Authored By: Sarah
24 Jun 2024

 Leisure Boat Market to grow by USD 22931.1 million between 2024-2028

According to a research report “ Leisure Boat Market” by Product (Leisure boat accessories, Leisure boat motors, Leisure boat building) Propulsion (Diesel, Gas, Hybrid, Sail drive) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 22931.1 million at a CAGR of  5.58% during the forecast period. The leisure boat market experiences robust growth due to heightened consumer involvement in marinas and recreational boating activities. The US and Europe dominate this sector, with the US recreational boating industry expanding steadily since 2018. This expansion is primarily driven by the thriving marinas and charter services in the country. Given the high cost of boat ownership, US consumers with moderate and low annual incomes are transitioning from boat possession to boating experiences. Consequently, there is a significant surge in demand for leisure boats at marinas..

Browse market data tables, figures, and in-depth TOC on “Leisure Boat Market” by Product (Leisure boat accessories, Leisure boat motors, Leisure boat building) Propulsion (Diesel, Gas, Hybrid, Sail drive) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028.

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By Product, the Leisure boat accessories segment is projected to dominate the market size in 2024.

In the leisure boat market, diesel propulsion represents a significant segment, particularly in the luxury sector. High-end yachts and cruisers benefit from diesel engines' high power output and impressive fuel efficiency. Diesel engines' lower grade oil requirements and higher compressing ratio contribute to their cost-effectiveness and 20% greater efficiency compared to gasoline engines. This efficiency advantage extends to smaller boats, including fishing vessels and commercial craft.

By Propulsion, Diesel  segment is expected to hold the largest market size for the year 2024.

In the leisure boat market, accessories represent a significant revenue stream, encompassing sales of items like remote controls, GPS systems, digital throttles, digital dashboards, fishing equipment, marine batteries, safety equipment, special apparel, seating, and storage parts. The US, with approximately 260,000 recreational boat sales in 2023, is the leading market, hosting over 3,500 leisure boat accessory manufacturers. This segment thrives on the growing trend of customer engagement in leisure activities, particularly fishing and sailing. The US and Europe dominate this market.

North America is forecasted to hold the largest market size by region in 2024.

The leisure boat market represents a significant business opportunity, with increasing consumer demand for recreational watercraft. Vessels ranging from small inflatables to luxury yachts cater to diverse segments, driven by factors such as disposable income growth and lifestyle trends. Market size is projected to expand, fueled by technological advancements and regulatory frameworks that promote safety and sustainability.

The Leisure Boat Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • AB Volvo
  • Azimut Benetti SpA
  • Baja Marine
  • BPS Direct LLC
  • Bavaria Yachtbau GmbH
  • Bombardier Recreational Products Inc.
  • Brunswick Corp.
  • Carnival Corp. and Plc
  • Catalina Yachts
  • Correct Craft Holding Co. LLC
  • Dalian Wanda Group
  • Groupe Beneteau
  • Iconic Marine Group
  • Mahindra and Mahindra Ltd.
  • Malibu Boats Inc.
  • Marine Products Corp.
  • MasterCraft Boat Holdings Inc.
  • Polaris Inc.
  • WeiChai Holding Group Co. Ltd.
  • Yamaha Corp.
.

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Research Analysis Overview

The leisure boat market caters to the growing demand from budget-conscious boating enthusiasts seeking recreational boats for various applications. The competitive landscape features numerous boat options from renowned manufacturers such as Malibu Boats, Fountain Powerboats, Farr Yacht Design, Catalina Yachts, and Chaparral Boats. These companies offer a wide range of boats, from diesel-powered engines to high-performance models. Trade barriers may impact the international tourist market, but the rising trend in tourism continues to fuel demand for advanced recreational boats. Smart sensors, AI, and IoT technologies are increasingly integrated into boats to enhance the user experience. The Gen-Z category is a significant market segment, with a preference for equipment and service providers offering innovative solutions. Independent dealers play a crucial role in the market, providing maintenance and repair services for engines, including diesel and those from leading brands like Brunswick and Bombardier Recreational. Overall, the leisure boat market is poised for growth, with autonomous marine technology set to revolutionize the industry.

Market Research Overview

The leisure boat market encompasses a wide range of motorized recreational watercraft, including outboards for yachts, used and new boats, and various recreational boats from renowned manufacturers such as Ranger Boats, Polaris, MasterCraft Boat, Marine Product, Malibu Boats, Sunseeker International, Groupe Beneteau, Fountain Powerboats, Ferretti, Farr Yacht Design, Catalina Yachts, Chaparral Boats, Brunswick, and Bombardier Recreational. Budget-conscious boating enthusiasts have multiple boat options to consider, with both new and used leisure boats available from independent dealers. The competitive landscape of the leisure boat market is shaped by various factors, including onboard entertainment systems, GPS navigation systems, smart sensors, AI, IoT, and autonomous marine technology. These advancements cater to the Gen-Z category and enhance the overall boating experience. Trade barriers and international tourist regulations are essential considerations for manufacturers and service providers in the global market. Equipment and engine options, primarily diesel, play a significant role in determining the final cost and performance of a leisure boat. Third-party vendors offer essential services and accessories, further expanding the market's scope.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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