Leisure Boat Market Growth & Trends
The global leisure boat market size is expected to reach USD 57.92 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.5% from 2021 to 2028. The increasing popularity of marine and coastal tourism, coupled with the growing inclination toward yachting as a recreational activity, is a primary factor driving the market. Although the ongoing Covid-19 pandemic has proved to be a major hindrance for the market, the gradual re-opening of the economies and eased restrictions are paving the way to bring the market back on track. Besides, the growing urge among masses to involve in leisure activities in the post-lockdown period further presents bright opportunities for the market over the forecast period.
The tourism industry has changed drastically over the last few years with the increasing popularity of marine and coastal tourism activities. The world economy is witnessing healthy growth and markets, such as the U.S., are witnessing growth in the per-capita income of the individuals, which, in turn, has resulted in a rise in the disposable income of consumers. A rise in the number of High-Net-Worth Individuals (HNWIs) is expected to drive consumers to spend more on leisure activities, thus boosting demand for recreational boats.
The increasing number of boat shows and water sporting events are attracting a large number of boaters worldwide. The leading manufacturers are sponsoring boat shows and events, which, in turn, is enhancing the popularity of leisure boats. North America is poised to remain the most prominent region in terms of revenue generation during the forecast period. The rising demand for recreational watercraft is driven by factors such as improving economic conditions and the rising disposable income of consumers in the region. The U.S. is anticipated to witness significant growth over the forecast period. Demand in the country is majorly driven by factors such as the increasing number of high-net-worth individuals and the growing popularity of water sports and fishing activities.
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Furthermore, there are changes taking place in boat building, such as the adoption of IoT technology that enables appliances, physical structures, vehicles, smartphones, wearable devices, and heavy equipment to be connected, while facilitating an exchange of information through a single network. The connected boat provides enhanced safety, security, and accuracy, while also improving the efficiency of the boat by digitalizing and optimizing various functions.
Leisure Boat Market Report Highlights
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Leisure Boat Market Segmentation
Grand View Research has segmented the global leisure boat market based on type and region:
Leisure Boat Type Outlook (Revenue, USD Billion, 2016 – 2028)
Leisure Boat Regional Outlook (Revenue, USD Billion, 2016 – 2028)
List of Key Players in the Leisure Boat Market
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