Leisure Boat Market To Reach USD 73.8 Billion By 2032, Says DataHorizzon Research.

Leisure Boats are Booming. Soaring Market Demand as Tourism Resumes in Full Swing Post-Covid.

Fort Collins, Colorado, April 02, 2024 (GLOBE NEWSWIRE) — The Leisure Boats Market size was valued at USD 46.2 Billion in 2023 and is anticipated to reach USD 73.8 Billion by 2032 at a CAGR of 5.3%.

A leisure boat is a small boat used for recreational, fishing, small expeditions, and private parties. These boats are found on lakes, dam backwaters, and beaches for marine activities like motorboats, kayaking, and boat racing.

An increasing number of high-net-worth individuals and better economic conditions mainly drive the leisure boat market. It is estimated that the number of high-net-worth individuals has grown by more than 60% in the past decade, and the United States is home to 40% of the world’s HNWIs. People worldwide are increasingly opting for traveling and tourism activities because of the growing levels of disposable income and the trend of solo traveling and backpacking, encouraging younger generations to travel to different places for adventure and leisure. Also, many people opt for boats as an alternative mode of transportation and for accommodation for small parties and celebrations, which also drives the growth of the leisure boat market.

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Segmentation Overview:

The global leisure boat market has been segmented into type, boat type, product, propulsion, equipment, and region.  Based on type, the leisure boats market segmentation includes new leisure and used leisure boats. Used leisure boat holds a major share of the type segment. These boats are preferred as they are readily available and require less time for delivery than new ones.

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Leisure Boat Market Report Highlights:

  • The global leisure boat market growth is anticipated at a CAGR of 5.3% by 2032.
  • Considering the growing trend of tourism, many governments are also investing in building the infrastructure supporting marine tourism, including recreational fishing, recreational boating, cruising in rivers or oceans, and other such activities. Boat manufacturers have also introduced electric leisure boats, and since this technology does not lead to any emissions, it reduces the chances of oil leaks from these boats, which is expected to drive the leisure boat market during the forecast period. In addition, smart technology is now used in these boats for safety and enhanced customer experiences.
  • Based on product, the market is segmented as motorized and non-motorized, with motorized boats holding a substantial share of the segment. These boats are used for water sports in the travel & tourism sector, and demand for yachts and cruises is also rising with the rise in demand for luxurious experiences. These boats help travel a longer distance and are safer and steadier than non-motor ones, adding to the user benefit.
  • North America holds a significant share of the leisure boat market with the United States holding a substantial share in this region. This is due to the growing number of millionaires in this region and the ever-increasing spending habits on lifestyle products and experiences like owning or renting a yacht, motorboats, and cruising boats. Also, demand and boat-owning rate in Canada are growing steadily as people use it for recreational purposes, water transportation, and fishing purposes.
  • Some prominent players in the Leisure Boat market report include Brunswick Corporation, Bayliner, Malibu Boats, Boston Whaler, Ferretti Group, Farr Yacht Design Ltd., Baja Marine, Avon Marina, Chaparral Boats Inc., Fountain Powerboats Inc., and others. 

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Leisure Boat Market Segmentation:

By Type: New Leisure Boat and Used Leisure Boat

By Boat Type: Fishing Boat, Cabin Cruisers, Deck Boats, Motorboats, and Others

By Product: Motorized and Non-Motorized

By Propulsion: Diesel, Gas, Electric/ Hybrid, and Sail Drive

By Equipment: Boat & Yacht Monitoring Solution, IoT Sensors, Telematics Solutions, and Others

By Region: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.

 

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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