According to the report by Expert Market Research (EMR), the global leisure boat market size is projected to grow at a CAGR of 5.1% between 2024 and 2032. Aided by the growing advancements in boat manufacturing technology, the market is expected to grow significantly by 2032.
Leisure boats, also known as pleasure crafts, are primarily used for personal recreation and sports activities. The market encompasses a wide range of boat types, including yachts, sailboats, personal watercraft, and inflatables. The rising popularity of marine and coastal tourism, coupled with the increasing disposable incomes and the pursuit of leisure activities, drives the global demand for leisure boats.
The leisure boat market growth is significantly influenced by the increasing disposable incomes and changing lifestyle preferences towards luxury and leisure activities. The affluent class, particularly in developing economies, is showing a growing interest in maritime leisure activities, thereby boosting the market for high-end leisure boats.
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Advancements in boat manufacturing technology, such as the incorporation of IoT (Internet of Things) for enhanced navigation and safety features, are making leisure boats more appealing to consumers. The integration of eco-friendly technologies, like electric propulsion systems, is also gaining traction, aligning with the global shift towards sustainability.
The burgeoning marine tourism industry is a significant catalyst for the leisure boat market demand. Destinations offering boating and yachting experiences are witnessing increased footfall, subsequently driving the demand for leisure boats.
The North American region dominates the market, attributed to its well-established boating culture and the presence of numerous lakes and coastal areas conducive to boating activities. However, the Asia-Pacific region is expected to witness the fastest growth, due to the rising economic affluence and growing interest in leisure boating in countries like China, Japan, and Australia.
As per the leisure boat market analysis, there is a growing opportunity for innovation in boat design, focusing on eco-friendliness, efficiency, and luxury features. Hybrid and electric boats are expected to gain popularity, offering a sustainable alternative to traditional gasoline-powered boats.
The trend towards digitalisation and smart technologies, such as AI-assisted navigation and automated docking systems, is expected to revolutionise the leisure boating experience, making it safer and more accessible to a broader audience.
Leisure Boat Market Segmentation
The market can be divided based on type and region.
Market Breakup by Type
- New Leisure Boat
- Motorised
- Non-Motorised
- Used Leisure Boat
- Motorised/ Power Boat
- Non-Motorised Boat
- Monitoring Equipment
- Boat and Yacht Monitoring Solutions
- IOT Sensors
- Telematics Solutions
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Leisure Boat Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global leisure boat market. Some of the major players explored in the report by Expert Market Research are as follows:
- Azimut Yachts Montenegro
- Baja Marine
- Bavaria Yachtbau GmbH
- Ferretti Group
- Brunswick Corporation
- Fountain Powerboats
- Others
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