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.
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.
Measures
taken by various governments to promote tourism activities in their countries
are also boosting the market growth. Countries with rich natural resources,
such as vast coastlines and large inland water bodies, are undertaking
initiatives to promote recreational boating activities to increase their
tourism business. Countries such as the U.S. have a vast coastline, a highly
developed infrastructure, and a large population that participates in leisure
boating activities, thus opening new growth opportunities for the market.
Additionally, the French government is encouraging yacht manufacturers
by providing them support in various forms, thus enabling them to invest in
expanding their yacht maintenance and construction capacities.
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Leisure Boat
Market Report Highlights
- Leisure boats
are projected to witness a strong growth in demand owing to the
initiatives taken by the governments worldwide for the development of
coastal and marine tourism and the rising disposable income of citizens in
emerging economies
- Sports yachts
are expected to witness greater demand in developed countries owing to the
active participation of people in marine sporting events as well as
recreational boating activities
- Boat
manufacturers are increasingly organizing boat shows worldwide to attract
a greater number of potential buyers, and thereby expand their customer
base
- By type, the
used leisure boat segment held the largest revenue share of over 76.0% in
2020 owing to the prompt and easy availability and relatively lower cost
- North America
held the largest revenue share of more than 45.5% in 2020 owing to the
greater demand for recreational activities across the region, especially
in the U.S.
- Key players
in the market include Avon Marine; Azimut Benetti Group; Baja Marine;
Bavaria Yachtbau GmbH; Bombardier Recreational Products (BRP) Inc.;
Brunswick Corporation; Ferretti S.P.A.; and Fountain Powerboats, Inc.
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About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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