Wilmington, Delaware, United States, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2022, the Leisure Boat global market was valued at approximately US$ 47.7 Billion, and it is projected to experience a consistent CAGR of 3.89% from 2023 to 2031. By the year 2031, the market is expected to reach a noteworthy valuation of US$ 67.2 Billion.
The cost of buying and maintaining boats is becoming more affordable as people's levels of wealth rise, which is increasing the demand for recreational watercraft. The sorts of boats as well as features that are in demand are being influenced by demographic changes, such as an elderly population with more leisure time or the advent of millennials as well as Generation Z with differing leisure tastes. Manufacturers modify their product lines to satisfy the shifting tastes of different client segments.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 47.7 Bn | |
| Estimated Value | US$ 67.2 Bn | |
| Growth Rate - CAGR | 3.89% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 220 Pages | |
| Market Segmentation | Propulsion, Battery, Passenger Capacity, Technology, Motor Type, Ownership | |
| Regions Covered | North America Europe Asia Pacific Middle East & Africa South America | |
| Companies Covered | Avon Marine,Azimuth Benetti Group,Baja Marine,Bavaria Yachtbau GmbH,Ferretti Group,Brunswick Corporation,Yamaha Motor Co.,Fountain Powerboats,Bombardier Recreational Products, Inc.,Tesla,Akasol AG,Rolls-Royce plc,Polaris, Inc.,Ranger Boats,MasterCraft Boat Company,Malibu Boats,Sunseeker International Limited,Andaman Boatyard,Boote Marian GmbH,Canadian Electric Boat,Duffy Electric Boat Company,Boeing,Grove Boats SA,Leclanche,Misty Harbor Boats,Naviwatt,Tamarack, others | |
Key Findings of the Market Report
- The category of fuel-operated boats led the global market in terms of propulsion in 2022.
- According to ownership, it is predicted that the commercial sector would hold a significant portion of the worldwide market throughout the projection period.
- In 2022, North America led the global industry.
Market Trends for Leisure Boat
- During the projected period, the commercial sector is expected to hold a significant portion of the worldwide market. Professional captains, staff members, and tour guides are frequently present on commercial pleasure boats. They are in charge of running the vessel and giving guests a first-rate experience. Businesses, tour operators, hotels, or other commercial organizations that offer the general public boating-related activities own and operate these vessels.
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Global Leisure Boat Regional Market Outlook
Various reasons are propelling the growth of the leisure boat market in different regions. They are:
- In 2022, North America dominated the market globally. The area, especially the United States, had a sizable market for recreational boats. The United States has a unique boating culture because to its long coastline and numerous lakes and rivers. It has a robust market for a variety of boats, from modest fishing boats to opulent yachts. California, Florida, and the Great Lakes are popular boating locations.
- Yachting and boating have a long history in Europe, especially in the nations that border the Mediterranean Sea, including France, Spain, Italy, and Greece. Sailboat competitions and luxurious yachts are common in the Mediterranean.
- The recreational boat market is thriving in Northern European nations including the United Kingdom, Germany, and the Scandinavian countries, with a concentration on sailing as well as cruising in coastal waters.
Global Leisure Boat Market: Key Players
Leading leisure boat manufacturers anticipate profiting from the creation of strategic agreements with other international businesses. Boat manufacturers, dealers, agents, marinas, and other boating-related service businesses are significant players in the leisure boat market.
Ranger Boats, MasterCraft Boat Company, Malibu Boats, Sunseeker International Limited, Andaman Boatyard, Boote Marian GmbH, Canadian Electric Boat, Duffy Electric Boat Company, Boeing, Grove Boats SA, Leclanche, Misty Harbor Boats, Navantia, Polaris, Inc., Yamaha Motor Co., Fountain Powerboats, Bombardier Recreational Products, Inc., Tesla, Akasol AG, Rolls-Royce plc, Polaris, Inc.
Some developments by the key players in the global market for Leisure Boat are:
- With a release for sale scheduled for later in 2023, Mercury Marine, an affiliate of Brunswick Corporation, stated in July 2023 that it has started serial manufacture of its new 20e as well as 35e Avator electric propulsion systems. At the Consumer Electronics Show (CES), Mercury unveiled its inaugural electric propulsion product, the acclaimed Avator 7.5e, and started shipping it to dealers all over the world. The world's top company in maritime propulsion and pleasure is Brunswick Corporation.
- The first of its type and regarded as the most efficient Azimuth Benetti Group design to date, the Seadeck line of hybrid motor yachts for families was introduced in March 2023. The yacht's innovative technology allows for a 40% reduction in emissions. In actuality, Seadeck is the first line of boats, ranging in size from 60' up, to use Volvo hybrid propulsion as well as onboard energy-saving and emissions-reduction technologies.
- Bombardier Recreational Products, Inc. that building of a new boat manufacturing facility in Chihuahua City, Mexico, will commence marked an important step in the company’s marine strategy in January 2023 with the announcement. BRP wants to expand its production capacity and capabilities with this project in order to fulfill the demand for its maritime goods and support corporate expansion.
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Global Leisure Boat Market Segmentation
- Propulsion
- Fuel Operated Boats
- Electric Boats
- Solar Power Electric Boats
- Fuel Operated Boats
- Battery
- Lead Acid Battery
- Lithium-ion Battery
- Nickel based Battery
- Others
- Lead Acid Battery
- Passenger Capacity
- Up to 4
- 4 to 12
- More than 12
- Up to 4
- Technology
- Manually Operated
- Autonomous
- Manually Operated
- Motor Type
- Brushed Motor
- Brushless Motor
- Brushed Motor
- Ownership
- Commercial
- Privately Owned
- Commercial
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America
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