The global leisure boats market is anticipated to reach a valuation of US$ 78.4 Billion by 2032, with sales growing at a moderate CAGR of 5.8% from 2022 to 2032. Valued at US$ 42.6 Billion in 2021, the target market will likely reach an estimated US$ 44.6 Billion by the end of 2022. Rising adoption of technologically advanced tools like IoT by market manufacturers coupled with growing popularity of electric boats will propel the growth of the leisure boats market during the forecast period.
The past few years have registered a surge in the popularity and demand of leisure boats. During 2019 to 2020, boat sales in the US, a major contributor to the market growth, rose nearly 40%. The rise of experience-based events and tourism is further fostering the market, with boat charters and renting outlets observing immense volumes of consumers. Boat shows such as the Dubai International Boat Show, and races like the Race to Alaska, are increasingly popular around the globe; and the high-profile sponsorships being brought in these events are generating greater demand in the international market.
Moreover, integration of technologically advanced tools by market manufacturers is predicted to amplify the demand. More and more consumers are opting for boats that are able o harness the Internet-of-Things (IoT) technology. IoT technology is intensifying market demand in numerous ways including enhancing the connectivity of entertainment systems in boats, which is crucial in leisure crafts.
Application of IoT technology provides safety and security benefits which is expected to be a primary growth driver of the target market. With the help of these IoT systems, a boat owner can the boat’s overall condition from remote locations. A boat owner can utilize IoT to gain knowledge of battery levels, possible leaks or water entering the boat through water detectors and bilge alarms, possible intrusions, and smoke alarms.
IoT technology also provides option of connecting directly to the marina a boat may be docked at, so as to take action even when owners are unreachable or away at remote locations. All of these considerations, in addition to many others, fuel the growth of the leisure boats market 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.
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.
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.
More Insights into Leisure Boats Market Report
In its latest report, FMI offers an unbiased analysis of the global leisure boats market, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (new leisure boats (motorized/ power boats, non-motorized boats), used leisure boats (motorized/ power boats, non-motorized boats), equipment (IoT sensors, boat and yacht monitoring systems, telematics solutions, other equipments)), propulsion system (diesel, gas, electric/ hybrid, sail drive), and region.
According to the latest FMI reports, based on segmentation, the diesel propulsion system segment will continue to gain popularity during the forecast period. Diesel is around 20% more efficient than a gasoline engine and retains a greater torque at low RPMs. This segment will likely grow at a CAGR of 5.3% during 2022-2032.
Based on region, the leisure boat market in Europe will exhibit tremendous growth during 2022-2032. The market in this region will expand at a CAGR of 5.8%, generating a market value of US$ 19.6 Bn. This growth can be attributed to the presence of an expanding and well-established boating industry in this region. In terms of contributions to the overall leisure boat market growth by individual countries, the United States will remain the biggest contributor to the rising target market demand. The leisure boat market in the U.S. is anticipated to grow at a CAGR of 5% and reach a value of US$ 26.3 Bn by the end of 2032.
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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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