The global leisure boats market is projected to reach a valuation of USD 78.4 billion by 2032, with sales expected to grow at a steady CAGR of 5.8% from 2022 to 2032. In 2021, the market was valued at USD 42.6 billion and is anticipated to increase to approximately USD 44.6 billion by the end of 2022. The growth of the leisure boats market is being driven by the rising adoption of technologically advanced tools like IoT by manufacturers, as well as the growing popularity of electric boats.
In recent years, there has been a noticeable surge in the popularity and demand for leisure boats. Between 2019 and 2020, boat sales in the U.S., a key market, increased by nearly 40%. The rise in experience-based tourism and events is further bolstering the market, with boat charters and rental outlets seeing significant consumer interest. Global events like the Dubai International Boat Show and races such as the Race to Alaska have gained popularity, attracting high-profile sponsorships and driving demand in the international market.
The integration of advanced technologies by manufacturers is expected to further boost demand. Consumers are increasingly seeking boats equipped with Internet-of-Things (IoT) technology, which is enhancing market appeal in several ways, including improved connectivity for entertainment systems—an essential feature for leisure crafts.
IoT technology offers significant safety and security benefits, which are anticipated to be key drivers of market growth. Through IoT systems, boat owners can monitor their vessel’s overall condition remotely. IoT enables owners to track battery levels, detect possible leaks or water ingress through sensors and alarms, monitor for intrusions, and receive smoke alarm alerts.
Ready to make an informed decision? Contact our sales team to secure your copy of this report and stay ahead of the competition
Additionally, IoT allows boats to connect directly with the marina where they are docked, enabling swift action even if the owner is unreachable or in a remote location. These features, along with other technological advancements, are expected to fuel the growth of the leisure boats market during the forecast period.
Key Takeaways:
- Rising demand for electric boats will strengthen market prospects.
- Europe’s leisure boat market will grow at a CAGR of 5.8%, reaching a value of US$ 19.6 Bn by 2032.
- The leisure boat market in the United States will be a major contributor to market growth by generating an opportunity of US$ 26.3 Bn during the assessment period.
- The diesel propulsion system will gain popularity and register a CAGR of 5.3% during the forecast period.
“Integration of IoT technology, growing popularity of electric boats, and a heightened demand for used boats will likely propel the global growth of the leisure boats market over the forecast period,” – says an FMI analyst.
Competitive Landscape
Avon Marine, Azimut Benetti Group, Baja Marine, Bavaria Yachtbau GmbH, Bombardier Recreational Products Inc., Brunswick Corporation, Chaparral Boats Inc., Catalina Yachts, Farr Yacht Design, Ltd., Ferretti S.P.A., Fountain Powerboats, Inc., Groupe Beneteau, Sunseeker International Limited, Malibu Boats, Marine Product Corporation, MasterCraft Boat Company, Polaris Inc., and Ranger Boats among others are some of the major players in the leisure boats market profiled in the full version of the report.
Leading market players are concentrating on integrating new and advanced technologies into their products. These firms are keen on joint ventures, partnerships, and collaborations to gain a competitive advantage.
Detailed Market Study: Full Report and Analysis
Key Segments Covered in Leisure Boats Industry Survey
Leisure Boats Market by Type:
- New Leisure Boat
- Motorized/Power Boats
- Non-motorized Boats
- Used Leisure Boat
- Motorized/Power Boats
- Non-motorized Boats
- Equipment
- Boat and Yacht Monitoring Solutions
- IoT Sensors
- Telematics Solutions
- Other Equipment
Leisure Boats Market by Propulsion System:
- Diesel
- Gas
- Electric / Hybrid
- Sail Drive
Leisure Boats Market by Region:
- North America Leisure Boats Market
- Europe Leisure Boats Market
- Asia Pacific Leisure Boats Market
- Middle East & Africa Leisure Boats Market
- Latin America Leisure Boats Market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
