New Jersey, NJ, Sept. 17, 2019 (GLOBE NEWSWIRE) -- The key contributing factors for the growth of Leisure Boat Market are increasing high net worth population and wealth, growing popularity of connected boats and increase in the spending on recreation and tourism activities. The global leisure boat market is expected to grow from USD 38.48 billion in 2018 to USD 56.26 billion by 2026, at a CAGR of 4.20% during the forecast period 2019-2026, according to the new report published by Fior Markets.
A leisure boat is a recreational boat also called a pleasure craft boat primarily used for tourism and pleasure. These boats can have luxurious cabins and accommodation amenities required for living on board. Leisure boats are widely used to have pleasure activities such as outing with family and friends, boating, sailing, campaigning, fishing, and other activities. These boats are made of wood, plastic, aluminium, or coated fabrics. The increasing use of wireless technology and smartphones has enabled the boater to track, monitor, and control the vessel effectively. This has increased the market growth of the leisure boat.
Increasing high net worth population and wealth, growing popularity of connected boats, and increase in the spending on recreation and tourism activities are the key driving factors for the leisure boat market. The water pollution caused by leisure boats and the cost of leisure boats may limit the growth of the market. However, increasing advancements in technologies, introduction of hybrid propulsion system in leisure boats, and initiatives by government and organizations to promote leisure boating in emerging countries is expected to boost the leisure boat market over the forecast period.
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Key players operating in the global leisure boat market are Avon Marine, Azimut Benetti S.p.A., Bombardier Recreational Products (BRP) Inc., Baja Marine, Bavaria Yachtbau GmbH, Brunswick Corporation, Farr Yacht Design, Ltd., Brunswick Corporation, Suzuki Motor Corporation, Zodiac Marine & Pool, Fountain Powerboat Industries Incorporated, General Motors Company, Brunswick Corporation, Bombardier Recreational Products Incorporated, Groupe Beneteau, Platinum Equity, Sealine Attwood, Avon Inflatables, Azimut-Benetti, and Groupe Beneteau among others.
- The Avon Marine, Azimut Benetti S.p.A., Bombardier Recreational Products (BRP) Inc., Baja Marine, Bavaria Yachtbau GmbH, and Brunswick Corporation are the top leading players of the market. These companies are offering greater opportunities and major players are continuously focused on new product developments and venture capital investments to obtain the market share.
- Most of the firms have undertaken measures to work on their product development to better serve the ever rising demand for leisure boat. For instance, in 2019 Brunswick Boat Group, a business unit of Brunswick Corporation, has announced plans for the Brunswick Fiberglass Boat Technology Center (BFBTC), this is the most extensive recreational boat design and technology center in the United States. This is located in Edgewater, Fla, the 45,000- square-foot facility. This will be the home to the industry’s most formidable boat product development team, which has a mission to design, engineer, and launch innovative, industry leading products for two of the most iconic brands in the marine industry-- Boston Whaler and Sea Ray.
Motorized boat segment held the highest market size of around USD 20.46 billion in 2018
Leisure boat type segment includes motorized boat and non-motorized boat. The motorized boat segment held the highest market size of around USD 20.46 billion in 2018 owing to increased use of boats in water sports, growing number of vessel manufacturers, easy financing options made available by manufacturers, and adoption of new technologies.
IoT technologies & electronics segment held the highest market size of around USD 15.16 billion in 2026
Technology segment covers engine & engine controls, IoT technologies & electronics, equipment, others. The IoT technologies & electronics segment held the highest market size of around USD 15.16 billion in 2026. The implementation of IoT technologies, GPS mapping, and smart sensors in boats increases safety and security of the boat. This has further increased the growth rate of the IoT technologies & electronics segment.
Commercial segment is anticipated to hold the largest share of 41.32% during the forecast period
Application segment is categorized into commercial, household, military, and others. The commercial segment is anticipated to hold the largest share of 41.32% during the forecast period owing to increasing customer engagement in leisure activities such as fishing and sailing.
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Wooden boat segment held the highest market size of around USD 15.80 billion in 2018
Material segment is divided into wooden boats, aluminium boats, steel boats, and composite boats. The wooden boats segment valued around USD 15.80 billion in 2018 due to easy availability and less costly.
Regional Segment Analysis of the Leisure Boat Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region dominated the global leisure boat market with USD 15.15 billion in 2018 where as the Europe region held the second dominant position in the market. Increasing customer engagement towards water sports and fishing activities, improving economic conditions and rising disposable income of consumers are factors that led to the growth of leisure boat market in North America region. Europe is second fastest growing region due to the increasing demand of luxury cruisers, rising coastal and maritime tourism, and increasing boating participation by adults.
About the report:
The global leisure boat market is analysed on the basis of value (USD Billion), volume (K Units), consumption (K Units), imports (K Units) and exports (K Units).All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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