Leisure Boat Market

Analysts at GMI Research estimates that the Leisure Boat Market  was worth USD 17,144 million in 2022, and forecast to touch USD 28,587 million in 2030, growing at a CAGR of 6.6% from 2023-2030.

Leisure Boat Market Overview

A leisure boat is a recreational boat that is often used for tourism and pleasure purpose. This type of boat has luxurious cabin and accommodation amenities. The global leisure boat market covers various types of boats, including new leisure boats (Motorized, Yachts) and used leisure boats.

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Major Leisure Boat Market Drivers

The factors driving the global Leisure Boat market include the growing disposable income of the citizens and the expansion of the tourism sectors in developing countries such as Brazil and China. Moreover, the continuous advancements in technologies and the increasing adoption of connected boats is further surging the market growth over the coming years. The leading manufacturers are emphasizing on developing modern boat layouts to cater to the changing interest of customers, particularly in the Gen-Z category. In addition to this, the rising awareness among the customers related to the various advantages offered by the integration of the technologies in the conventional boats is further contributing to the market growth. The leading players are implementing advanced technologies, including IoT, Artificial Intelligence, and smart sensors for offering the users with features such as GPS tracking, among others.

The recreational boating activities are becoming popular among the tourist due to the growing number of boating events and trade shows hosted in various parts of the world. Moreover, the continuous growth in marine and coastal tourism is further surging the market growth over the coming years. There has been an increase in the focus of the government to develop marine tourism, which is further contributing to the market growth.  Additionally, the increasing number of boat clubs and membership is surging the leisure boat sales over the coming years. In 2020, The Freedom Boat Club, a part of the Brunswick Corporation, opened its 250th location in the US.

Restraint in the Leisure Boat Market

However, the high maintenance and ownership cost related to the leisure boats are the major factors that are hampering the market growth.

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Type – Segment Analysis

Based on the type, the used leisure boat segment is projected to grow at a higher CAGR during the forecast period. This is mainly since the used boat can be procured relatively quickly, thus reducing the high delivery timeline. Moreover, the used boats remain functional and ready-for-sale and have lower prices, which is encouraging the users to opt for used boats. In addition to this, the growing usage of kayaks and canoes, particularly in adventure water sports, is further supporting the market growth. On the other hand, the new leisure boat segment is anticipated to dominate the market during the forecast period. This is attributed to the growing adoption of advanced technologies such as smart sensors, AI, and the IoT, along with the availability of flexible financing options are increasing the demand for new leisure boats.

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Regional – Segment Analysis:

Based on the region, North America region is expected to grow at a higher CAGR during the forecast period. The increasing demand for recreational watercraft in the US, is a major factor that is surging the regional market growth. Moreover, the US is experiencing an increase in the popularity of marine recreational activities such as boating and cruising. Moreover, the increase in the participation of people in recreational boating activities is further contributing to the market growth over the coming years. Individuals in this region are participating in the recreational activities and trade shows hosted by the manufacturers.

Top Market Players

Various notable players operating in the market include Avon Marine, Azimut Benetti Group, Baja Marine, Bavaria Yatchbau GmbH, Bombardier Recreational Products Inc., Brunswick Corporation, Chaparaal Boats Inc., Farr Yatch Design, Ltd., Ferretti SPA, and Fountain Powerboats, Inc., among others. 

Key Developments:

• • In 2020, Azimut Benetii Group launched the new yacht model under the Magaellano Collection. Through this launch, the company aims to expand its product offerings.
  • In 2020, Bavaria Yachtbau GmbH announced to launch the Bavaria Vida 33, the first day cruiser with an outboard engine.

Segments covered in the Report:

The global Leisure Boat market has been segmented on the basis of Type and regions. Based on Type, the market is segmented into New Leisure Boat and Used Leisure Boat. 

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Market Segmentation

Global Leisure Boat Market by Type

• • New Leisure Boat
    • Motorized
    • Non-Motorized
  • Used Leisure Boat
    • Motorized
    • Non-Motorized

Global Leisure Boat Market by Region

• • North America Leisure Boat Market (Option 1: As a part of the free 25% customization)

    • By Type
    • US Market All-Up
    • Canada Market All-Up

  • Europe Leisure Boat Market (Option 2: As a part of the free 25% customization)

    • By Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up

  • Asia-Pacific Leisure Boat Market (Option 3: As a part of the free 25% customization)

    • By Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up

  • RoW Leisure Boat Market (Option 4: As a part of the free 25% customization)

    • By Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Leisure Boat (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Avon Marine
  • Azimut Benetti Group
  • Baja Marine
  • Bavaria Yatchbau GmbH
  • Bombardier Recreational Products Inc.
  • Brunswick Corporation
  • Chaparaal Boats Inc.
  • Farr Yatch Design, Ltd.
  • Ferretti SPA
  • Fountain Powerboats, Inc.