Leisure Boat Market Share, Growth Rate, Recent and Future Trends, Opportunities and Leading Manufacturers by Top Segments | Grand View Research, Inc.

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According to a new report published by Grand View Research, The rising disposable income of citizens and flourishing tourism sector in emerging economies, such as Brazil and China, are some of the key factors escalating the market growth.

Leisure Boat Market Growth & Trends

The global leisure boat market size is expected to reach USD 57.92 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.5% from 2021 to 2028. 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 eased restrictions are paving the way to bring the market back on track. Besides, the growing urge among 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. A rise in the number of High-Net-Worth Individuals (HNWIs) 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, in turn, 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.

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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, 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.

Leisure Boat Market Report Highlights   

Leisure boats are projected to witness a strong growth in demand owing to the initiatives taken by the 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 buyers, and thereby expand their customer base
By type, the used leisure boat segment held the largest revenue share of over 76.0% in 2020 owing to the prompt and easy availability and relatively lower cost
North America held the largest revenue share of more than 45.5% in 2020 owing to the greater demand for recreational activities across the region, especially in the U.S.
Key players in the market include Avon Marine; Azimut Benetti Group; Baja Marine; Bavaria Yachtbau GmbH; Bombardier Recreational Products (BRP) Inc.; Brunswick Corporation; Ferretti S.P.A.; and Fountain Powerboats, Inc.

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Leisure Boat Market Segmentation

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

Leisure Boat Type Outlook (Revenue, USD Billion, 2016 – 2028)

New Leisure Boat
Motorized/Power Boats
Personal Watercraft
Outboard Boats
Yachts
Yacht Type
Super Yachts
Flybridge Yachts
Sport Yachts
Long Range Yachts
Others
Yacht Length
Up to 20 ft.
20-50 ft
Above 50 ft.
Other 
Non-motorized Boats
Kayaks
Canoes
Others
Used Leisure Boat
Motorized/Power Boats
Personal Watercraft
Outboard Boats
Yachts
Yacht Type
Super Yachts
Flybridge Yachts
Sport Yachts
Long Range Yachts
Others
Yacht Length
Up to 20 ft.
20-50 ft
Above 50 ft.
Other 
Non-motorized Boats
Kayaks
Canoes
Others
Monitoring Equipment
Boat and Yacht Monitoring Solutions
IoT Sensors
Water Detection Sensors
Voltage Meters
Temperature And Motion Sensors
Others
Telematics Solutions
Others

Leisure Boat Regional Outlook (Revenue, USD Billion, 2016 – 2028)

North America
U.S.
Mexico
Canada
Europe
U.K.
Germany
France
Italy
Sweden
Spain
Asia Pacific
India
China
Japan
Singapore
South Korea
South America
Brazil
Middle East & Africa (MEA)

List of Key Players in the Leisure Boat Market

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.

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