturers are leveraging IoT, AI, smart sensors, and GPS tracking to enhance the boating experience. Diesel engines are a common power source, while companies like Polaris and Ranger Boats offer alternatives with electric and hybrid options. Trade barriers, however, pose challenges to market growth. Overall, the leisure boat market is a dynamic and evolving landscape, driven by innovation and consumer preferences.

The leisure boat market experiences consistent growth, driven by increasing consumer interest in water activities and leisure time. Boaters seek comfort, convenience, and affordability in their vessel choices. Manufacturers respond by offering a diverse range of boats, from small inflatables to luxury yachts. Industry trends include the integration of technology for improved safety and entertainment features. The market's future looks promising, with ongoing advancements in design and functionality.

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Segmentation Overview

1. Product 
• 1.1 Leisure boat accessories
• 1.2 Leisure boat motors
• 1.3 Leisure boat building
2. Propulsion 
• 2.1 Diesel
• 2.2 Gas
• 2.3 Hybrid
• 2.4 Sail drive
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Fastest growing segment:

The leisure boat accessories market encompasses sales of items like remote controls, GPS systems, fishing equipment, marine batteries, safety equipment, apparel, seating, and storage parts. In 2023, the US sold approximately 260,000 recreational boats, with over 3,500 accessory manufacturers. Growth is driven by increased leisure activity participation, particularly in fishing and sailing. The US is the leading market, followed by Europe. Australia, with around 1 million registered leisure boats, is a significant market for paddle craft, sailing dinghies, and personal watercraft. Accessory demand rises with new and used boat sales, fueling the global leisure boat market.

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Research Analysis

The leisure boat market is experiencing a significant rise, fueled by the increasing number of international tourists and the Gen-Z category's growing interest in boating. Recreational boats, including those from Brunswick, Bombardier Recreational, Chaparral Boats, Catalina Yachts, and others, cater to various budgets. Independent dealers and service providers play crucial roles in the industry, ensuring the maintenance and repair of boats' equipment, such as engines, powered by Diesel.

The competitive landscape is shaped by boat options ranging from Farr Yacht Design's luxury yachts to Fountain Powerboats' high-performance models. IoT, AI, and smart sensors are transforming the industry, with autonomous marine technology on the horizon. However, trade barriers may pose challenges to market growth.

Market Overview

The leisure boat market refers to the production, sales, and rental of boats for recreational purposes. Boats in this market range from small inflatables to large yachts. The market is driven by factors such as increasing disposable income, growing tourism industry, and a desire for water-based activities. The market is segmented into various categories based on boat type, size, fuel type, and propulsion type.

Popular boat types include sailboats, powerboats, and catamarans. The market is also witnessing the trend of electric and hybrid boats due to growing environmental concerns. The market is expected to grow at a significant rate in the coming years, with key regions including Europe, North America, and Asia Pacific.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio