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The Leisure Boat Market size is forecast to increase by USD 22.93 billion, at a CAGR of 5.58% between 2023 and 2028. Several factors play a crucial role in the market's growth, including increasing customer engagement in marinas and recreational boating activities. The demand for outboard powerboats is also on the rise, driven by their versatility and ease of use. Additionally, technological integration in leisure vessels, such as advanced navigation systems and improved safety features, is enhancing the overall boating experience. These elements collectively contribute to the market's expansion, highlighting the importance of innovation and customer interest in driving growth within the recreational boating industry. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The market is experiencing a significant rise in demand, with key players such as Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Fountain Powerboats, Malibu Boats, and others leading the way. These companies offer a range of boat options catering to various budgets and boating enthusiasts. The Gen-Z category is particularly driving growth in the market, with a preference for IoT, AI, and smart sensors in their boats. Independent dealers and service providers play a crucial role in the market, ensuring the maintenance and repair of boats' engines, which can run on diesel or other fuels. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing customer engagement in marinas and recreational boating activities is the key factor driving the market. The leisure boat market experiences significant growth due to increased consumer participation in marinas and recreational boating activities. Further, independent dealers and service providers offer equipment and maintenance services.
In addition, the Gen-Z category and IoT, AI, and smart sensors enhance the boating experience. Third-party vendors provide used and new leisure boats, motorized boats, and yachting services. The competitive landscape includes manufacturers of recreational boats, GPS navigation systems, onboard entertainment, tourism, and the rising international tourist market. The industry also explores autonomous marine technology.
Introduction of hybrid propulsion system in leisure boats is the primary trend shaping the market. The market is facing a significant environmental challenge with emissions from motorized boats. To mitigate this issue, prominent players such as Greenline Yachts and Fountaine Pajot have introduced hybrid-powered boats. Greenline Yachts launched the Greenline 48 Coupe in April 2021, while Fountaine Pajot unveiled the MY4.S power catamaran in September 2021. These boats feature hybrid propulsion systems, which enable engines to operate in electric and diesel modes, offering greater fuel efficiency and cost savings. Key industry players include Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Ferretti, Fountain Powerboats, Groupe Beneteau, Sunseeker International, Malibu Boats, Marine Product, MasterCraft Boat, Polaris, Ranger Boats, and others.
Additionally, the competitive landscape is dynamic, with manufacturers focusing on innovative technologies like IoT, AI, smart sensors, GPS tracking, and onboard entertainment. Third-party vendors provide essential services and equipment, including diesel engines, to the industry. The Gen-Z category is driving the demand for autonomous marine vehicles and rising international tourism. Recreational boating activities continue to be popular, with new and used leisure boats in high demand. GPS navigation systems and yachting remain key sectors within the market.
High total cost of ownership of leisure boats is the major challenge that affects the market expansion. The market is comprised of renowned manufacturers like Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Ferretti, Fountain Powerboats, Groupe Beneteau, Sunseeker International, Malibu Boats, Marine Product, MasterCraft Boat, Polaris, Ranger Boats, and others, has seen a significant rise in average retail selling prices since 2020, growing at approximately 5% per year. This trend has led to a 0.32% decrease in unit sales in the US market.
Moreover, the market also includes independent dealers, service providers, and third-party vendors offering equipment, diesel engines, and IoT, AI, and smart sensors for enhanced recreational boating activities. The competitive landscape features new and used leisure boats, motorized and non-motorized options, yachting, and tourism. Rising international tourist interest and the advent of autonomous marine technology further shape the market. Manufacturers continue to innovate with onboard entertainment, GPS navigation systems, and advanced boat engines.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The leisure boat accessories segment is estimated to witness significant growth during the forecast period. The market encompasses revenue generated from the sales of accessories for recreational boats. Key players in this sector include Bombardier Recreational, Brunswick, Chaparral Boats, Catalina Yachts, Farr Yacht Design, Ferretti, Fountain Powerboats, Groupe Beneteau, Sunseeker International, Malibu Boats, Marine Product, MasterCraft Boat, Polaris, Ranger Boats, and engine manufacturers like Diesel. Independent dealers and service providers offer equipment such as digital throttles, GPS systems, fishing equipment, marine batteries, safety equipment, special apparel, seating, and storage parts.
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The leisure boat accessories segment was the largest segment and was valued at USD 26.95 billion in 2018. Furthermore, the Gen-Z category and IoT, AI, smart sensors, and GPS tracking are driving innovation in this market. Recreational boating activities, such as fishing and sailing, are on the rise, with third-party vendors catering to both new and used leisure boats. The competitive landscape includes motorized leisure boats, yachting, onboard entertainment, tourism, and the emerging trend of autonomous marine technology. The US, with its 11.96 million registered recreational boats, is the leading market, followed by Europe. Manufacturers of recreational boats continue to innovate, with companies like Ferretti, Sunseeker International, and Farr Yacht Design leading the competitive landscape.
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North America is estimated to contribute 58% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Boating enthusiasts in North America are increasingly opting for renting or chartering boats rather than owning one, leading to a surge in demand for leisure boats. This trend is particularly prominent in the US and Canada, which are the primary markets for leisure boats in the region.
Additionally, budget-conscious individuals appreciate the flexibility and affordability that boat rentals offer. Advanced technology, such as remote controls and digital dashboards, are enhancing the boating experience and contributing to market growth. Trade barriers between the US and Canada may impact the market dynamics, but the overall outlook for the market, including yachts and outboards, remains positive.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is a significant sector within the Recreational industry, encompassing various types of watercraft designed for pleasure and relaxation. Boats range from small, personal watercraft like kayaks and canoes, to larger vessels such as yachts and motorboats. Brands like Brunswick, Chaparral, and Marine offer a variety of boats for different uses. Powerboats, like those produced by Powerboats and Motors, are popular for their speed and versatility. As marine and coastal tourism continues to gain momentum, the leisure boating sector finds itself at a pivotal juncture, impacted by both traditional and emerging trends. With the pandemic reshaping travel preferences, there's a notable surge in interest in leisure boating, particularly for individuals seeking safer and more secluded vacation options. For businesses in this sector, capitalizing on this momentum requires a nuanced approach.
Moreover, while used leisure boats offer affordability and immediate availability, investing in new leisure boat models caters to the demand for modern amenities and eco-friendly features. The competitive landscape is dynamic, with trade barriers posing challenges for international tourist markets. The autonomous marine sector is also gaining traction, offering innovative solutions for the future of leisure boating. In conclusion, the market is a thriving industry, with major players offering advanced technology and innovative designs to cater to the evolving needs of consumers. The market is expected to continue growing, driven by rising international tourist demand and technological advancements. Additionally, the rise of Used leisure boat and motorized leisure boat presents an opportunity to tap into the growing segment of adventure seekers and thrill enthusiasts.
Further, by strategically balancing offerings between used and new leisure boats, as well as embracing innovations in motorized options, businesses can carve a sustainable path toward growth in the dynamic landscape of marine and coastal tourism. Additionally, sunsense and Groupe Beneteau cater to those seeking sailing experiences. Boats are used for various activities, including fishing, cruising, and water sports. Indoor and outdoor events, like boat shows, provide opportunities for potential buyers to explore their options. Engaging marketing strategies, such as social media campaigns and partnerships with dealerships, help reach a wider audience. The market is expected to grow, driven by increasing disposable income and a growing appreciation for water-based leisure activities.
Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.58% |
Market Growth 2024-2028 |
USD 22.93 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.21 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 58% |
Key countries |
US, Italy, Canada, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Volvo, Azimut Benetti SpA, Baja Marine, BPS Direct LLC, Bavaria Yachtbau GmbH, Bombardier Recreational Products Inc., Brunswick Corp., Carnival Corp. and Plc, Catalina Yachts, Correct Craft Holding Co. LLC, Dalian Wanda Group, Groupe Beneteau, Iconic Marine Group, Mahindra and Mahindra Ltd., Malibu Boats Inc., Marine Products Corp., MasterCraft Boat Holdings Inc., Polaris Inc., WeiChai Holding Group Co. Ltd., and Yamaha Corp. |
Market dynamics |
Parent market analysis, market report, market forecast, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Propulsion
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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